Following a review of origin , element and advantages of private placement , suggestion on improving existing private placement system in china is put forward in an effort to put into full play the advantage of private placement system and facilitate its growth 本文在介绍分析证券私募制度的由来、要素及优势的基础上，结合我国市场及法规制度实际情况，从有利于发挥证券非公开发行制度优势、有利于促进企业利用该制度融资与发展的角度，提出了完善我国证券非公开发行制度的建议。
I / we have received and read the private placement memorandum , the addenda thereto ( if any ) and the memorandum and articles of association of the fund and * i / we confirm that this application is made on the terms of the private placement memorandum , the addenda thereto ( if any ) and the memorandum and articles of association of the fund , all as amended from time to time 本人吾等已收到并已阅读基金的私人配售备忘录及其附录（倘有）以及组织章程大纲及细则， *本人吾等确认此申请是根据私人配售备忘录及其附录（倘有）以及基金组织章程大纲及细则， (包括日后任何时间的修订)之条款作出。
By virtue of our unique historical leverage and elite team members as well as our foresee of the future market trend for high quality financial advisory services in china , we have been focusing on the provision of such financial advisory services as in connection with merger & acquisition and related restructuring , reform of state - owned ownership , structuring of corporate governance , private placement investment and other related transactions 公司依托自身的历史禀赋和团队优势，以及对中国未来财务顾问市场需求的精准判断，将公司主营业务明确定位于并购重组财务顾问、大型国有企业产权改革、公司治理结构设计以及私募融资、投融资中介等服务。
The third part of the article mainly discusses the investment operation and management for private placement , including analysis on related parties involved in private placement and regulated operation , on the five investment strategies for private placement , on the investment gain and on the management strategies about investment operation for private placement 本文第三部分主要讨论了私募基金的投资运作及其管理问题，内容包括私募基金相关当事人以及规范运作的分析；私募基金5大投资战略分析，私募基金的投资收益分析以及私募基金投资运作管理策略的分析。
Because that the asset management business is a novelty , there are many questions as following : regulation deficiency , supervision chaos , competition disorder , etc . especially in china , unsymmetric information , credit deficiency still exist . much problem such as illegal private banking , private placement fund , phenomena of fund management irregularity , immense risks in securities companies " asset management business has become much more seriously . therefore strengthening the study of this novelty to reach standardization and development has become an urgent task to the banking industry 也正因为它是一种新生事物，国内资产管理业中存在着缺乏规范、监管混乱、竞争无序等问题，尤其在中国现行的信息不对称、缺乏诚信的市场环境条件下，则更显突出， “违规代客理财” 、 “私募基金” 、 “基金黑幕现象” 、 “券商资产管理风险问题突出”等问题层出不穷，加强对它的理论探讨与对策研究，从而促进其规范发展已经成为我国证券界的一个迫切任务。
My basic views on the quick - developing private placement in china are positive encouragement in macro perspective and intensified management in micro perspective , which is the theme to be discussed in this article . the first part of the article discusses the connotation , features and categories of private placement in addition to the four basic forms of existence and gives analysis on the distinction and relations between related concepts such as private placement , assets management , capital trust , and illegal fund raising . the second part of the article introduces the development state of foreign private placement investment fund and discusses the magnitude , development stage and existing main problems for private placement in our country , followed by discussion on the importance in regulated development of private placement in china and the actual contents for regulated management 对于私募基金在我国目前呈现的快速发展态势，我的基本观点是：应从宏观层面上积极鼓励，从微观层面上加强管理，本文围绕这一观点展开全文的讨论：本文第一部分讨论了私募基金的涵义、特点、类别，以及私募基金在我国的四种基本存在形式；辨析了私募基金与委托资产管理、资金信托、乱集资等相关概念间的区别与联系本文第二部分先介绍了海外私募证券投资基金的发展状况，讨论了私募证券投资基金在我国的规模、发展阶段以及存在的主要问题。
First is to introduce the risks of private placement via theoretical and empirical analysis , followed by discussion on the risk management for private placement in our country , including introduction to the risk management of foreign private placement , the principles to be observed in risk management and the preventive measures and action towards risks from private placement in our country . the fifth part of the article exemplifies an international case on private placement investment fund - the hedge fund and gives comprehensive empirical study on it , including the connotation , features , categories of hedge fund , the methods , technology and strategies utilized in actual operation , and the management on investment operation of hedge fund 本文第四部分探讨私募基金的风险及风险管理，首先从理论和实证分析两方面认识了我国私募基金具有的风险;接下来讨论我国私募基金风险管理，内容包括国外私募基金风险管理的介绍，风险管理应遵循的原则，我国私募基金的风险防范的对策措施本文第五部分例举了私募证券投资基金的一个全球性案例- ?对冲基金，进行较为全面的实证研究。
