摘要：资产证券化作为创新产品的最初目的是为了增加金融机构的流动性，对机构的信用风险进行管理的一种手段。然而，从2008年美国次贷危机的爆发所导致的金融危机来看，资产证券化也有着不容小觑的系统性风险。本文通过了解我国房地产泡沫形成的原因，借鉴美国、日本的金融危机和资产证券化的发展历史和解析资产证券化如何进行扩张效应，论证资产证券化的扩张效应对于房地产价格泡沫的主推作用。最后，本文通过借鉴美国、日本两国的泡沫破裂过程和资产证券化市场发展历史为基础，结合我国房地产证券化市场发展现状和问题，在大力发展房地产证券化业务的同时，需要注重房地产证券化业务的风险管理和风险控制，为中国的金融体系提供良好的流动性安全管理机制。
关键词：资产证券化 扩张效应 房地产价格泡沫
Abstract：Asset securitization as an innovative product was originally designed to increase the liquidity and manage the credit risk of financial institutions. However, in the view of the financial crisis caused by the outbreak of the U.S. subprime mortgage crisis in 2008, asset securitization has system risk that can’t be underestimated. Through learning the reason of China’s real estate bubble ,drawing the history of the financial crisis and development of asset securitization of U.S. and Japan, resolving the expansion effects of asset securitization , I’m willing to permit the main effect of the asset securitization expansion to the real estate price bubble. At last, by drawing the history of the financial crisis and development of asset securitization of U.S. and Japan as basis, the development of China’s real estate securitization market situation and problems, I think it important to focus on risk management and risk control to provide good liquidity and safety management for the Chinese financial system mechanisms while vigorously developing asset securitization business.
Key words:asset securitization expansion effect real estate price bubble
