“地下私募基金”合法化问题探析

我国7000亿元的“地下私募基金”，如果不用法律将其加以规范，将对我国广大投资的利益和金融市场的稳定带来严重的潜在威胁，甚至可能妨害我国经济发展和社会稳定；“地下私募基金”的合法化顺应了我国金融市场进一步开放的趋势。但是，“地下私募基金”合法化问题是一个系统工程，必须注重效率，保护投资利益和维护市场稳定，尤其要有超前意识，以满足我国金融市场快速发展的要求，为未来的发展留下足够空间。

An Exploration of the Legalization of Underground Privated Placement Fund in China

There are 700 billions underground private placement funds in our country. If the underground private placement fund hasn't been legalized, it would seriously threaten the profit of many investors and the stability of financial market, and even harm the economical development and the social stability. The legalization of underground private placement fund is in accordance with the direction of farther opening of financial market. But it is a systematic work; we need pay more attention to efficiency, investor's profit, the stability of market, especially pre-consciousness, in order to leave enough room for the future development of market.