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href="/w/index.php?title=Special:%E5%88%9B%E5%BB%BA%E8%B4%A6%E6%88%B7&returnto=%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91&returntoquery=variant%3Dzh-tw" title="我們會鼓勵您建立一個帳號並且登入，即使這不是必要的動作。"><span class="vector-icon mw-ui-icon-userAdd mw-ui-icon-wikimedia-userAdd"></span> <span>建立帳號</span></a></li><li id="pt-login" class="user-links-collapsible-item mw-list-item"><a href="/w/index.php?title=Special:%E7%94%A8%E6%88%B7%E7%99%BB%E5%BD%95&returnto=%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91&returntoquery=variant%3Dzh-tw" title="建議您先登入，但並非必要。[o]" accesskey="o"><span class="vector-icon mw-ui-icon-logIn mw-ui-icon-wikimedia-logIn"></span> <span>登入</span></a></li> </ul> </div> </div> <div id="p-user-menu-anon-editor" class="vector-menu mw-portlet mw-portlet-user-menu-anon-editor" lang="zh-Hant-TW" dir="ltr"> <div class="vector-menu-heading"> 用於已登出編輯者的頁面 <a href="/wiki/Help:%E6%96%B0%E6%89%8B%E5%85%A5%E9%96%80" aria-label="了解更多有關編輯"><span>了解更多</span></a> </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-anoncontribs" class="mw-list-item"><a href="/wiki/Special:%E6%88%91%E7%9A%84%E8%B4%A1%E7%8C%AE" title="由此 IP 位址編輯的清單[y]" accesskey="y"><span>貢獻</span></a></li><li id="pt-anontalk" class="mw-list-item"><a href="/wiki/Special:%E6%88%91%E7%9A%84%E8%AE%A8%E8%AE%BA%E9%A1%B5" title="對於來自此IP地址編輯的討論[n]" accesskey="n"><span>討論</span></a></li> </ul> </div> </div> </div> </div> </nav> </div> </header> </div> <div class="mw-page-container"> <div class="mw-page-container-inner"> <div class="vector-sitenotice-container"> <div id="siteNotice"></div> </div> <div class="vector-column-start"> <div class="vector-main-menu-container"> <div id="mw-navigation"> <nav id="mw-panel" class="vector-main-menu-landmark" aria-label="站台"> <div id="vector-main-menu-pinned-container" class="vector-pinned-container"> </div> </nav> </div> </div> <div class="vector-sticky-pinned-container"> <nav id="mw-panel-toc" aria-label="目次" data-event-name="ui.sidebar-toc" class="mw-table-of-contents-container vector-toc-landmark"> <div id="vector-toc-pinned-container" class="vector-pinned-container"> <div id="vector-toc" class="vector-toc vector-pinnable-element"> <div class="vector-pinnable-header vector-toc-pinnable-header vector-pinnable-header-pinned" data-feature-name="toc-pinned" data-pinnable-element-id="vector-toc" > <h2 class="vector-pinnable-header-label">目次</h2> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-toc.pin">移至側邊欄</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-toc.unpin">隱藏</button> </div> <ul class="vector-toc-contents" id="mw-panel-toc-list"> <li id="toc-mw-content-text" class="vector-toc-list-item vector-toc-level-1"> <a href="#" class="vector-toc-link"> <div class="vector-toc-text">序言</div> </a> </li> <li id="toc-基本内涵" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#基本内涵"> <div class="vector-toc-text"> <span class="vector-toc-numb">1</span> <span>基本內涵</span> </div> </a> <ul id="toc-基本内涵-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-起源与发展" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#起源与发展"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>起源與發展</span> </div> </a> <ul id="toc-起源与发展-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-运作" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#运作"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>運作</span> </div> </a> <ul id="toc-运作-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-著名对冲基金" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#著名对冲基金"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>著名避險基金</span> </div> </a> <button aria-controls="toc-著名对冲基金-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>切換著名避險基金子章節</span> </button> <ul id="toc-著名对冲基金-sublist" class="vector-toc-list"> <li id="toc-量子基金" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#量子基金"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>量子基金</span> </div> </a> <ul id="toc-量子基金-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-老虎基金" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#老虎基金"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>老虎基金</span> </div> </a> <ul id="toc-老虎基金-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-其他" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#其他"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3</span> <span>其他</span> </div> </a> <ul id="toc-其他-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-对冲基金投资案例" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#对冲基金投资案例"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>避險基金投資案例</span> </div> </a> <button aria-controls="toc-对冲基金投资案例-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>切換避險基金投資案例子章節</span> </button> <ul id="toc-对冲基金投资案例-sublist" class="vector-toc-list"> <li id="toc-1992年狙击英镑" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#1992年狙击英镑"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>1992年狙擊英鎊</span> </div> </a> <ul id="toc-1992年狙击英镑-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-亞洲金融危機" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#亞洲金融危機"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.2</span> <span>亞洲金融危機</span> </div> </a> <ul id="toc-亞洲金融危機-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-参考文献" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#参考文献"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>參考文獻</span> </div> </a> <ul id="toc-参考文献-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-延伸阅读" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#延伸阅读"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>延伸閱讀</span> </div> </a> <ul id="toc-延伸阅读-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-外部链接" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#外部链接"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>外部連結</span> </div> </a> <ul id="toc-外部链接-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="目次" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" lang="zh-Hant-TW" dir="ltr"> <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="切換目次" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">切換目次</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading" lang="zh-Hant-TW" dir="ltr">避險基金</h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" lang="zh-Hant-TW" dir="ltr"> <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="前往別種語言的條目。有 48 種語言可用" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-48" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">48 種語言</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D9%85%D8%AD%D9%81%D8%B8%D8%A9_%D9%88%D9%82%D8%A7%D8%A6%D9%8A%D8%A9" title="محفظة وقائية – 阿拉伯文" lang="ar" hreflang="ar" data-title="محفظة وقائية" data-language-autonym="العربية" data-language-local-name="阿拉伯文" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Hedc_fondu" title="Hedc fondu – 亞塞拜然文" lang="az" hreflang="az" data-title="Hedc fondu" data-language-autonym="Azərbaycanca" data-language-local-name="亞塞拜然文" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%A5%D0%B5%D0%B4%D0%B6_%D1%84%D0%BE%D0%BD%D0%B4" title="Хедж фонд – 保加利亞文" lang="bg" hreflang="bg" data-title="Хедж фонд" data-language-autonym="Български" data-language-local-name="保加利亞文" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Fons_d%27inversi%C3%B3_lliure" title="Fons d'inversió lliure – 加泰蘭文" lang="ca" hreflang="ca" data-title="Fons d'inversió lliure" data-language-autonym="Català" data-language-local-name="加泰蘭文" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Hedge_fond" title="Hedge fond – 捷克文" lang="cs" hreflang="cs" data-title="Hedge fond" data-language-autonym="Čeština" data-language-local-name="捷克文" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Hedgefond" title="Hedgefond – 丹麥文" lang="da" hreflang="da" data-title="Hedgefond" data-language-autonym="Dansk" data-language-local-name="丹麥文" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Hedgefonds" title="Hedgefonds – 德文" lang="de" hreflang="de" data-title="Hedgefonds" data-language-autonym="Deutsch" data-language-local-name="德文" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%91%CE%BD%CF%84%CE%B9%CF%83%CF%84%CE%B1%CE%B8%CE%BC%CE%B9%CF%83%CF%84%CE%B9%CE%BA%CF%8C_%CE%BA%CE%B5%CF%86%CE%AC%CE%BB%CE%B1%CE%B9%CE%BF" title="Αντισταθμιστικό κεφάλαιο – 希臘文" lang="el" hreflang="el" data-title="Αντισταθμιστικό κεφάλαιο" data-language-autonym="Ελληνικά" data-language-local-name="希臘文" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-en mw-list-item"><a href="https://en.wikipedia.org/wiki/Hedge_fund" title="Hedge fund – 英文" lang="en" hreflang="en" data-title="Hedge fund" data-language-autonym="English" data-language-local-name="英文" class="interlanguage-link-target"><span>English</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/He%C4%9Dfonduso" title="Heĝfonduso – 世界文" lang="eo" hreflang="eo" data-title="Heĝfonduso" data-language-autonym="Esperanto" data-language-local-name="世界文" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Fondo_de_cobertura" title="Fondo de cobertura – 西班牙文" lang="es" hreflang="es" data-title="Fondo de cobertura" data-language-autonym="Español" data-language-local-name="西班牙文" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Riskifond" title="Riskifond – 愛沙尼亞文" lang="et" hreflang="et" data-title="Riskifond" data-language-autonym="Eesti" data-language-local-name="愛沙尼亞文" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B5%D9%86%D8%AF%D9%88%D9%82_%D9%BE%D9%88%D8%B4%D8%B4_%D8%B1%DB%8C%D8%B3%DA%A9" title="صندوق پوشش ریسک – 波斯文" lang="fa" hreflang="fa" data-title="صندوق پوشش ریسک" data-language-autonym="فارسی" data-language-local-name="波斯文" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Hedgerahasto" title="Hedgerahasto – 芬蘭文" lang="fi" hreflang="fi" data-title="Hedgerahasto" data-language-autonym="Suomi" data-language-local-name="芬蘭文" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Gestion_alternative" title="Gestion alternative – 法文" lang="fr" hreflang="fr" data-title="Gestion alternative" data-language-autonym="Français" data-language-local-name="法文" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ga mw-list-item"><a href="https://ga.wikipedia.org/wiki/Ciste_f%C3%A1laithe" title="Ciste fálaithe – 愛爾蘭文" lang="ga" hreflang="ga" data-title="Ciste fálaithe" data-language-autonym="Gaeilge" data-language-local-name="愛爾蘭文" class="interlanguage-link-target"><span>Gaeilge</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%A7%D7%A8%D7%9F_%D7%92%D7%99%D7%93%D7%95%D7%A8" title="קרן גידור – 希伯來文" lang="he" hreflang="he" data-title="קרן גידור" data-language-autonym="עברית" data-language-local-name="希伯來文" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%B9%E0%A5%87%E0%A4%9C_%E0%A4%AB%E0%A4%82%E0%A4%A1" title="हेज फंड – 印地文" lang="hi" hreflang="hi" data-title="हेज फंड" data-language-autonym="हिन्दी" data-language-local-name="印地文" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Hedge_fond" title="Hedge fond – 克羅埃西亞文" lang="hr" hreflang="hr" data-title="Hedge fond" data-language-autonym="Hrvatski" data-language-local-name="克羅埃西亞文" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Hedge_fund" title="Hedge fund – 匈牙利文" lang="hu" hreflang="hu" data-title="Hedge fund" data-language-autonym="Magyar" data-language-local-name="匈牙利文" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%80%D5%A5%D5%BB_%D6%86%D5%B8%D5%B6%D5%A4%D5%A5%D6%80" title="Հեջ ֆոնդեր – 亞美尼亞文" lang="hy" hreflang="hy" data-title="Հեջ ֆոնդեր" data-language-autonym="Հայերեն" data-language-local-name="亞美尼亞文" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Dana_lindung_nilai" title="Dana lindung nilai – 印尼文" lang="id" hreflang="id" data-title="Dana lindung nilai" data-language-autonym="Bahasa Indonesia" data-language-local-name="印尼文" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Vogunarsj%C3%B3%C3%B0ur" title="Vogunarsjóður – 冰島文" lang="is" hreflang="is" data-title="Vogunarsjóður" data-language-autonym="Íslenska" data-language-local-name="冰島文" class="interlanguage-link-target"><span>Íslenska</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Fondo_speculativo" title="Fondo speculativo – 義大利文" lang="it" hreflang="it" data-title="Fondo speculativo" data-language-autonym="Italiano" data-language-local-name="義大利文" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E3%83%98%E3%83%83%E3%82%B8%E3%83%95%E3%82%A1%E3%83%B3%E3%83%89" title="ヘッジファンド – 日文" lang="ja" hreflang="ja" data-title="ヘッジファンド" data-language-autonym="日本語" data-language-local-name="日文" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-jv mw-list-item"><a href="https://jv.wikipedia.org/wiki/Pengelola_investasi_global" title="Pengelola investasi global – 爪哇文" lang="jv" hreflang="jv" data-title="Pengelola investasi global" data-language-autonym="Jawa" data-language-local-name="爪哇文" class="interlanguage-link-target"><span>Jawa</span></a></li><li class="interlanguage-link interwiki-km mw-list-item"><a href="https://km.wikipedia.org/wiki/%E1%9E%A0%E1%9E%B7%E1%9E%85%E1%9E%A0%E1%9F%92%E1%9E%9C%E1%9E%B6%E1%9E%93%E1%9F%8B" title="ហិចហ្វាន់ – 高棉文" lang="km" hreflang="km" data-title="ហិចហ្វាន់" data-language-autonym="ភាសាខ្មែរ" data-language-local-name="高棉文" class="interlanguage-link-target"><span>ភាសាខ្មែរ</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%ED%97%A4%EC%A7%80%ED%8E%80%EB%93%9C" title="헤지펀드 – 韓文" lang="ko" hreflang="ko" data-title="헤지펀드" data-language-autonym="한국어" data-language-local-name="韓文" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Apribotos_rizikos_fondas" title="Apribotos rizikos fondas – 立陶宛文" lang="lt" hreflang="lt" data-title="Apribotos rizikos fondas" data-language-autonym="Lietuvių" data-language-local-name="立陶宛文" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%A5%D0%B5%D1%9F_%D1%84%D0%BE%D0%BD%D0%B4" title="Хеџ фонд – 馬其頓文" lang="mk" hreflang="mk" data-title="Хеџ фонд" data-language-autonym="Македонски" data-language-local-name="馬其頓文" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Dana_lindung_nilai" title="Dana lindung nilai – 馬來文" lang="ms" hreflang="ms" data-title="Dana lindung nilai" data-language-autonym="Bahasa Melayu" data-language-local-name="馬來文" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-nds mw-list-item"><a href="https://nds.wikipedia.org/wiki/Hedgefonds" title="Hedgefonds – 低地德文" lang="nds" hreflang="nds" data-title="Hedgefonds" data-language-autonym="Plattdüütsch" data-language-local-name="低地德文" class="interlanguage-link-target"><span>Plattdüütsch</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Hedgefonds" title="Hedgefonds – 荷蘭文" lang="nl" hreflang="nl" data-title="Hedgefonds" data-language-autonym="Nederlands" data-language-local-name="荷蘭文" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Hedgefond" title="Hedgefond – 巴克摩挪威文" lang="nb" hreflang="nb" data-title="Hedgefond" data-language-autonym="Norsk bokmål" data-language-local-name="巴克摩挪威文" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Fundusz_hedgingowy" title="Fundusz hedgingowy – 波蘭文" lang="pl" hreflang="pl" data-title="Fundusz hedgingowy" data-language-autonym="Polski" data-language-local-name="波蘭文" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Fundo_de_cobertura" title="Fundo de cobertura – 葡萄牙文" lang="pt" hreflang="pt" data-title="Fundo de cobertura" data-language-autonym="Português" data-language-local-name="葡萄牙文" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Fond_hedge" title="Fond hedge – 羅馬尼亞文" lang="ro" hreflang="ro" data-title="Fond hedge" data-language-autonym="Română" data-language-local-name="羅馬尼亞文" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A5%D0%B5%D0%B4%D0%B6-%D1%84%D0%BE%D0%BD%D0%B4" title="Хедж-фонд – 俄文" lang="ru" hreflang="ru" data-title="Хедж-фонд" data-language-autonym="Русский" data-language-local-name="俄文" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Hedge_fund" title="Hedge fund – Simple English" lang="en-simple" hreflang="en-simple" data-title="Hedge fund" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%A5%D0%B5%D1%9F-%D1%84%D0%BE%D0%BD%D0%B4" title="Хеџ-фонд – 塞爾維亞文" lang="sr" hreflang="sr" data-title="Хеџ-фонд" data-language-autonym="Српски / srpski" data-language-local-name="塞爾維亞文" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Hedgefond" title="Hedgefond – 瑞典文" lang="sv" hreflang="sv" data-title="Hedgefond" data-language-autonym="Svenska" data-language-local-name="瑞典文" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%B9%E0%AF%86%E0%AE%9F%E0%AF%8D%E0%AE%9C%E0%AF%8D_%E0%AE%A8%E0%AE%BF%E0%AE%A4%E0%AE%BF" title="ஹெட்ஜ் நிதி – 坦米爾文" lang="ta" hreflang="ta" data-title="ஹெட்ஜ் நிதி" data-language-autonym="தமிழ்" data-language-local-name="坦米爾文" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-te mw-list-item"><a href="https://te.wikipedia.org/wiki/%E0%B0%B9%E0%B1%86%E0%B0%A1%E0%B1%8D%E0%B0%9C%E0%B1%8D_%E0%B0%AB%E0%B0%82%E0%B0%A1%E0%B1%8D" title="హెడ్జ్ ఫండ్ – 泰盧固文" lang="te" hreflang="te" data-title="హెడ్జ్ ఫండ్" data-language-autonym="తెలుగు" data-language-local-name="泰盧固文" class="interlanguage-link-target"><span>తెలుగు</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%81%E0%B8%AD%E0%B8%87%E0%B8%97%E0%B8%B8%E0%B8%99%E0%B8%9A%E0%B8%A3%E0%B8%B4%E0%B8%AB%E0%B8%B2%E0%B8%A3%E0%B8%84%E0%B8%A7%E0%B8%B2%E0%B8%A1%E0%B9%80%E0%B8%AA%E0%B8%B5%E0%B9%88%E0%B8%A2%E0%B8%87" title="กองทุนบริหารความเสี่ยง – 泰文" lang="th" hreflang="th" data-title="กองทุนบริหารความเสี่ยง" data-language-autonym="ไทย" data-language-local-name="泰文" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Hedge_fon" title="Hedge fon – 土耳其文" lang="tr" hreflang="tr" data-title="Hedge fon" data-language-autonym="Türkçe" data-language-local-name="土耳其文" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-ug mw-list-item"><a href="https://ug.wikipedia.org/wiki/%DA%BE%D9%89%D9%85%D8%A7%D9%8A%DB%95_%D9%81%D9%88%D9%86%D8%AF%D9%89" title="ھىمايە فوندى – 維吾爾文" lang="ug" hreflang="ug" data-title="ھىمايە فوندى" data-language-autonym="ئۇيغۇرچە / Uyghurche" data-language-local-name="維吾爾文" class="interlanguage-link-target"><span>ئۇيغۇرچە / Uyghurche</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%93%D0%B5%D0%B4%D0%B6-%D1%84%D0%BE%D0%BD%D0%B4" title="Гедж-фонд – 烏克蘭文" lang="uk" hreflang="uk" data-title="Гедж-фонд" data-language-autonym="Українська" data-language-local-name="烏克蘭文" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Qu%E1%BB%B9_ph%C3%B2ng_h%E1%BB%99" title="Quỹ phòng hộ – 越南文" lang="vi" hreflang="vi" data-title="Quỹ phòng hộ" data-language-autonym="Tiếng Việt" data-language-local-name="越南文" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q105611#sitelinks-wikipedia" title="編輯跨語言連結" class="wbc-editpage">編輯連結</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="命名空間"> <div id="p-associated-pages" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-associated-pages" lang="zh-Hant-TW" dir="ltr"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-nstab-main" class="selected vector-tab-noicon mw-list-item"><a href="/wiki/%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91" title="瀏覽條目正文[c]" accesskey="c"><span>條目</span></a></li><li id="ca-talk" class="vector-tab-noicon mw-list-item"><a href="/wiki/Talk:%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91" rel="discussion" 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.ambox-protection{border-left-color:#a2a9b1!important}}</style><table class="box-Update plainlinks metadata ambox ambox-content" role="presentation"><tbody><tr><td class="mbox-image"><div style="width:52px"><span typeof="mw:File"><span><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ambox_outdated_serious.svg/40px-Ambox_outdated_serious.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ambox_outdated_serious.svg/60px-Ambox_outdated_serious.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ambox_outdated_serious.svg/80px-Ambox_outdated_serious.svg.png 2x" data-file-width="620" data-file-height="620" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">此條目<b>需要更新</b>。<span class="hide-when-compact"></span> <small class="date-container"><i>(<span class="date">2018年10月27日</span>)</i></small><span class="hide-when-compact"><br /><small>請更新本文以反映近況和新增內容。完成修改後請移除本模板。</small></span><span class="hide-when-compact"></span></div></td></tr></tbody></table> <div id="noteTA-188687f" class="noteTA"><div class="noteTA-title" data-noteta-code="zh-cn:对冲基金; zh-tw:避險基金; zh-hk:對沖基金"></div><div class="noteTA-group"><div data-noteta-group-source="module" data-noteta-group="Economics"></div></div></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r83732972"><table class="box-Refimprove plainlinks metadata ambox ambox-content" role="presentation"><tbody><tr><td class="mbox-image"><div style="width:52px"><span typeof="mw:File"><a href="/wiki/File:Tango-nosources.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/4e/Tango-nosources.svg/45px-Tango-nosources.svg.png" decoding="async" width="45" height="45" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/4e/Tango-nosources.svg/68px-Tango-nosources.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/4e/Tango-nosources.svg/90px-Tango-nosources.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">此條目<b>需要補充更多<a href="/wiki/Wikipedia:%E5%88%97%E6%98%8E%E6%9D%A5%E6%BA%90" title="Wikipedia:列明來源">來源</a></b>。<span class="hide-when-compact"></span> <small class="date-container"><i>(<span class="date">2015年5月3日</span>)</i></small><span class="hide-when-compact"><br /><small>請協助補充多方面<a href="/wiki/Wikipedia:%E5%8F%AF%E9%9D%A0%E6%9D%A5%E6%BA%90" title="Wikipedia:可靠來源">可靠來源</a>以<a class="external text" href="https://zh.wikipedia.org/w/index.php?title=%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91&action=edit">改善這篇條目</a>，<a href="/wiki/Wikipedia:%E5%8F%AF%E4%BE%9B%E6%9F%A5%E8%AF%81" class="mw-redirect" title="Wikipedia:可供查證">無法查證</a>的內容可能會因為<a href="/wiki/Template:Fact" class="mw-redirect" title="Template:Fact">異議提出</a>而被移除。<br />致使用者：請搜尋一下條目的標題（來源搜尋：<span class="plainlinks"><a rel="nofollow" class="external text" href="//www.google.com/search?&as_eq=wikipedia&q=%22%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91%22">"避險基金"</a> — <a rel="nofollow" class="external text" href="//www.google.com/search?q=%22%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91%22">網頁</a>、<a rel="nofollow" class="external text" href="//www.google.com/search?tbm=nws&q=&as_src=-newswire+-wire+-presswire+-PR+-press+-release+-wikipedia&q=%22%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91%22">新聞</a>、<a rel="nofollow" class="external text" href="//books.google.com/books?&as_brr=0&as_pub=-icon&q=%22%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91%22">書籍</a>、<a rel="nofollow" class="external text" href="//scholar.google.com/scholar?&q=%22%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91%22">學術</a>、<a rel="nofollow" class="external text" href="//www.google.com/search?tbm=isch&safe=off&q=%22%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91%22">圖像</a></span>），以檢查網路上是否存在該主題的更多可靠來源（<a href="/wiki/Wikipedia:%E5%8F%AF%E9%9D%A0%E6%9D%A5%E6%BA%90" title="Wikipedia:可靠來源">判定指引</a>）。</small></span><span class="hide-when-compact"></span></div></td></tr></tbody></table> <p><b>避險基金</b>（英語：<span lang="en">Hedge Fund</span>），又稱<b>對沖基金</b>或<b>套利基金</b>，是指由<a href="/wiki/%E9%87%91%E8%9E%8D" title="金融">金融</a><a href="/wiki/%E6%9C%9F%E8%B4%A7" title="期貨">期貨</a>、金融<a href="/wiki/%E6%9C%9F%E6%9D%83" class="mw-redirect" title="選擇權">選擇權</a>等<a href="/wiki/%E8%A1%8D%E7%94%9F%E6%80%A7%E9%87%91%E8%9E%8D%E5%95%86%E5%93%81" class="mw-redirect" title="衍生性金融商品">衍生性金融商品</a>與金融組織結合後，以盈利為目的的金融<a href="/wiki/%E5%9F%BA%E9%87%91" title="基金">基金</a>。其最初目的為通過<a href="/wiki/%E9%81%BF%E9%9A%AA" class="mw-redirect" title="避險">避險</a>（Hedging）避免損失。 </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="基本内涵"><span id=".E5.9F.BA.E6.9C.AC.E5.86.85.E6.B6.B5"></span>基本內涵</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91&action=edit&section=1" title="編輯章節：基本內涵"><span>編輯</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>人們把<a href="/wiki/%E6%9C%9F%E8%B4%A7" title="期貨">期貨</a>與<a href="/wiki/%E9%81%B8%E6%93%87%E6%AC%8A" class="mw-redirect" title="選擇權">選擇權</a>稱為<a href="/wiki/%E8%A1%8D%E7%94%9F%E6%80%A7%E9%87%91%E8%9E%8D%E5%95%86%E5%93%81" class="mw-redirect" title="衍生性金融商品">衍生性金融商品</a>，它們通常被利用在金融市場中作為「套期保值」、「規避風險」的手段。隨著時間的推移，在金融市場上，部分基金組織利用衍生性金融商品採取多種以盈利為目的投資策略，這些基金組織便被稱為避險基金。目前，避險基金早已失去風險「避險」的內涵，相反的，現在人們普遍認為避險基金實際是基於最新的投資理論和極其複雜的金融市場操作技巧，充分利用各種衍生性金融商品的槓桿效用，承擔高風險、追求高收益的投資模式。 </p> <div class="mw-heading mw-heading2"><h2 id="起源与发展"><span id=".E8.B5.B7.E6.BA.90.E4.B8.8E.E5.8F.91.E5.B1.95"></span>起源與發展</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91&action=edit&section=2" title="編輯章節：起源與發展"><span>編輯</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>避險基金的英語名稱為Hedge Fund，意為「風險避險過的基金」，起源於50年代初的美國。當時的操作宗旨在於利用期貨、選擇權等衍生性金融商品以及對相關聯的不同股票進行買空賣空、風險規避的操作技巧，在一定程度上可規避和化解投資風險。1949年世界上誕生了第一個有限合作制的瓊斯避險基金。雖然避險基金在20世紀50年代已經出現，但是，它在接下來的三十年間並未引起人們的太多關注，直到20世紀80年代，隨著金融自由化的發展，避險基金才有了更廣闊的投資機會，從此進入了快速發展的階段。20世紀90年代，世界<a href="/wiki/%E9%80%9A%E8%B4%A7%E8%86%A8%E8%83%80" title="通貨膨脹">通貨膨脹</a>的威脅逐漸減少，同時金融工具日趨成熟和多樣化，避險基金進入了蓬勃發展的階段。據英國《<a href="/wiki/%E7%BB%8F%E6%B5%8E%E5%AD%A6%E4%BA%BA" title="經濟學人">經濟學人</a>》的統計，從1990年到2000年，3000多個新的避險基金在美國和英國出現。2002年後，避險基金的收益率有所下降，但避險基金的規模依然不小，據英國《<a href="/wiki/%E9%87%91%E8%9E%8D%E6%97%B6%E6%8A%A5_(%E8%8B%B1%E5%9B%BD)" class="mw-redirect" title="金融時報 (英國)">金融時報</a>》報道，截至2005年10月22日，全球避險基金總資產額已經達到1.1兆美元。2014年5月，避險基金業管理的資產總規模歷史上首次超過3兆美元。<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="运作"><span id=".E8.BF.90.E4.BD.9C"></span>運作</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91&action=edit&section=3" title="編輯章節：運作"><span>編輯</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>最初的避險操作中，基金管理者在購入一種股票後，同時購入這種股票的一定價位和時效的看跌選擇權（Put Option）。看跌選擇權的效用在於當股票價位跌破選擇權限定的價格時，賣方選擇權的持有者可將手中持有的股票以選擇權限定的價格賣出，從而使股票跌價的風險得到避險。在另一類避險操作中，基金管理人首先選定某類行情看漲的行業，買進該行業幾支優質股，同時以一定比率賣空該行業中幾隻劣質股。如此組合的結果是，如該行業預期表現良好，優質股漲幅必超過其他同行業的股票，買入優質股的收益將大於賣空劣質股的損失；如果預期錯誤，此行業股票不漲反跌，那麼較差公司的股票跌幅必大於優質股，則賣空盤口所獲利潤必高於買入優質股下跌造成的損失。正因為如此的操作手段，早期的避險基金才被用於避險保值的保守投資策略的基金管理形式。可是，隨著時間的推移，人們對衍生性金融商品的作用的理解逐漸深入，近年來避險基金倍受青睞是由於避險基金有能力在<a href="/wiki/%E7%86%8A%E5%B8%82" class="mw-redirect" title="熊市">熊市</a>賺錢。從1999年到2002年，普通公共基金平均每年損失11.7%，而避險基金在同一期間每年贏利11.2%。避險基金實現如此驕人的成績是有原因的，而且它們所獲得的收益並不像外界所理解的那麼容易，幾乎所有避險基金的管理者都是出色的金融經紀人。 </p><p>被避險基金所利用的衍生性金融商品（以選擇權為例）有三大特點：第一，它可以以較少的資金撬動一筆較大的交易，人們把其稱為避險基金的放大作用，一般為20至100倍；當這筆交易足夠大時，就可以影響價格；第二，根據<a href="/w/index.php?title=%E6%B4%9B%E4%BC%A6%E5%85%B9%C2%B7%E6%A0%BC%E5%88%A9%E8%8C%A8&action=edit&redlink=1" class="new" title="羅倫茲·格利茨（頁面不存在）">羅倫茲·格利茨</a>的觀點，由於選擇權合約的買者只有權利而沒有義務，即在交割日時，如果該選擇權的執行價格（strike price）不利於選擇權持有者，該持有者可以不履行它。這種安排降低了選擇權購買者的風險，同時又誘使人們進行更為冒險的投資（即投機）；第三，根據<a href="/w/index.php?title=%E7%BA%A6%E7%BF%B0%C2%B7%E8%B5%AB%E5%B0%94&action=edit&redlink=1" class="new" title="約翰·赫爾（頁面不存在）">約翰·赫爾</a>的觀點，選擇權的執行價格越是偏離選擇權的「標的資產（特定標的物）」的現貨價格，其本身的價格越低，這給避險基金後來的投機活動帶來便利。 </p><p>避險基金管理者發現衍生性金融商品的上述特點後，他們所掌握的避險基金便開始改變了投資策略，他們把套期交易的投資策略變為通過「大量交易」操縱相關的幾個金融市場，從它們的價格變動中獲利。 </p><p>現時，避險基金常用的投資策略多達20多種。其手法主要可以分為以下五種： </p> <ol><li>長短倉，即同時買入及<a href="/wiki/%E6%B2%BD%E7%A9%BA" class="mw-redirect" title="沽空">沽空</a>股票，可以是淨長倉或淨短倉；</li> <li>市場中性，即同時買入股價偏低及沽出股價偏高的股票；</li> <li>相對價值策略：如可換股公司債<a href="/wiki/%E5%A5%97%E5%88%A9" title="套利">套利</a>，即買入價格偏低的可換股債券，同時沽空正股，反之亦然；或如市場中立策略</li> <li><a href="/wiki/%E5%85%A8%E7%90%83%E5%AE%8F%E8%A7%82" title="全球宏觀">全球宏觀</a>，即由上至下分析各地經濟金融體系，按政經事件及主要趨勢買賣；</li> <li>管理期貨，即持有各種衍生商品長短倉。</li></ol> <p>避險基金的最經典的兩種投資策略是「<a href="/wiki/%E7%A9%BA%E5%A4%B4" class="mw-redirect" title="空頭">空頭</a>」（shortselling）和「<a href="/wiki/%E8%B5%84%E9%87%91%E6%9D%A0%E6%9D%86" class="mw-redirect" title="資金槓桿">資金槓桿</a>」（leverage）。 </p><p>「空頭」，又被稱作短置，即買進股票作為短期投資，就是把短期內購進的股票先拋售，然後在其股價下跌的時候再將其買回來賺取差價（arbitrage）。短置者幾乎總是借別人的股票來短置（「多頭」，long position，指的是自己買進並持有股票）。在熊市中採取短置策略最為有效。假如股市不跌反升，短置者賭錯了股市方向，則必須花大錢將升值的股票買回，吃進損失。短置此投資策略由於風險高，一般的投資者都不採用。 </p><p>「槓桿」（leverage）在金融界有多重含義，其英文單詞的最基本意思是「槓桿作用」，通常情況下它指的是利用<a href="/wiki/%E4%BF%A1%E8%B4%B7" class="mw-redirect" title="信貸">信貸</a>手段使自己的資本基礎擴大。信貸是金融的命脈和燃料，通過「貸槓」這種方式進入<a href="/wiki/%E5%8D%8E%E5%B0%94%E8%A1%97" title="華爾街">華爾街</a>（融資市場）和避險基金產生「共生」（symbiosis）的關係。在高賭注的金融活動中，「貸槓」成了華爾街給大玩家提供籌碼的機會。避險基金從大銀行那裡借來資本，華爾街則提供買賣債券和後勤辦公室等服務。換言之，武裝了銀行貸款的避險基金反過來把大量的金錢用佣金的形式扔回給華爾街。 </p> <div class="mw-heading mw-heading2"><h2 id="著名对冲基金"><span id=".E8.91.97.E5.90.8D.E5.AF.B9.E5.86.B2.E5.9F.BA.E9.87.91"></span>著名避險基金</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91&action=edit&section=4" title="編輯章節：著名避險基金"><span>編輯</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>避險基金中最著名的莫過於<a href="/wiki/%E4%B9%94%E6%B2%BB%C2%B7%E7%B4%A2%E7%BD%97%E6%96%AF" title="喬治·索羅斯">喬治·索羅斯</a>的<a href="/wiki/%E9%87%8F%E5%AD%90%E5%9F%BA%E9%87%91" title="量子基金">量子基金</a>及<span class="ilh-all" data-orig-title="朱里安·罗伯逊" data-lang-code="en" data-lang-name="英語" data-foreign-title="Julian Robertson"><span class="ilh-page"><a href="/w/index.php?title=%E6%9C%B1%E9%87%8C%E5%AE%89%C2%B7%E7%BD%97%E4%BC%AF%E9%80%8A&action=edit&redlink=1" class="new" title="朱里安·羅伯遜（頁面不存在）">朱里安·羅伯遜</a></span><span class="noprint ilh-comment">（<span class="ilh-lang">英語</span><span class="ilh-colon">：</span><span class="ilh-link"><a href="https://en.wikipedia.org/wiki/Julian_Robertson" class="extiw" title="en:Julian Robertson"><span lang="en" dir="auto">Julian Robertson</span></a></span>）</span></span>的<a href="/wiki/%E8%80%81%E8%99%8E%E5%9F%BA%E9%87%91" title="老虎基金">老虎基金</a>，它們都曾創造過高達40%至50%的複合年度<a href="/wiki/%E6%94%B6%E7%9B%8A%E7%8E%87" title="收益率">收益率</a>。採取高風險的投資，為避險基金可能帶來高收益的同時也為避險基金帶來不可預估的損失。最大規模的避險基金都不可能在變幻莫測的金融市場中永遠處於不敗之地。 </p> <div class="mw-heading mw-heading3"><h3 id="量子基金"><span id=".E9.87.8F.E5.AD.90.E5.9F.BA.E9.87.91"></span>量子基金</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91&action=edit&section=5" title="編輯章節：量子基金"><span>編輯</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Soros_talk_in_Malaysia.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d0/Soros_talk_in_Malaysia.jpg/300px-Soros_talk_in_Malaysia.jpg" decoding="async" width="300" height="201" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d0/Soros_talk_in_Malaysia.jpg/450px-Soros_talk_in_Malaysia.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d0/Soros_talk_in_Malaysia.jpg/600px-Soros_talk_in_Malaysia.jpg 2x" data-file-width="800" data-file-height="536" /></a><figcaption>喬治·索羅斯</figcaption></figure> <style data-mw-deduplicate="TemplateStyles:r85100532">.mw-parser-output .hatnote{font-size:small}.mw-parser-output div.hatnote{padding-left:2em;margin-bottom:0.8em;margin-top:0.8em}.mw-parser-output .hatnote-notice-img::after{content:"\202f \202f \202f \202f "}.mw-parser-output .hatnote-notice-img-small::after{content:"\202f \202f "}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}body.skin-minerva .mw-parser-output .hatnote-notice-img,body.skin-minerva .mw-parser-output .hatnote-notice-img-small{display:none}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">主條目：<a href="/wiki/%E9%87%8F%E5%AD%90%E5%9F%BA%E9%87%91" title="量子基金">量子基金</a></div> <p>1969年量子基金的前身雙鷹基金由<a href="/wiki/%E4%B9%94%E6%B2%BB%C2%B7%E7%B4%A2%E7%BD%97%E6%96%AF" title="喬治·索羅斯">喬治·索羅斯</a>創立，註冊資本為400萬美元。1973年該基金改名為索羅斯基金，資本額躍升到1200萬美元。索羅斯基金旗下有五個風格各異的避險基金，而量子基金是最大的一個，也是全球最大的規模避險基金之一。1979年索羅斯再次把旗下的公司改名，正式命名為量子公司。之所謂取<b>量子</b>這個詞語是源於<a href="/wiki/%E6%B5%B7%E6%A3%AE%E5%A0%A1" class="mw-redirect" title="海森堡">海森堡</a>的<a href="/wiki/%E9%87%8F%E5%AD%90%E5%8A%9B%E5%AD%A6" title="量子力學">量子力學</a><a href="/wiki/%E4%B8%8D%E7%A1%AE%E5%AE%9A%E6%80%A7%E5%8E%9F%E7%90%86" title="不確定性原理">不確定性原理</a>，此定律與索羅斯的金融市場觀相吻合。測不準定律認為：在量子力學中，要準確描述原子粒子的運動是不可能的。而索羅斯認為：市場總是處在不確定和不停的波動狀態，但通過明顯的貼現，與不可預料因素下賭，賺錢是可能的。公司順利的運轉，得到超票面價格，是以股票的供給和需求為基礎的。 </p><p>量子基金的總部設立在<a href="/wiki/%E7%BA%BD%E7%BA%A6" title="紐約">紐約</a>，但其出資人皆為非美國國籍的境外投資者，其目的是為了避開<a href="/wiki/%E7%BE%8E%E5%9B%BD%E8%AF%81%E5%88%B8%E4%BA%A4%E6%98%93%E5%A7%94%E5%91%98%E4%BC%9A" title="美國證券交易委員會">美國證券交易委員會</a>的監管。量子基金投資於商品、外匯、股票和債券，並大量運用<a href="/w/index.php?title=%E9%87%91%E8%9E%8D%E8%A1%8D%E7%94%9F%E4%BA%A7%E5%93%81&action=edit&redlink=1" class="new" title="金融衍生產品（頁面不存在）">金融衍生產品</a>和槓桿融資，從事全方位的國際性金融操作。憑藉索羅斯出色的分析能力和膽識，量子基金在世界金融市場中逐漸成長壯大。由於索羅斯多次準確地預見到某個行業和公司的非同尋常的成長潛力，從而在這些股票的上升過程中獲得超額收益。即使是在市場下滑的熊市中，索羅斯也以其精湛的賣空技巧而大賺其錢。至1997年末，量子基金已增值為資產總值近60億美元。在1969年注入量子基金的1美元在1996年底已增值至3萬美元，即成長了3萬倍。 </p> <div class="mw-heading mw-heading3"><h3 id="老虎基金"><span id=".E8.80.81.E8.99.8E.E5.9F.BA.E9.87.91"></span>老虎基金</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91&action=edit&section=6" title="編輯章節：老虎基金"><span>編輯</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>1980年，著名經紀人<a href="/w/index.php?title=%E6%9C%B1%E5%88%A9%E5%AE%89%C2%B7%E7%BD%97%E4%BC%AF%E9%80%8A&action=edit&redlink=1" class="new" title="朱利安·羅伯遜（頁面不存在）">朱利安·羅伯遜</a>集資800萬美元創立了自己的公司——<a href="/w/index.php?title=%E8%80%81%E8%99%8E%E5%9F%BA%E9%87%91%E7%AE%A1%E7%90%86%E5%85%AC%E5%8F%B8&action=edit&redlink=1" class="new" title="老虎基金管理公司（頁面不存在）">老虎基金管理公司</a>（<span class="ilh-all" data-orig-title="Tiger Management Corp." data-lang-code="en" data-lang-name="英語" data-foreign-title="Tiger Management Corp."><span class="ilh-page"><a href="/w/index.php?title=Tiger_Management_Corp.&action=edit&redlink=1" class="new" title="Tiger Management Corp.（頁面不存在）">Tiger Management Corp.</a></span><span class="noprint ilh-comment">（<span class="ilh-lang">英語</span><span class="ilh-colon">：</span><span class="ilh-link"><a href="https://en.wikipedia.org/wiki/Tiger_Management_Corp." class="extiw" title="en:Tiger Management Corp."><span lang="en" dir="auto">Tiger Management Corp.</span></a></span>）</span></span>）。 </p><p>20世紀90年代中期後，老虎基金管理公司的業績節節攀升，在股、匯市投資中同時取得不菲的業績，公司的最高贏利（扣除<a href="/wiki/%E7%AE%A1%E7%90%86%E8%B4%B9" class="mw-redirect" title="管理費">管理費</a>）達到32%，在1998年的<a href="/wiki/%E5%A4%8F%E5%A4%A9" class="mw-redirect" title="夏天">夏天</a>，其總資產達到230億美元的高峰，一度成為美國最大的避險基金。 </p><p>1998年的下半年，老虎基金在一系列的投資中失誤，從此走下坡路。1998年期間，<a href="/wiki/1998%E5%B9%B4%E4%BF%84%E7%BD%97%E6%96%AF%E9%87%91%E8%9E%8D%E5%8D%B1%E6%9C%BA" title="1998年俄羅斯金融危機">俄羅斯金融危機</a>後，<a href="/wiki/%E6%97%A5%E5%9C%93" title="日圓">日圓</a>對美元的匯價一度跌至147：1，出於預期該比價將跌至150日元以下，朱利安·羅伯遜命令旗下的老虎基金、美洲豹基金大量賣空日元，但日元卻在日本經濟沒有任何好轉的情況下，在兩個月內急升到115日元，羅伯遜損失慘重。在有統計的單日（1998年10月7日）最大損失中，老虎基金便虧損了20億美元，1998年的9月份及10月份，老虎基金在日元的投機上累計虧損近50億美元。 </p><p>1999年，羅伯遜重倉<a href="/wiki/%E7%BE%8E%E5%9B%BD%E8%88%AA%E7%A9%BA" class="mw-redirect" title="美國航空">美國航空</a>集團和廢料管理公司的股票，可是兩個商業巨頭的股價卻持續下跌，因此老虎基金再次被重創。 </p><p>從1998年12月開始，近20億美元的短期資金從美洲豹基金撤出，到1999年10月，總共有50億美元的資金從老虎基金管理公司撤走，投資者的撤資使基金經理無法專注於長期投資，從而影響長期投資者的信心。因此，1999年10月6日，羅伯遜要求從2000年3月31日開始，旗下的"老虎"、"美洲獅"、"美洲豹"三隻基金的贖回期改為半年一次，但到2000年3月31 日，羅伯遜在老虎基金從230億美元的巔峰跌落到65億美元的不得已的情況宣布將結束旗下六隻避險基金的全部業務。老虎基金倒閉後對65億美元的資產進行清盤，其中80%歸還投資者，朱利安·羅伯遜個人留下15億美元繼續投資。 </p> <div class="mw-heading mw-heading3"><h3 id="其他"><span id=".E5.85.B6.E4.BB.96"></span>其他</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91&action=edit&section=7" title="編輯章節：其他"><span>編輯</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/%E6%A9%8B%E6%B0%B4%E5%9F%BA%E9%87%91" title="橋水基金">橋水基金</a></li> <li><span class="ilh-all" data-orig-title="AQR Capital Management" data-lang-code="en" data-lang-name="英語" data-foreign-title="AQR Capital Management"><span class="ilh-page"><a href="/w/index.php?title=AQR_Capital_Management&action=edit&redlink=1" class="new" title="AQR Capital Management（頁面不存在）">AQR Capital Management</a></span><span class="noprint ilh-comment">（<span class="ilh-lang">英語</span><span class="ilh-colon">：</span><span class="ilh-link"><a href="https://en.wikipedia.org/wiki/AQR_Capital_Management" class="extiw" title="en:AQR Capital Management"><span lang="en" dir="auto">AQR Capital Management</span></a></span>）</span></span></li> <li><a href="/wiki/Man_Group" class="mw-redirect" title="Man Group">Man Group</a></li> <li><a href="/wiki/Two_Sigma" title="Two Sigma">Two Sigma</a></li> <li><span class="ilh-all" data-orig-title="Millennium Management" data-lang-code="en" data-lang-name="英語" data-foreign-title="Millennium Management"><span class="ilh-page"><a href="/w/index.php?title=Millennium_Management&action=edit&redlink=1" class="new" title="Millennium Management（頁面不存在）">Millennium Management</a></span><span class="noprint ilh-comment">（<span class="ilh-lang">英語</span><span class="ilh-colon">：</span><span class="ilh-link"><a href="https://en.wikipedia.org/wiki/Millennium_Management" class="extiw" title="en:Millennium Management"><span lang="en" dir="auto">Millennium Management</span></a></span>）</span></span></li> <li><span class="ilh-all" data-orig-title="Winton Group" data-lang-code="en" data-lang-name="英語" data-foreign-title="Winton Group"><span class="ilh-page"><a href="/w/index.php?title=Winton_Group&action=edit&redlink=1" class="new" title="Winton Group（頁面不存在）">Winton Group</a></span><span class="noprint ilh-comment">（<span class="ilh-lang">英語</span><span class="ilh-colon">：</span><span class="ilh-link"><a href="https://en.wikipedia.org/wiki/Winton_Group" class="extiw" title="en:Winton Group"><span lang="en" dir="auto">Winton Group</span></a></span>）</span></span></li> <li><span class="ilh-all" data-orig-title="Renaissance Technologies" data-lang-code="en" data-lang-name="英語" data-foreign-title="Renaissance Technologies"><span class="ilh-page"><a href="/w/index.php?title=Renaissance_Technologies&action=edit&redlink=1" class="new" title="Renaissance Technologies（頁面不存在）">Renaissance Technologies</a></span><span class="noprint ilh-comment">（<span class="ilh-lang">英語</span><span class="ilh-colon">：</span><span class="ilh-link"><a href="https://en.wikipedia.org/wiki/Renaissance_Technologies" class="extiw" title="en:Renaissance Technologies"><span lang="en" dir="auto">Renaissance Technologies</span></a></span>）</span></span></li> <li><span class="ilh-all" data-orig-title="Baupost Group" data-lang-code="en" data-lang-name="英語" data-foreign-title="Baupost Group"><span class="ilh-page"><a href="/w/index.php?title=Baupost_Group&action=edit&redlink=1" class="new" title="Baupost Group（頁面不存在）">Baupost Group</a></span><span class="noprint ilh-comment">（<span class="ilh-lang">英語</span><span class="ilh-colon">：</span><span class="ilh-link"><a href="https://en.wikipedia.org/wiki/Baupost_Group" class="extiw" title="en:Baupost Group"><span lang="en" dir="auto">Baupost Group</span></a></span>）</span></span></li> <li><span class="ilh-all" data-orig-title="Elliott Management Corporation" data-lang-code="en" data-lang-name="英語" data-foreign-title="Elliott Management Corporation"><span class="ilh-page"><a href="/w/index.php?title=Elliott_Management_Corporation&action=edit&redlink=1" class="new" title="Elliott Management Corporation（頁面不存在）">Elliott Management Corporation</a></span><span class="noprint ilh-comment">（<span class="ilh-lang">英語</span><span class="ilh-colon">：</span><span class="ilh-link"><a href="https://en.wikipedia.org/wiki/Elliott_Management_Corporation" class="extiw" title="en:Elliott Management Corporation"><span lang="en" dir="auto">Elliott Management Corporation</span></a></span>）</span></span></li> <li><a href="/wiki/Amaranth" title="Amaranth">Amaranth</a></li> <li><a href="/wiki/TCI" title="TCI">TCI</a></li> <li><a href="/wiki/Citadel_LLC" title="Citadel LLC">Citadel LLC</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="对冲基金投资案例"><span id=".E5.AF.B9.E5.86.B2.E5.9F.BA.E9.87.91.E6.8A.95.E8.B5.84.E6.A1.88.E4.BE.8B"></span>避險基金投資案例</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91&action=edit&section=8" title="編輯章節：避險基金投資案例"><span>編輯</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="1992年狙击英镑"><span id="1992.E5.B9.B4.E7.8B.99.E5.87.BB.E8.8B.B1.E9.95.91"></span>1992年狙擊英鎊</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91&action=edit&section=9" title="編輯章節：1992年狙擊英鎊"><span>編輯</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>1979年始，尚未統一貨幣的<a href="/wiki/%E6%AC%A7%E6%B4%B2%E7%BB%8F%E6%B5%8E%E5%85%B1%E5%90%8C%E4%BD%93" title="歐洲經濟共同體">歐洲經濟共同體</a>統一了各加盟國的貨幣兌換率，組成歐洲<a href="/wiki/%E8%B4%A7%E5%B8%81" class="mw-redirect" title="貨幣">貨幣</a>匯率連保體系。該體系規定各國貨幣在不偏離歐共體「中央匯率」的2.5％範圍內允許上下浮動，如果某一成員國<a href="/wiki/%E8%B4%A7%E5%B8%81" class="mw-redirect" title="貨幣">貨幣</a><a href="/wiki/%E6%B1%87%E7%8E%87" title="匯率">匯率</a>超出此範圍，其他各國中央銀行將採取行動出面干預。然而，歐共體成員國的經濟發展不平衡，財政政策根本無法統一，各國貨幣受到本國利率和通貨膨脹率的影響各不相同，因此某些時候，連保體系強迫各國中央銀行做出違背他們意願的行動，如在外匯交易強烈波動時，那些中央銀行不得不買進疲軟的貨幣，賣出堅挺的貨幣，以保持外匯市場穩定。 </p><p>1989年，<a href="/wiki/%E6%9D%B1%E8%A5%BF%E5%BE%B7%E7%B5%B1%E4%B8%80" class="mw-redirect" title="東西德統一">東西德統一</a>後，<a href="/wiki/%E5%BE%B7%E5%9B%BD" title="德國">德國</a>經濟強勁成長，德國<a href="/wiki/%E9%A9%AC%E5%85%8B" class="mw-disambig" title="馬克">馬克</a>堅挺，而1992年的<a href="/wiki/%E8%8B%B1%E5%9B%BD" title="英國">英國</a>處於經濟不景氣時期，<a href="/wiki/%E8%8B%B1%E9%95%91" title="英鎊">英鎊</a>相對疲軟。於是英國希望調降英國利率，以刺激經濟成長，同時，也希望德國降低馬克的利率，以緩解英鎊可能貶值的壓力，可是由於德國經濟過熱，德國希望以高利率政策來為經濟降溫。由於德國拒絕配合，英鎊在貨幣市場中持續下挫，儘管英、德兩國聯手拋售馬克購進英鎊，但仍無濟於事。1992年9月，德國<a href="/wiki/%E4%B8%AD%E5%A4%AE%E9%93%B6%E8%A1%8C" title="中央銀行">中央銀行</a>行長在《華爾街日報》上發表了一篇文章，文章中提到，歐洲貨幣體制的不穩定只有通過貨幣貶值才能解決。索羅斯預感到，德國人準備撤退了，馬克不再支持英鎊，於是他旗下的量子基金以5％的保證金方式大筆借貸英鎊，購買馬克。他的策略是：當英鎊匯率未跌之前用英鎊買馬克，當英鎊匯率暴跌後賣出一部分馬克即可還掉當初借貸的英鎊，剩下的就是淨賺。在此次行動中，索羅斯的量子基金賣空了相當於70億美元的英鎊，買進了相當於60億美元的馬克，在一個多月時間內淨賺15億美元，而<a href="/wiki/%E6%AC%A7%E6%B4%B2" title="歐洲">歐洲</a>各國中央銀行共計損傷了60億美元，事件以英鎊在1個月內匯率下挫20%而告終。 </p> <div class="mw-heading mw-heading3"><h3 id="亞洲金融危機"><span id=".E4.BA.9E.E6.B4.B2.E9.87.91.E8.9E.8D.E5.8D.B1.E6.A9.9F"></span>亞洲金融危機</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91&action=edit&section=10" title="編輯章節：亞洲金融危機"><span>編輯</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r85100532"><div role="note" class="hatnote navigation-not-searchable">主條目：<a href="/wiki/%E4%BA%9E%E6%B4%B2%E9%87%91%E8%9E%8D%E5%8D%B1%E6%A9%9F" class="mw-redirect" title="亞洲金融危機">亞洲金融危機</a></div> <p>1997年7月，量子基金大量賣空<a href="/wiki/%E6%B3%B0%E9%8A%96" title="泰銖">泰銖</a>，迫使<a href="/wiki/%E6%B3%B0%E5%9C%8B" class="mw-redirect" title="泰國">泰國</a>放棄維持已久的與美元掛鉤的固定匯率而實行自由浮動，從而引發了一場泰國金融市場前所未有的危機。之後危機很快波及到所有東南亞實行貨幣自由兌換的國家和地區，港元便成為亞洲最貴的貨幣。其後<a href="/wiki/%E9%87%8F%E5%AD%90%E5%9F%BA%E9%87%91" title="量子基金">量子基金</a>和<a href="/wiki/%E8%80%81%E8%99%8E%E5%9F%BA%E9%87%91" title="老虎基金">老虎基金</a>試圖狙擊港元，雖然<a href="/wiki/%E9%A6%99%E6%B8%AF%E9%87%91%E8%9E%8D%E7%AE%A1%E7%90%86%E5%B1%80" title="香港金融管理局">香港金融管理局</a>擁有大量<a href="/wiki/%E5%A4%96%E5%8C%AF%E5%84%B2%E5%82%99" class="mw-redirect" title="外匯儲備">外匯儲備</a>，加上當局大幅調高<a href="/wiki/%E5%88%A9%E6%81%AF" title="利息">息率</a>，但無法迫使基金離場，而高息卻使香港<a href="/wiki/%E6%81%86%E7%94%9F%E6%8C%87%E6%95%B8" class="mw-redirect" title="恆生指數">恆生指數</a>急跌四成，避險基金的投資者意識到同時<a href="/wiki/%E5%8D%96%E7%A9%BA" class="mw-redirect" title="賣空">賣空</a>港元和港股期貨，前者使<a href="/wiki/%E5%88%A9%E6%81%AF" title="利息">息率</a>急升，拖跨港股，就「必定」可以獲利。香港政府在1998年8月全面入市干預，購買以<a href="/wiki/%E8%97%8D%E7%B1%8C%E8%82%A1" class="mw-redirect" title="藍籌股">藍籌股</a>為主的港股，基本化解此次危機，而最終將所購的企業股轉為「<a href="/wiki/%E7%9B%88%E5%AF%8C%E5%9F%BA%E9%87%91" title="盈富基金">盈富基金</a>」逐步回流市場。 </p> <div class="mw-heading mw-heading2"><h2 id="参考文献"><span id=".E5.8F.82.E8.80.83.E6.96.87.E7.8C.AE"></span>參考文獻</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91&action=edit&section=11" title="編輯章節：參考文獻"><span>編輯</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="reflist" style="list-style-type: decimal;"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><cite class="citation web"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20140822041803/http://wallstreetcn.com/node/96663">美国对冲基金疯狂吸金资产总额首超3万亿美元</a>. <span class="reference-accessdate"> [<span class="nowrap">2014-12-15</span>]</span>. （<a rel="nofollow" class="external text" href="http://wallstreetcn.com/node/96663">原始內容</a>存檔於2014-08-22）.</cite><span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fzh.wikipedia.org%3A%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91&rft.btitle=%E7%BE%8E%E5%9B%BD%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91%E7%96%AF%E7%8B%82%E5%90%B8%E9%87%91+%E8%B5%84%E4%BA%A7%E6%80%BB%E9%A2%9D%E9%A6%96%E8%B6%853%E4%B8%87%E4%BA%BF%E7%BE%8E%E5%85%83&rft.genre=unknown&rft_id=http%3A%2F%2Fwallstreetcn.com%2Fnode%2F96663&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988"><span style="display:none;"> </span></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="延伸阅读"><span id=".E5.BB.B6.E4.BC.B8.E9.98.85.E8.AF.BB"></span>延伸閱讀</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91&action=edit&section=12" title="編輯章節：延伸閱讀"><span>編輯</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Thomas P. Lemke, Gerald T. Lins, Kathryn L. Hoenig & Patricia S. Rube, <i>Hedge Funds and Other Private Funds: Regulation and Compliance</i> (Thomson West 2014 ed.).</li> <li>Thomas P. Lemke & Gerald T. Lins, <i>Regulation of Investment Advisers</i> (Thomson West 2014 ed.).</li> <li>Thomas P. Lemke, Gerald T. Lins & A. Thomas Smith III, <i>Regulation of Investment Companies</i> (Matthew Bender 2014 ed.).</li> <li><cite class="citation journal"><a href="/w/index.php?title=Frank_Partnoy&action=edit&redlink=1" class="new" title="Frank Partnoy（頁面不存在）">Partnoy, Frank</a>; Thomas, Randall S. Gap Filling, Hedge Funds, and Financial Innovation. Brookings-Nomura Papers on Financial Services. 20 Sep 2006. <span class="plainlinks"><a rel="nofollow" class="external text" href="//ssrn.com/abstract=931254"><span title="社會科學研究網絡">SSRN 931254</span></a> <span typeof="mw:File"><span title="可免費查閱"><img alt="可免費查閱" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/65/Lock-green.svg/9px-Lock-green.svg.png" decoding="async" width="9" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/65/Lock-green.svg/14px-Lock-green.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/65/Lock-green.svg/18px-Lock-green.svg.png 2x" data-file-width="512" data-file-height="813" /></span></span></span>.</cite><span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fzh.wikipedia.org%3A%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91&rft.atitle=Gap+Filling%2C+Hedge+Funds%2C+and+Financial+Innovation&rft.au=Thomas%2C+Randall+S.&rft.aufirst=Frank&rft.aulast=Partnoy&rft.date=2006-09-20&rft.genre=article&rft.jtitle=Brookings-Nomura+Papers+on+Financial+Services&rft_id=%2F%2Fssrn.com%2Fabstract%3D931254&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal" class="Z3988"><span style="display:none;"> </span></span></li> <li>Marcel Kahan & Edward B. Rock, 'Hedge Funds in Corporate Governance and Corporate Control' (2007) 155 University of Pennsylvania Law Review 1021</li> <li>Makrem Boumlouka, 'Regulation and Transparency in US OTC Derivative Markets', <i>Original Thoughts Series #1</i>, August 2010, Hedge Fund Society <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100705112958/http://hedgefundsregulation.com/">Hedge Fund Society</a></li> <li><cite class="citation journal">Boyson, Nicole M.; Stahel, Christof W.; Stulz, Rene M. <a rel="nofollow" class="external text" href="https://archive.org/details/sim_journal-of-finance_2010-10_65_5/page/1789">Hedge Fund Contagion and Liquidity Shocks</a>. The Journal of Finance. 2010, <b>65</b> (5): 1789–1816. <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:17421154"><span title="Semantic Scholar">S2CID 17421154</span></a>. <a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fj.1540-6261.2010.01594.x"><span title="數位物件識別號">doi:10.1111/j.1540-6261.2010.01594.x</span></a>.</cite><span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fzh.wikipedia.org%3A%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91&rft.atitle=Hedge+Fund+Contagion+and+Liquidity+Shocks&rft.au=Stahel%2C+Christof+W.&rft.au=Stulz%2C+Rene+M.&rft.aufirst=Nicole+M.&rft.aulast=Boyson&rft.date=2010&rft.genre=article&rft.issue=5&rft.jtitle=The+Journal+of+Finance&rft.pages=1789-1816&rft.volume=65&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A17421154&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fsim_journal-of-finance_2010-10_65_5%2Fpage%2F1789&rft_id=info%3Adoi%2F10.1111%2Fj.1540-6261.2010.01594.x&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal" class="Z3988"><span style="display:none;"> </span></span></li> <li>Emory Center for Alternative Investments</li> <li><cite class="citation book">Stowell, David. An Introduction to Investment Banks, Hedge Funds, and Private Equity: The New Paradigm. Academic Press. 2010.</cite><span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fzh.wikipedia.org%3A%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91&rft.aufirst=David&rft.aulast=Stowell&rft.btitle=An+Introduction+to+Investment+Banks%2C+Hedge+Funds%2C+and+Private+Equity%3A+The+New+Paradigm&rft.date=2010&rft.genre=book&rft.pub=Academic+Press&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988"><span style="display:none;"> </span></span></li> <li><cite class="citation book">Strachman, Daniel A. The Fundamentals of Hedge Fund Management: How to Successfully Launch and Operate a Hedge Fund, Second Edition. Wiley. 2014.</cite><span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fzh.wikipedia.org%3A%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91&rft.aufirst=Daniel+A.&rft.aulast=Strachman&rft.btitle=The+Fundamentals+of+Hedge+Fund+Management%3A+How+to+Successfully+Launch+and+Operate+a+Hedge+Fund%2C+Second+Edition&rft.date=2014&rft.genre=book&rft.pub=Wiley&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988"><span style="display:none;"> </span></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="外部链接"><span id=".E5.A4.96.E9.83.A8.E9.93.BE.E6.8E.A5"></span>外部連結</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91&action=edit&section=13" title="編輯章節：外部連結"><span>編輯</span></a><span class="mw-editsection-bracket">]</span></span></div> <div style="clear: both; height: 1em"></div> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r84265675">.mw-parser-output .hlist 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