Research On The Risk Of The Private-Placement Funds In China

In this dissertation, we make a systematical study on the Risk of the private-placement funds in China, including the structure, causes and impact of the private-placement funds. We analyze the legal managers and the illegal managers, choosing the American hedge funds as the frame of reference to reflect the gap of development between China and America. What's more, in order to reflect the whole risk of the private-placement funds in China, we analyze the macro risk caused by the external environment and the micro risk caused by the operators. Generally speaking, the private-placement funds are in their initial stage of development. As a result, they will bring about not only beneficial but also adverse effect for the securities market and the social institutions, so the author attempts to give some helpful suggestions on how to speed up the healthy development of the private-placement funds in China. The conclusion of this dissertation is that the essence of the healthy development of the private-placement fund depends on the respect to the marketability of the private-placement funds, including the marketization of regulation and the evolution of risk management for operators of private-placement funds.