The third chapter first describes the operating mechanism of private funds , then focuses on practical methods to control the risks involved . comparatively speaking , china ' s private funds do n ' t have as many investment tools as their foreign counterparts and they mainly operate in the secondary stock market . as a result , the risks private funds confront are tremendous : private funds in china have no legal status , which indicates that the fund contract ca n ' t get proper legal protection ; the stock market has been far from perfect so that private funds have inadequate instruments to avoid risks ; the listed companies participating in private funds are vulnerable to risks ; private funds investors also confront the risks of unexpected policy change 我国的私募基金与国外相比，运作方式较为单一，主要在二级市场操作，大部分依靠作大成交量，获取券商返还佣金来获取收益，以跟庄、锁仓、联合坐庄为主要投资策略，以中线持股、波段炒作为主要战术，这就决定了我国私募基金面临着巨大的风险：我国私募基金没有合法地位，基金契约合同不受法律保护；证券市场品种单一，没有避空机制，期权、期货等金融衍生工具甚至根本不存在；上市公司参与私募基金引致巨大风险；由于目前国家对私募基金的立法没有正式出台，投资者还面临着政策调整的风险。
