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次贷危机研究专题P4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作者:符浩东(中国证监会深圳专员办)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
Research topics P4 subprime crisis response mechanisms robust build risk and promote financial innovation - Inspiration subprime mortgage crisis on China’s capital market: Fu Hao Dong (China Securities Regulatory Commission Shenzhen Office of the Commissioner) that is sub-prime mortgage crisis in the subprime housing credit bank assets Under the promotion of securitization, the expansion of credit through the leverage effect, and then triggered a retaliatory return of financial risk when the real estate into the bear market, leading to a serious tightening of the market capitalization and liquidity deterioration process. From the perspective of subprime lending as a tool to diversify risks, while realizing the innovation of financial products and the diversification of risks, it evolves into the process of sweeping the global financial turmoil. The lesson from the development of subprime lending is that it ignores the scale of development of asset securitization products and their credit Rating the regulation, amplified the credit