美国次债危机与中国资产证券理性  

The Rethought on the Development of Asset Securitization in China

作　　者：李征[1] 

机构地区：[1]中国人民银行武汉分行,湖北武汉430071

出　　处：《经济管理》2008年第5期6-11,共6页Business and Management Journal ( BMJ )

摘　　要：资产证券化作为一种结构性融资工具,它的发展可以侧面反映出一国的金融深化水平。但是,在2007年美国次级抵押贷款债券风波中,正是这种金融创新工具导致了危机在世界范围内的扩散,并引发了多国银行体系的流动性不足。本文在回顾美国次债危机的基础上,重新认识和分析了资产证券化在风险分散、改善资本结构以及促进金融深化等方面的真实作用,从而为我国在流动性过剩局面下如何推进资产证券化的发展提出了一些有益的启示。As a structural financing tool, the development of asset securitization reflects the deepening lever of a national finance market. However, in the United States subprime mortgage securities crisis, just this innovative financial instrument resulted in this crisis proliferate into the world, and sparked many financial institutions＇ liquidity shortage. Based on the review of this crisis, this paper obtains some useful insights with focus on analyzing the real function of asset securitization in risk dispersion, improved capital structure and financial deepening in the excess liquidity situation.

关 键 词：资产证券化 次级抵押贷款债券 流动性 

分 类 号：F830[经济管理—金融学]