机构投资者自利性行为：风险传播与危机诱导

美国次级抵押贷款危机最终导致全球金融危机的爆发,机构投资者在整个资产证券化和衍生化的风险链形成中起着重要作用。机构投资者主导了整个风险链条的形成和累积过程,将整个资产证券化链条的风险逐级传导到最终的普通投资者身上。机构投资者的自利性行为促使其隐瞒金融衍生产品风险,在信息不对称和两权分离的情形下进行合谋行为和投机行为,最终诱导了金融危机的形成。

Research on Induction Mechanism of Financial Crisis Based on Self- Benefit Behaviors of Institutional Investors

Sub - prime Mortgage Crisis of America has eventually resulted in the explosion of global financial crisis. Institutional investors exert critical influence on the whole formulation of the risk chain on capital securitization and capital derivatization. Institutional investors have leaded the formation and accumulation process ：of whole risk chain, and the entire risk chain of asset securitization has been step transmits to final ordinary investors. The self- interest behaviors of institutional investors prompt them to conceal financial derivatives risk, and do conspiracy and speculation behaviors in the situa- tion of information asymmetry and the separation of ownership and operating right, which gradually lead to the global financial crisis.