房价衍生品的发展历程、内在逻辑及经验启示

发布时间：2017-12-28 04:00

本文关键词：房价衍生品的发展历程、内在逻辑及经验启示　出处：《金融与经济》2017年10期 　论文类型：期刊论文

【摘要】：在我国房地产市值畸高、风险不断累积、价格波动加大的背景下,探寻防控房市风险的市场化长效机制非常必要。境外经验表明:房价衍生品是管理房市风险的市场化工具;房地产属性多、周期长、不可分割等特异性制约房价衍生品的功能发挥。我国亟需防控房市风险的市场化工具,但发展住房价格指数衍生品与我国国情不符,建议加快资产证券化市场的制度与产品供给,加快公募REITs产品的发行上市,尝试开发REITs指数期货。
[Abstract]:In the background of the high market value of real estate, the accumulation of risk and the increase of price, it is very necessary to explore the long-term market mechanism of preventing and controlling the risk of the housing market. Overseas experience shows that house price derivatives are the marketable tools to manage housing market risks. Real estate attributes are many, long and indivisible, which restrict the function of house price derivatives. China is in urgent need of marketable tools to prevent and control housing market risks. However, the development of housing price index derivatives is not consistent with China's national conditions. It is suggested to speed up the system and product supply of asset securitization market, accelerate the issuance and listing of public REITs products, and try to develop REITs index futures.
【作者单位】：中南民族大学经济学院;华中科技大学经济学院;
【基金】：国家社科基金青年项目“贸易差额数据鸿沟与中美贸易利益分配评估研究”(12CJL053)
【分类号】：F299.23;F832.51
【正文快照】： 一、境外房价衍生品遍地开花,但市场整体表现差强人意境外市场基于住房价格指数、商业地产价格指数等“价格端”指数与REITs、MBS等“融资端”产品开发了期货、期权、互换、远期、权证等形式多样的房价衍生品。房价衍生品市场整体表现差强人意,其中“融资端”优于“价格端”

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