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中国加入 WTO 将满五年,金融服务业对外开放的承诺正在逐步兑现,中国证券市场将面临全面对外开放的严峻考验。在证券市场对外开放的条件下进一步发展和完善证券市场的一个重要方面是完善证券市场机制本身,其中包括开放和发展私募基金,这也是海外成熟市场的成功经验。私募基金参与证券市场运作可能提升证券市场的现代水准,但也可能产生新的风险,对此正确的态度不是不要发展私募基金,而是通过一定的制度安排防范和控制其可能产生的风险。一、私募基金是现代证券市场机制的重要组成部分投资基金是最主要的机构投资者,有公募和私募之分,公募基金即共同基金,我国又称为开放式基金,私募基金又分为两种,一种是以投资证券及其他金融衍生产品为主的基金,另一种是以投资
After China’s accession to the WTO is about to be completed in five years, its promise of opening up to the outside world will gradually be honored and the Chinese stock market will face the severe test of opening to the outside world. An important aspect of further developing and improving the securities market under the condition of opening up the securities market is to perfect the securities market mechanism itself, including opening up and developing private-equity funds. This is also a successful experience in overseas mature markets. The participation of private equity funds in the securities market may enhance the modern standard of the securities market, but may also create new risks. The correct attitude is not to develop private equity funds but to prevent and control possible risks through certain institutional arrangements. First, the private equity funds are an important part of the modern securities market mechanism Investment funds are the most important institutional investors, there are public and private equity, public funds are mutual funds, our country is also known as open-end funds, private equity funds are divided into two Species, one is based on investment securities and other financial derivatives based funds, and the other is to invest