中文摘要：

美国次贷危机缘于资产证券化,但资产证券化本身不是危机的主要成因。金融创新还强化了金融脆弱性,使金融体系的整体稳定性下降,因而成为金融危机的真正根源之一。问题还在于,有缺陷的资本市场存在金融加速器效应,在负向冲击时它推进了虚拟经济崩溃向实体经济衰退的转化。因此,要防控资产证券化负向功能的快速膨胀,重点是加强资本市场金融创新工具及其风险的监管,同时坚持金融市场发展为实体经济服务的方向。

英文摘要：

Although the U.S.subprime mortgage crisis originated from the asset securitization,it was not the main cause of the crisis.Financial innovation intensified financial fragility and decreased the whole stability of the financial system,which became one of the real causes of financial crisis.In addition,American capital market has financial market accelerator effect because of its defect.It pushed forward the transformation from the collapse of virtual economy to the recession of the real economy when faced negative impact.Therefore,it is necessary to control and prevent the rapid expansion of the negative function of asset securitization.The emphasis should be put on the supervision of financial innovation tools and the risks of the financial market,and stick to the direction that the development of the financial market should serve for the real economy.