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房贷金融衍生产品作为近些年才开始发展的金融衍生产品,其表面低风险高收益的特性使其受到国外市场的追捧。随着美国次贷危机的深入和全球金融危机的爆发,房贷金融衍生产品隐藏的负面效应逐渐出现在世人面前。本文以金融衍生产品CDO为例,分析了房贷金融衍生产品在此次危机中体现出的负面作用,同时分析概述了我国房地产贷款证券化发展的必要性与发展现状,在此基础上就未来中国房贷金融衍生产品的发展提出了一些政策建议。作者认为,不能因为房贷金融产品的负面作用而全面否定这种金融创新,特别是随着我国房地产市场的发展,房地产贷款证券化的趋势在我国是客观存在的。
As a financial derivative product that has started to develop in recent years, the mortgage derivative products have been sought after by foreign markets because of their low risk and high yield on the surface. With the deepening of the subprime mortgage crisis in the United States and the outbreak of the global financial crisis, the hidden negative effects of mortgage financial derivatives gradually appear in the world. This article takes CDO as an example to analyze the negative effect of mortgage financial derivative products in this crisis. At the same time, it analyzes and summarizes the necessity and current situation of the development of real estate loan securitization in our country. On this basis, The development of mortgage financial derivatives made some policy recommendations. The author believes that this financial innovation can not be negated in all aspects because of the negative effect of mortgage financial products. Especially with the development of China’s real estate market, the trend of real estate loan securitization is objective in our country.