构建风险应急机制 稳健推进金融创新——次级贷危机对中国资本市场的启示  

Construct Risk Emergency Mechanism and Push forward steadily Financial Innovation

作　　者：符浩东 

机构地区：[1]中国证监会深圳专员办,广东深圳518010

出　　处：《证券市场导报》2008年第6期4-10,共7页Securities Market Herald

摘　　要：次级贷危机即银行住房信贷在次级贷资产证券化推动下通过杠杆效应扩张信用,而后在房地产进入熊市时引发金融风险报复性回归,导致资本市场市值严重紧缩和流动性恶化的过程。从次级贷作为分散风险的工具,在实现金融产品创新、分散风险的同时进而演变成席卷全球金融风暴的过程看,次级贷发展的教训在于忽略了对资产证券化产品发展规模及其信用评级的监管,放大了信用风险,失去了对金融风险的有效控制。当前中国资本市场正处于新兴加转轨的关键时机,稳健推进金融产品创新进程与建立重大金融风险应对机制成为战略性的课题。随着股指期货、融资融券、权证、资产证券化等产品创新进程的加快,市场风险总量呈现不断累积的态势。建设一个充分确保风险与利益透明度的诚信市场体系,实现对金融风险的有效监控,应当成为战略考虑的要点。The Subprime Crisis begins with the subprime-loan backed securities＇ leverage effect on credit. When the real estate market goes bearish, the market capitalization shrinks dramatically and liquidity exacerbates, thus comes the crises. As an instrument to diversify risks, the subprime loan leads to a world-wide financial hurricane, the lessons from which lie in the fact that the regulation of credit rating of ABS is slacken, the credit risks are amplified and the controls of financial product innovation are lost. Chinese capital market is both transitional and emerging. How to steadily push forward the financial product innovation process and establish the risk emergency mechanism is a strategic topic. With the accelerated process of product innovation such as the index future, trade on margin, short selling, warrants, etc, it is expected that the market risks are accumulating. To construct a risk and interests transparent credit market system, and to realize the effective invigilation to financial risks are the key points of strategies.

关 键 词：次贷危机 资产证券化 抵押担保证券(CDO) 信用评级 

分 类 号：F830.91[经济管理—金融学]