私募基金对股票市场的影响

中文摘要
私募基金（Private Investment funds）这一概念在如今如日中天的大牛市中越来越受到人们的关注，或许并不在于他属于较为新颖的集合投资方式，而更可能是因为他的“私募”（Private Offering）特征。对于长期坚持以公有制为主体的国内经济体制和思维环境来说，“私募”令人联想到“暗箱操作”以至于“非法操纵市场”等情境或许是情有可原的。 但是，事实并非如此，金融市场中常说的“私募基金”或“地下基金”，往往是指相对于受我国政府主管部门监管的，向不特定投资人公开发行受益凭证的证券投资基金而言，是一种非公开宣传的，私下向特定投资人募集资金进行的一种集合投资。并且，随着第二次创投浪潮的到来，私募股权投融资的形式和内容发生了重大变化。众多国际主流的基金正在进入中国，其投资规模越来越大，投资领域日益广泛，投资的企业阶段和形式与以前相比也更为多样化；企业融资的需求也在变化，资金需求已经不是企业最根本的融资目的。因此深层次地探索基金的投资策略和企业的融资需求显得尤为迫切。
ABSTRACT
The concept of Private Investment funds is getting more and more attention in the flourishing bull market. This might not lie on it’s a novel invest mode but its characteristics of private offering. As we lived under the circumstance and domestic economic system which insist in public ownership in the long-term, private investment is usually associated to operation in the dark so that it seems excusable for illegal market controlling. However, comparing with the invest funds collected by uncertain person and supervised by government in China,  Private Investment Funds/Underground Investment Funds in financial market usually refer to a closed-door funds collecting to certain person. At present, many mainstream of the international funds are entering China, with its investment scale is growing, increasing the area of investment, business investment stage and form and also more diversified than in the past; corporate finance needs are changing, demand for funds has been Enterprise is not the most fundamental purpose of the financing. So deep-seated to explore the Fund's investment strategy and the financing of enterprises demand appears to be particularly urgent.

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