从美国次贷危机视角反思金融衍生品创新的风险

Reflecting on the Risk of Financial Derivative Creation Based on the Perspective of Subprime Mortgage Crisis of the U.S.

文章介绍了美国次贷危机中金融衍生品创新的技术演进流程以及杠杆放大效应,深刻揭示出以衍生品为主的金融创新其实质就是泡沫创新及风险转嫁;同时从金融衍生品自身的特点入手,阐述了其危险性根源,总结出对我国及其他新兴市场国家金融创新的若干重要启示。文章认为,不能盲目追求虚拟经济的过度繁荣,房地产等大宗消费品信贷市场应受到严格管控以及金融衍生品创新应建立在完善的金融现货产品基础上且链条绝不能太长。

This paper introduces the technical development of financial derivative creation and the effect of levers enlarging,and then deeply reveals the truth of financial derivative creation： the foam creation and the risk transference.At the same time,it illustrates the root of risk according to the characteristics of financial derivatives,and finally,sums up a great deal of important enlightment which is beneficial to the financial creation of our and other new and developing markets.For example,don＇t pursuit blindly the over-prosperity of fictitious economy,credit market of consumer staples such as real estate should be strictly supervised,the creation of financial derivatives should be based on perfectly financial off-the-shelf product,what＇s more,the chain cannot be too long.