举例而言，控制流动性，对于对冲基金而言很有意义，但是对于私募基金则意义不大；控制杠杆率则恰好相反，对于私募的管理很有效，而对于对冲基金则效果不彰。

Controls on liquidity make much more sense for hedge funds than they do for private equity, for instance; the reverse could be argued for leverage limits.

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因此，政策制定者应该加强杠杆率和流动性管理，建立维护金融稳定的政策框架体系。

So the policy maker should take measures to enhance the management of leverage and liquidity, and establish policy framework to keep the stability of financial system.

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