摘要:自1949年对冲基金创立以来，对冲基金的发展越来越受到人们的关注。随着全球经济一体化和信息技术水平的发展，对冲基金行业将它的触角扩展至世界上每一个角落。但对冲基金采取的短期投机手段对整个金融市场稳定性的打击也是巨大的。
本文以2011年对冲基金做空中国的时事热点为背景，通过对对冲基金的定义、发展的历程进行全面、细致的分析，从而了解对冲基金选择中国的原因。本文还将结合对冲基金经常采取的做空手段，为我国防范对冲基金全面做空中国提供参考。针对以上的分析，本文将说明对冲基金做空中国可能造成的影响及相应的应对措施。最后，从我国经济发展、全球金融市场稳定出发，得出应正确对待对冲基金的结论。
关键词：对冲基金，做空，羊群效应，监管
Abstract:It was 1949 that the first hedge fund was founded,, people all over the world paid more and more attention for its development. As the development of global economic integration,information and technology,hedge fund will further expand its tentacles throughout everywhere.However, the means of short-term investments that hedge funds always used will take huge blow to the stability of entire financial market.
This article was based on the background of the short selling done by hedge fund in Chinese financial market during 2011,through the comprehensive analysis of hedge fund’s definition and development history,to figure out why China was chosen. Also, this article provides what masures could be taken to prevent the negative influences to the Chinese market, with disclousing the short selling usually used by the hedge fund.For these above analysis, this article illustrate the plossible effect and think about the corresponding response measures. Lastly,to make a final conclusion of how to treat the hedge fund properly based on the Chinese economic development and stablerization of global financial market.
Key Words: Hedge Fund,Short,Herding Effect, Regulation
随着我国经济实力的增长和市场经济结构的提升，我们必须认识到对冲基金的出现是不可避免的，它是市场经济体制趋于成熟后，为适应市场需求而必然出现的一个重要的金融服务领域。对冲基金的应用才应该是我们需要关注的焦点。我国经济发展需要创新，全球金融市场稳定需要各国统一监管，正视对冲基金。对冲基金的出现是金融市场发展的客观规律，我们不能禁止，也无法禁止，不如顺应市场的客观规律，去深刻了解对冲基金的发展历程及未来的发展态势，其中必有积极因素可供我们利用。在完善的制度监管下，每个国家和地区都能尽自己的能力，在于对冲基金的博弈中找到平衡点，从而引导对冲基金充分发挥其对金融市场的积极作用，努力实现金融创新与风险监管的结合。对冲基金获利与国家经济平稳快速发展将在同一条轨道上运行，绝非针锋相对的矛盾体。
