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近几年,对冲基金在发达资本主义国家已经成为资本市场中最积极的公司治理推进者。对冲基金积极主义的背后隐含着对冲基金高度的利益驱动和有限法律规制下的绝对灵活性。这种积极主义是急功近利的恶魔,还是不知疲倦的资本市场的守护天使?对于这个问题,在分析对冲基金积极主义的成因和利弊后,可以得出对冲基金积极主义对资本市场利大于弊的结论。过去我国大量地下带有对冲性质的私募基金,因为法律地位缺失、对冲操作对象单一,并不能名正言顺地举起公司治理的大旗。但是,可以预见在未来金融衍生工具发展和金融法制健的全过程中,我国的对冲基金将在公司治理中崭露头角,成为私人执行的旗手和资本市场的“守夜人”。
In recent years, hedge funds have become the most aggressive corporate governance promoters in capital markets in developed capitalist countries. Behind hedge fund activism implies a hefty interest-driven hedge fund and absolute flexibility under limited legal regulation. Is this activism a quick success or an indefatigable guardian of the capital market? After analyzing the causes and advantages of hedge fund activism, we can conclude that hedge fund activism outweighs the disadvantages of capital markets . In the past, a large number of underground private equity funds with hedging properties in our country were not able to justifiably raise the banner of corporate governance because of the lack of legal status and the single object of hedging operations. However, it is foreseeable that, in the future, the development of financial derivatives and the development of financial law will make our hedge funds emerge in corporate governance and become the standard-bearer and capitalist “watchman” in private execution.