美国次贷危机的形成机理及对我国的借鉴研究

A Research on Formation Mechanism of the Sub-prime Crisis in the United States and Its Reference to Our Country

美国次级抵押贷款市场危机近来成为各界关注的焦点。探究美国次贷危机的源头可知美国次级住房抵押贷款品种设计、次贷市场上各主体的收益激励结构、金融衍生品交易及对冲基金不"对冲"是导致次级贷款市场扭曲繁荣的主要原因。进一步理清次贷危机被过度放大的环节所在,进而认为近期金融市场的动荡和流动性不足主要是市场的恐慌情绪和投资者避险行为的结果。次贷危机对我国房贷市场有启示作用。

Recently there has been an increasing focus on the sub-prime crisis in the United States. The paper starts with analyzing the cause of the crisis, and considers that variety design of Sub-prime mortgage loan, income- prompting structure in the market, financial derivatives-trading and the lack of hedge by hedge funds are the main reasons which caused the distorted prosperity of sub-loan market. The article further clears the amplification effect of the sub-prime mortgage loan crisis and concludes that recent turmoil and liquidity deficiency in financial market comes largely from panic sentiment and risk-reverse actions in the market, finally the article points out the implications of the crisis for housing market in China.