中文摘要：

由美国次贷危机引发的全球性金融危机和全球性经济衰退仍在蔓延之中，至今仍深未见底。从表面上看是美国房地产泡沫的破灭引发了次贷危机的爆发，但从本质上分析，次级抵押贷款证券化、衍生化和虚拟化过程中各参与主体的道德风险行为才是引发危机的真正根源。正是不断虚拟化所引发的市场信息不对称的加剧为各环节的金融中介提供了道德风险行为的空间；而金融中介道德风险行为的加剧和叠加则增加了金融市场的脆弱性，提高了金融市场的系统风险，最终导致危机的全面爆发。

英文摘要：

Global financial crisis and global economic recession caused by the U.S. subprime mortgage crisis still spread. Where will they go？ The answer remains a puzzle. On the surface, the collapse of the U.S. real estate bubble initiates the burst of the crisis. However, in essence, it is the moral hazard behavior of all players during the process of securitization, derivative and virtulization of subprime mortgage loan that plays a fundamental role. Market information asymmetry worsened by virtualization provides more space for moral hazard for financial medians in various links, The deterioration of their behaviors increases the fragility and systematic risks of financial market, and finally the crisis breaks out in an all - round way.