中文摘要：

2007年爆发的美国次贷危机，是一场在高度证券化和高度衍生产品化的金融体系中，由金融创新所引发、因货币政策和政府监管失误所造成的系统性金融危机。本文通过美国次贷危机中暴露出来的金融创新与金融监管问题，提出了加强对金融创新监管的对策。

英文摘要：

American Sub-prime crisis in 2007 is a systemic financial crisis characterized by highly securitization derivative, which has roots in financial innovation and diffused by mistakes of monetary policy and government regula and tion. The paper investigated the financial innovation and financial regulation problems in the Sub-prime crisis, and put forward the measures to strengthen the financial regulation on innovation.