1、摘要中文摘要上世紀90年代以來，房地產(chǎn)信用衍生產(chǎn)品在全球金融市場上獲得了前所未有的爆炸性增長，根本原因在于信用衍生產(chǎn)品作為一種管理信貸風(fēng)險的有效工具，具有轉(zhuǎn)移和分散信貸風(fēng)險，避免風(fēng)險過度集中的特性。近年來，我國房地產(chǎn)市場發(fā)展迅速，房地產(chǎn)金融市場也已初具規(guī)模。但是，縱觀整個房地產(chǎn)金融業(yè)，房地產(chǎn)融資發(fā)展極不平衡，主要方式還是銀行信貸，特別是個人住房按揭貸款一直被銀行視為“優(yōu)質(zhì)資產(chǎn)“而極力推廣擴張。由于我國金融監(jiān)管法律基礎(chǔ)薄弱、信用評級體系和

2、信用文化還不夠完善，再加上政府缺乏金融監(jiān)管，各種“假按揭’’‘‘循環(huán)貸’’等虛假融資的現(xiàn)象非常嚴重，從而在房地產(chǎn)金融市場上積累了大量的信貸風(fēng)險。鑒于此，本文以馬克思經(jīng)濟學(xué)的虛擬資本理論和西方金融監(jiān)管理論為指導(dǎo)，綜合運用邏輯演繹和歸納推理、定性分析與定量分析相結(jié)合以及比較分析的研究方法，通過對我國房地產(chǎn)金融市場特點的分析，認為推廣房地產(chǎn)信用衍生產(chǎn)品是完善與發(fā)展我國房地產(chǎn)金融市場的必要之舉。借鑒次貸危機的經(jīng)驗教訓(xùn)，文章論述了房地產(chǎn)信用衍生產(chǎn)

3、品市場監(jiān)管的必要性與成本，通過介紹次貸危機后美國金融監(jiān)管體制改革的主要內(nèi)容，提出了加強我國房地產(chǎn)信用衍生產(chǎn)品市場監(jiān)管的對策思路。關(guān)鍵詞：房地產(chǎn)信用衍生產(chǎn)品次貸危機金融監(jiān)管k▲，～一摘要AbstractSincethe90soflastcenturyrealestatecreditdervativepromlctsintheglobalfinancialmarketshavegainedallunprecedentedexplosiono

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