本文首先分析了私募投资基金近年来强劲的扩张态势，然后根据我国私募投资基金的现状探讨了其自身稳健性和系统性风险两个方面的风险特征。接着介绍了私募投资基金在实践领域所暴露的主要问题，进而结合私募投资基金的发展趋势和风险特征，提出了私募投资基金监管所面临的挑战。研究表明，现有监管在信息不对称所导致的风险方面虽较为完备，但仍可以进一步增强灵活性。而对其他类投资、股权投资和创业投资等私募投资基金方面的监管还需完善。最后，本文据此提出相关政策建议。
This paper analyzes the rapid growth of private funds in these years firstly.Then，according to the operations of different kinds of private funds，we find out the risk features that private funds may have from two aspects，the steadiness of a fund and its impact on systemic risk.After that，we introduces some problems of private funds in practice，and the main challenges which private funds will meet in the development process as well as the mismatch between the regulation and risks.Our research shows that the regulation in terms of risks created by asymmetry information has been fully noticed，but the flexibility can still be improved.Meanwhile，it is necessary to enhance the regulation on other types of fund，private equity funds and venture capital funds.Finally，we propose some relevant advices.
| Keywords： | ChinaPrivate FundsRisk Features |
