Hedge dealing in private as an illegal conduct damage market order, with serious hedge dealing in private, should define for crime, but is not only punish by civil and administrative law.

Based on institutional theory and resource dependence theory,this paper analyses the generative mechanism of Chinese enterprises\' covert strategic behaviors,and divides the process of acquiring legitimacy into four stages:assessing legitimacy,obtaining the acquiescence to the action,obtaining the approval to results,and obtaining the support to the action.

What the legislative or judicial interpretation expressly provided is litigation conduct;the absence of such provisions,is private conduct.