美国次级债危机..doc

经济管理论文 从美国次级债危机 反思中国房地产金融风险 摘 要 2007 年8月，美国爆发了继1998 年亚洲金融危机以来的最大一次次级债危机。这场危机愈演愈烈，像多米诺骨牌一样迅速蔓延至欧盟、日本等世界主要经济体，全球主要金融市场为之震荡。美国次贷风波中首当其冲的就是银行业，住房抵押贷款背后隐藏的风险引起了投资者巨大的恐慌。房地产市场过度膨胀所带来的资产价格泡沫和贷款机构在利益驱动下对信用风险的放松管理滋生了这场危机并使得房地产业遭到重创。无独有偶,我国一向强势走高的房市入冬来竟也开始出现松动,部分一线城市甚至出现较明显下调趋势。一时间，房价下跌的预期开始普遍流传。目前，我国的房地产金融市场与美国次级债危机爆发前有着许多相似之处,那么，这场风波所带给我们的就不仅仅是震撼，更多的是促使我们重新审视中国的房贷市场。本文通过阐释美国次级债危机的特点和剖析危机产生的深层次原因,力图揭示中国房地产市场的特点和存在的特殊风险。并借此对中国房地产金融市场提出启示性建议和对策。 关键字：次债危机；金融市场风险 Abstract August 2007, the United States outbreak the Subordinated Debt crisis which is the largest since the Asian financial crisis in 1998. Intensified the crisis, such as degree of dominoes as quickly spread to the European Union, Japan and the worlds major economies; the worlds major financial markets was shocked. The first in United States to bear the brunt of the sub-prime crisis is the banking. the risk behind mortgage cause a great panic among investors. The asset price bubbles brought about by the excessive expansion of The real estate market and the relaxation of credit risk management in the interests of lending institutions breed this crisis and make the real estate industry been hit heavily. Coincidentally, China，has always been a strong move up to the housing market，at the beginning of this winter has also started to loose some of the city line or even more pronounced downward trend. For a time, housing prices began to decline in the general circulation is expected. At present, crisis in Chinas real estate financial market has many similarities to the United States before the outbreak of Subordinated Debt, then, the trouble is brought on not only shocked us, more is to re-examine our mortgage market of China. In this paper, by explaining the characteristics of Subordinated Debt crisis and the crisis arising of the United States，also some analysis of deep-seated reasons try to reveal the characteristics of Chinas real estate market and the