目前,美国次级债危机是全球瞩目的焦点。危机导致美国乃至全球股市的剧烈波动,引发了国内各界的关注。本文通过分析次级债市场的运作机制和流程,剖析了美国次级贷款证券化过程中存在的缺陷及其对中国目前发展资产证券化的诸多启示。 At present, the U.S. subprime crisis is the focus of attention in the world. The crisis has caused the volatile stock market in the United States and even in the world, arousing the concern of all walks of life in China. By analyzing the operation mechanism and process of the subordinated debt market, this paper analyzes the shortcomings in the process of the sub-loan securitization in the United States and its enlightenment on the current development of asset securitization in China.