化和新兴金融市场的发展，同时金融管制后金融创新工具大量涌现，对冲基金迎来了发展的黄金时期。从美国19
hua he xin xing jin rong shi chang de fa zhan tong shi jin rong guan zhi hou jin rong chuang xin gong ju da liang yong xian dui chong ji jin ying lai le fa zhan de huang jin shi qi cong mei guo 19
得的业绩较好，但发展缓慢，并未引起投资者和金融机构的注意。进入20世纪90年代以后，随着世界经济一体
de de ye ji jiao hao dan fa zhan huan man bing wei yin qi tou zi zhe he jin rong ji gou de zhu yi jin ru 20 shi ji 90 nian dai yi hou sui zhe shi jie jing ji yi ti
lityorientation 。1949年至20世纪60年代初期，是对冲基金的创始时期，虽然当时取
lityorientation 1949 nian zhi 20 shi ji 60 nian dai chu qi shi dui chong ji jin de chuang shi shi qi sui ran dang shi qu
它分三种类型，分别为财务杠杆型leverage、卖空型sellingshort 和波动型volati
ta fen san zhong lei xing fen bie wei cai wu gang gan xing leverage mai kong xing sellingshort he bo dong xing volati
ity 和不景气债券型distressedsecurities；第五类是具有极高风险预期的投资策略。
ity he bu jing qi zhai quan xing distressedsecurities di wu lei shi ju you ji gao feng xian yu qi de tou zi ce lue
转变型macroorglobalpolicyshiftshedge、国际型international
zhuan bian xing macroorglobalpolicyshiftshedge guo ji xing international
型，分别是加倍对冲型doublehedge、新兴市场型emergingmarkets、宏观或全球政策
xing fen bie shi jia bei dui chong xing doublehedge xin xing shi chang xing emergingmarkets hong guan huo quan qiu zheng ce
ions 、合并套利型m我的异界特种部队ergerarbitrage；第四类是具有较高风险预期的投资策略。它有五种类
ions he bing tao li xing m wo de yi jie te zhong bu dui ergerarbitrage di si lei shi ju you jiao gao feng xian yu qi de tou zi ce lue ta you wu zhong lei
类型，分别为数量分析型quantitativeanalysis、特殊情势型specialsituat
lei xing fen bie wei shu liang fen xi xing quantitativeanalysis te shu qing shi xing specialsituat
ive我的异界特种部队growth 和定价型valuator五个类型；第三类是内有中度风险预期的投资策略。它包括三种
ive wo de yi jie te zhong bu dui growth he ding jia xing valuator wu ge lei xing di san lei shi nei you zhong du feng xian yu qi de tou zi ce lue ta bao kuo san zhong
io、基金的基金型fundoffund 、10％限额型10％limited、攻击成长型aggress
io ji jin de ji jin xing fundoffund 10 xian e xing 10 limited gong ji cheng chang xing aggress
ngarbitrage五个类型；第二类是具有温和风险预期的投资策略。它也包括组合策略型portfol
ngarbitrage wu ge lei xing di er lei shi ju you wen he feng xian yu qi de tou zi ce lue ta ye bao kuo zu he ce lue xing portfol
es、可转换套利型convertiblearbitrage和我的异界特种部队分跨期权组合套利型cross－holdi
es ke zhuan huan tao li xing convertiblearbitrage he wo de yi jie te zhong bu dui fen kua qi quan zu he tao li xing cross holdi
－securitieshedgeing、抵押背景证券型mortgage－backdesecuriti
securitieshedgeing di ya bei jing zheng quan xing mortgage backdesecuriti
中立套利型marketneutralarbitra我的异界特种部队ge、市场中立证券对冲型marketneutral
zhong li tao li xing marketneutralarbitra wo de yi jie te zhong bu dui ge shi chang zhong li zheng quan dui chong xing marketneutral
对冲基金按其不同的投资策略和风险高低，可以分为五大类。第一类是具有较低风险预期的投资策略。它包括市场
dui chong ji jin an qi bu tong de tou zi ce lue he feng xian gao di ke yi fen wei wu da lei di yi lei shi ju you jiao di feng xian yu qi de tou zi ce lue ta bao kuo shi chang
朱利安`罗伯我的异界特种部队特森julianrobertson 领导的“老虎基金”tigermanagement等。
zhu li an ` luo bo wo de yi jie te zhong bu dui te sen julianrobertson ling dao de lao hu ji jin tigermanagement deng
。著名的对冲基金有乔治`索罗斯（georgesoros）领导的“量子基金”quantumgroup和
zhu ming de dui chong ji jin you qiao zhi ` suo luo si georgesoros ling dao de liang zi ji jin quantumgroup he
行于美国的一种私我的异界特种部队人投资管理体制下的有限合伙企业，是一种形式简单、费用低廉且隐秘灵活的私人投资管理方式
hang yu mei guo de yi zhong si wo de yi jie te zhong bu dui ren tou zi guan li ti zhi xia de you xian he huo qi ye shi yi zhong xing shi jian dan fei yong di lian qie yin mi ling huo de si ren tou zi guan li fang shi
所谓对冲基金（hedgefund），从字面意义上解释，也就是避险基金，又称套利基金、套头基金。它是流
suo wei dui chong ji jin hedgefund cong zi mian yi yi shang jie shi ye jiu shi bi xian ji jin you cheng tao li ji jin tao tou ji jin ta shi liu