作为大萧条以来造成损失最为惨重的危机，次贷危机的成因值得人们重视并细致分析。本文通过从金融产品缺陷、市场主体行为和宏观经济背景三个方面对次贷危机的成因进行了分析。

金融产品在整场危机中扮演了重要角色，本文以金融产品分析为起点，详细解构次级抵押贷款和CDO，分析它们的缺陷，以及其缺陷对次贷危机的产生和传导的影响。在此基础上，本文通过对市场主体，包括投资银行、借款人、发起人、信用评级机构的分析，揭示各市场主体的逐利行为对次贷危机起到的作用。考虑到市场主体的动机和行为不是偶然的，其背后必有深切的宏观背景，本文对当时的两大宏观经济因素做了分析。通过分析得出，危机的根源是全球经济结构的失衡，而货币政策的变化是危机产生和爆发的催化剂。

本文意图在成因分析的基础进行总结以揭示环境缺陷，并对市场主体造成警示，以减少类似危机再次发生的概率

关键词：次级抵押贷款；CDO；投资银行；利率

The Subprime crisis caused largest loss after the Great Depression, the origin of which was worth to be stressed and analysed .This paper analyses the origin of the Subprime crisis through three aspects. They are the defects of financial products, behaviors of market subjects and macro economic background.

  Financial products played an important role in the subprime crisis, and analysis of the financial products is the starting point of this paper .Through detailed deconstruction of subprime mortgages and CDO, this paper analyzes the defects of the Subprime mortgage and CDO and the influence of these defects to the subprime crisis. On this basis, the paper analyses the behaviors of market subjects, including investment banks, borrowers,sponsors,credit rating agencies, to reveal how the profit-driven behaviors of these agencies impacted the subprime crisis. Taking into account that the motivation and behavior of market subjects are not accidental there must be deep behind the macro background, two macroeconomic factors were analyzed. According to the analysis, the root of the crisis was the imbalance in the global economic structure and the  changes in monetary policy are the catalyst of the emergence and the outbreak of the crisis

  Intention of this paper is to summarize the origin on the basis of the analysis,to reveal defects in the environment and pose a warning to market subjects, to reduce the probability of a similar crisis happening again.

Key Words：Subprime mortgage；CDO；Investment bank；interest rate

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