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美国次贷危机爆发于2007年4月,开端于美国第二大房贷公司新世纪金融公司申请破产事件,紧接着由房贷市场延伸到世界主要金融市场。金融危机的各种征兆频现:商业银行开始出现巨额亏损甚至倒闭;信贷市场出现萎缩;资本市场流动性告急,大量员工下岗等。各主要金融市场的中央银行也开始拆借重资救市以稳定投资者信心。尽管此次次贷危机主要发生在美欧地区,但是随着经济一体化和金融全球化的深入发展,必然会对亚洲尤其中国产生不可估量的影响。本文讨论次贷危机对中国资本市场的影响。
The subprime mortgage crisis in the United States broke out in April 2007, beginning with the application of bankruptcy by New Century Financial Corporation, the second largest mortgage company in the United States, to the world’s major financial markets from the mortgage market. The various signs of the financial crisis are frequent: commercial banks started to suffer massive losses or even bankruptcies; credit markets shrank; capital market liquidity dropped sharply and a large number of employees were laid off. Central banks in major financial markets also started to borrow heavily to rescue the market to stabilize investor confidence. Although the subprime mortgage crisis mainly occurs in the United States and Europe, with the deepening economic integration and financial globalization, it is bound to have an immeasurable impact on Asia, especially China. This article discusses the impact of the subprime mortgage crisis on China’s capital markets.