美国次级债风波与世界金融市场的机遇

The Opportunities of International Financial Market and the Sub-Prime Lending Market Chaos in the US

2007年7月以来,美国的次级债风波愈演愈烈。这场风波首先发端于美国次级住房抵押贷款出现大规模违约,进而引发以其为基础的证券化产品收益大幅下降,价格急剧下滑,投资者遭受了巨大损失。次级债风波的影响之大,持续时间之长超出了市场预期,恐慌的情绪逐渐在资本市场蔓延,投资者信心受到严重打击,投资意愿下降,市场抛压沉重,流动性迅速紧缩。整个资本市场呈现动荡不安的格局,美国经济衰退的风险增加。文章对这场风波产生的根源和传导机制进行了分析,阐述了流动性紧缩对金融市场的影响及国际金融界的应对措施,在此基础上探讨了国际金融市场出现的新机遇,提出我国金融机构应以开放的姿态积极把握市场机遇,提高自身的竞争力。

Since July 2007, the US sub-prime lending market has witnessed severe chaos. The problem is mainly due to the loss given default of the sub-prime mortgage loan on a large scale. Then the proceeds and the price of the financial derivatives in the credit market begin to fall abruptly. Investors suffer great loss and panic even spreads to the whole capital market. The negative influence of the sub-prime lending exceeds the market expectation, the results are so bad that the investor confidence is bitterly beaten, and the liquidity squeeze is e- merging. The financial conditions of the global market are tighter and the downside risks to US growth have morphed into reality. In this paper, we try to find the reason of the sub-prime lending problem and investigate its transmission mechanism. We describe the influence of the liquidity squeeze and the methods of financial industry used to respond to the risks against that backdrop. Based on the analysis, we pay more attention to the new opportunities in the international financial market. We think that China financial enterprises should not only learn the lessons from this crisis but also seize the opportunities and enhance the power of China financial industry.