摘 要： 私募基金在我国的出现符合居民财富增长的宏观经济背景，符合居民财富寻找增殖途径的要求。这种市场化特征很强的基金品种，在我国已经走了一条自下而上的发展道路，这与公募基金的发展道路是有区别的。所以，涉及到对待目前市场上这些变相的“私募基金”的态度上，我们应该遵循尊重现实，尊重历史的态度，使其能够规范化，减少对市场的震荡与冲击。 本论文主要是阐述我国私募基金现阶段的运作状况及其合法化的研究，分别从五个部分来分析。第一部分，通过与公募基金的对比来分析私募基金的特点及运作优势，从而显示私募基金的重要地位；第二部分，从私募基金在我国发展历程的角度来分析其产生的客观背景，从而说明私募基金是市场自发创新的产物；第三部分，从我国证券市场的发展趋势及私募基金的特点和优势，来分析我国发展私募基金的必要性与可行性；第四部分，从私募基金的利益保障和违规操作，来分析我国私募基金需要合法化；第五部分，从金融监管的角度来分析我国私募基金要如何合法化。 关键词: 私募 基金 运作优势 合法化 abstract: the emergence of private enlisting fund in our country is not only in accordance with the macroeconomics background of inhabitants’ increasing fortune, but also satisfying those inhabitants who look for the way of reproducing their fortune. this kind of fund with strong market features has gone through a from-bottom-to-top way, which differs from the public enlisting fund. hence, when we deal with some so-called “private enlisting fund” in current market, we should take an attitude of deferring to realism and history, to normalize those so that the shock to the market can be reduced. this article elaborates on the research of operating situation and normalization of private fund in current market. in the first section, i will disclose the importance of private enlisting fund by analyzing the characteristics and operating advantage in comparison with public enlisting fund. in the second section, i will explain the background under which private enlisting fund emerged, at the angle of the development history. and it’s the result of spontaneous innovation of the market. in the third section, i will discuss the necessity and feasibility of developing private enlisting fund in our country by analyzing the tendency of security market and the characteristics and advantage of private enlisting fund. in the fourth section, i will present why private enlisting fund need to be legalized by analyzing guarantee of interest and violation of operation. in the fifth section, i will illustrate how to legalize the private enlisting fund at the angle of financial supervision. keyword： private enlisting, fund, operating advantage, normalization