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私募股权投资基金一直被视为一种封闭的投融资方式,一般不会引发系统性金融风险或普遍的外部不经济问题。但是,随着现代资本市场以及相关资本交易日益向巨额化、衍生化、开放化与全球化方向深入发展,私募股权投资基金的潜在风险开始显露。尤其是在我国,由于资本市场本身发育不健全,私募股权投资基金在运行中存在资金募集风险、逆向选择与道德风险、衍生的系统性金融风险以及对金融秩序和金融安全的冲击风险等四大类风险,因此必须引入外部的监管才能保障其有序发展。
Private Equity Funds have long been regarded as a closed-end investment and financing approach that generally does not trigger systemic financial risks or widespread external diseconomies. However, as the modern capital market and the related capital transactions are becoming increasingly large-scale, diversified, open-up and globalized, the potential risks of private equity funds are beginning to emerge. Especially in our country, due to the imperfect development of the capital market itself, there are four major risks in the operation of private equity investment funds such as fund-raising risk, adverse selection and moral hazard, derived systemic financial risk and impact on financial order and financial security Therefore, it is necessary to introduce external supervision to ensure its orderly development.