[摘　要]　中美住宅市场都经历了价格的先扬后抑，住宅金融市场风险集聚，但美国的住宅金融创新过度与国内的创新不足形成了鲜明的对比。首先阐述了美国住宅金融创新过度的根本原因，即创新产品链条对房价的高度敏感性，以及繁复创新过程中的信息丢失对创新过度的强化。以美国的创新过度为参照，讨论了国内银行的住房抵押贷款的集中程度、风险管理的状况，以及创新不足对金融系统的影响。最后是国内住宅金融创新发展的建议。

[关键词]　金融创新；房价；次贷；证券化；CDO

Abstract: House prices have changed significantly in recent years, risks have been accumulating in U.S. financial markets. China is the same. But the root of the problem in U.S. is extravagant financial innovation, while there is absent of financial innovation in China real estate market. First, a range of innovative products, such as subprime mortgages, subprime securitization tranches, credit derivatives are all extremely sensitive to house prices from the perspective of design, at the same time there is serious asymmetric information. Second, domestic banks are the main lenders of mortgage; there is deficient financial innovation in sharp contrast. With analyzing the effects of deficient financial innovation, several suggestions are put forward about seemly financial innovation in domestic real estate market.

Key words:  financial innovation; house prices; subprime mortgages; securitization; collateralized debt obligations

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建筑经济，2009（2）：66-69