一、引言对冲基金在全球经济中扮演着重要的角色,2009年其资产管理规模由2007年的2.1万亿美元降至1.7万亿美元,同比2008年增长13%。据估计,全球有9 400家对冲基金在运作,由于金融危机中四分之三的对冲基金遭受平均15.7%的损失,因此比2007年的高峰时期基金数量减少了1 000多家。虽然在过去两年对冲基金行业面临着一些困难,但是对冲基金在世界金融体系中 I. Introduction Hedge funds play an important role in the global economy. In 2009, the scale of asset management dropped from US $ 2.1 trillion in 2007 to US $ 1.7 trillion, up 13% over 2008. An estimated 9,400 hedge funds are in operation worldwide, with a decrease of more than 1,000 from the peak funds in 2007 as a result of an average of 15.7% losses on three-quarters of hedge funds in the financial crisis. Although the hedge fund industry has been facing some difficulties in the past two years, hedge funds have been exposed in the world financial system