在我国证券市场对内对外开放过程中 ,对冲基金自然会以机构投资者的身份参与其中。如何对对冲基金运作进行监管是摆在我国证券市场监管中的重大课题。本文主要介绍国际对冲基金的运作机制和对冲基金监管的国际经验 ;并指出了我国私募基金的现状及对对冲基金监管的对策。 Hedge funds will naturally participate as institutional investors in China’s securities market when opening to the domestic market. How to regulate the operation of hedge funds is a major issue in the supervision of China’s securities market. This article mainly introduces the operation mechanism of international hedge funds and the international experience of hedge fund regulation. It also points out the current situation of private equity funds in our country and the countermeasures of hedge funds supervision.