Switched reluctance generators (SRG) is usually used as DC power by power converter providing excitation. The rotor position angle is identified by position sensor, as trigger signals of each phase master switch of power converter. But the simplicity and reliability of generating system are decreased. AC switched reluctance generator (AC SRG) that the output is AC voltage is proposed , which each phase winding is paralleled with an external AC capacitor, the phase cyclical changes inductance together with capacitor forms a LC parametric oscillator circuit. It has no power converter and position sensors, and flux can be used in two quadrants. The circuit model and its mathematical model of it were presented. The conditions of stabile operating, electrical-mechanical energy conversion process were analyzed. The value of the selected variable capacitor was given. The simulation model of AC SRG was provided. The results shown that AC SRG generating system can run stable, static and dynamic performance is better. The feasibility and simplicity of it are verified. It suits for small size wind power generating system in remote areas.