从“次级债风波”看金融创新对风险传导机制的影响路径

The Effect of Financial Innovation to Risk Conduction Based on Sub-prime Mortgage Crisis

从次级债风波的风险本质分析入手，基于Arrow-Lind定理分析了金融创新机制设计的内在逻辑在于风险分担个体增加对风险主体风险态度的影响，并在总结“次级债风波”的传导机理分析的基础上，从金融创新为金融主体风险态度的转变提供前提条件和投资经理人职责设计促使金融创新成为金融市场的信息不对称的“催化剂”两个角度研究金融创新对风险传导机制的影响路径，进而对金融市场如何完善风险控制机制的提出了三点建议。

From sub-prime mortgage crisis start with the nature, a detailed analysis of the system of Financial Innovation based on the theory of Arrow-Lind, which lies in the change of risk attitude. Since then the system of the Sub-prime Mortgage Crisis is obvious, pointing out the effect of financial innovation to the system of risk conduction by two aspects： the premise and promotion. The final paper offers three advises about the risk control.