从风险产生到逐层传递,资产证券化在次贷危机中起到了推波助澜的作用。但把次贷危机爆发的原因直接归罪于资产证券化这种工具难免武断,投行滥用证券化而导致其异化才是次贷的根源。未来中国资产证券化应当适度稳健,严控不良资产证券化,并做好信息披露和协调外部监管工作。 From the risk generation to the layer-by-layer transfer, asset securitization has played a role in fueling the subprime mortgage crisis. However, it is inevitable that the tools of the subprime mortgage crisis blaming asset securitization are indiscriminate. The misuse of securitization by investment banks and their alienation are the root causes of subprime mortgage loans. In the future, China’s asset securitization should be moderately sound, strictly control the securitization of non-performing assets, and disclose information and coordinate external supervision.