我国住房公积金贷款保证担保定价研究

发布时间：2018-03-27 23:23

本文选题：住房公积金　切入点：贷款保证担保　出处：《湖南大学》2012年硕士论文

【摘要】：伴随住房公积金贷款规模的不断扩大，潜在的风险日益增加。为规避风险，全国各住房公积金管理中心相继引入保证担保。担保机构专业化的风险管理方式增强了住房公积金管理中心的抗风险能力，但由于我国开展住房公积金贷款保证担保业务的时间不长，有关该业务的研究也较少，现行的费率也是由机构管理部门参照金融业其他业务费率而定，缺乏理论依据。考虑到担保机构风险经营的特点，以及其在住房公积金贷款风险管理中的重要地位，合理的定价不仅对其经营决策具有重要的意义，同时对我国住房公积金贷款业务的发展也具有积极的促进作用。本文旨在参考现有相关定价模型的基础上，结合住房公积金贷款保证担保业务的特点，构建出适合我国住房公积金贷款保证担保业务的定价模型。将担保费用分为风险成本、资金成本、营业成本、税务成本及目标利润这几个部分，采用期权定价法、CAPM及成本加成定价法等方式，构建出相应的定价模型，并采用Y市的相关数据对模型进行实证，验证模型的实用性，最后给出改进住房公积金贷款保证担保定价体系建设的建议。本文得出的主要结论：第一，住房公积金贷款保证担保业务取得健康快速发展，首要任务是进行合理的定价；第二，担保费率由风险成本率、资金成本率、营业成本率、担保税率及目标利润率这五部分组成；第三，通过采用Y市数据进行计量分析，结果表明构建的定价模型具有一定的实用性；第四，担保费率应该由住房公积金管理中心和借款人共同承担；第五，担保费率以五年为一个区间收取较合适，既不失公允又兼顾效率。依据研究结论，，本文从完善风险测评与计量、强化会计信息系统建设、加快定价政策制定三个方面来优化我国住房公积金贷款保证担保定价体系，正确引导担保机构市场行为。
[Abstract]:With the continuous expansion of housing provident fund loans, the potential risks are increasing day by day. Various housing provident fund management centers throughout the country have introduced guarantee guarantees one after another. The specialized risk management methods of the guarantee organizations have enhanced the ability of housing provident fund management centers to resist risks. However, because of the short period of time that our country has started the guarantee business of housing provident fund loan, the research on this business is also relatively few. The current rate is also determined by the agency management department referring to the other business rates of the financial industry. Considering the characteristics of guarantee organization's risk management and its important position in the risk management of housing provident fund loan, reasonable pricing is not only of great significance to its management decision, At the same time, the development of housing accumulation fund loan business also has a positive role. Based on the existing pricing models and the characteristics of the loan guarantee business of the housing provident fund, this paper sets up a pricing model suitable for the loan guarantee business of the housing provident fund in China, and divides the guarantee cost into the risk cost. Capital cost, operating cost, tax cost and target profit are used to construct the corresponding pricing model by means of option pricing method, CAPM and cost addition pricing method, and the relevant data of Y city are used to demonstrate the model. The practicability of the model is verified. Finally, suggestions for improving the construction of the housing accumulation fund loan guarantee and pricing system are given. The main conclusions of this paper are as follows: first, the housing provident fund loan guarantee business has developed healthily and rapidly, the first task is to make reasonable pricing; second, the guarantee rate is determined by risk cost rate, capital cost rate, operating cost rate, and so on. The security tax rate and the target profit rate are composed of five parts. Thirdly, through the econometric analysis of Y city data, the results show that the pricing model has some practicability. The guarantee rate should be shared by the housing provident fund management center and the borrower. Fifth, it is more appropriate to charge the guarantee rate in a five-year interval, which is fair and efficient. According to the conclusion of the research, this paper improves the risk assessment and measurement. Strengthen the construction of accounting information system, speed up the pricing policy to optimize the housing provident fund loan guarantee pricing system, correctly guide the market behavior of guarantee agencies.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.45

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