美国次级按揭贷款危机及对我国的启示

American Substandard Mortgage Loan Crisis and Enlightenment for China

美国次级按揭贷款危机的产生有其深刻的经济背景。资产证券化为代表的金融创新工具被过度滥用而导致的市场约束机制的失灵为此次危机埋下了伏笔。次级按揭贷款的风险,通过CDO和CDS等一系列金融工具传递给全球各个市场的投资人,引发了各个市场金融风险的共振。由于资本账户的管制,我国金融机构在此次次级按揭贷款危机中受损失的程度相对较小,但我们应从中吸取经验和教训,要重视金融机构自身经营的审慎性,关注直接融资市场发展中可能出现的新情况和新风险,积极应对我国"走出去"战略可能面临的风险和挑战。

There is a deep economic background for the generation of substandard mortgage loan crisis of the U. S. The failure of market discipline mechanism resulted from abusing of financial innovative tools characterized by assets securitization has laid a base for this crisis. The risks of substandard mortgage loan have been passed on to the in- vestors of the segments of global market via such series financial instruments as CDO, CDS, etc. which induced a syntony of financial risk in various markets. Due to control of capital accounts, the extent to which the financial institutions in China have been damaged in substandard mortgage loan crisis this time is rather smaller. But we should draw lessons and experience from it, highlighting prudence of operation for the financial institutions themselves, focusing on the latest conditions and risks in the development of direct financing market, actively catering for the risks and challenges with which ＂Going outside＂ strategy of China may confront.