河南省公租房融资模式选择研究

发布时间：2018-03-08 07:19

本文选题：公租房　切入点：融资模式　出处：《郑州大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来,商品房房价不断攀升且居高不下,普通居民倍感购房压力,尤其是广大的中低收入群体,面临着严峻的住房问题。公租房逐步成为保障性住房的主要形式,因此发展公租房,解决中低收入群体住房问题,成为政府工作的重点。河南省作为人口大省,公租房需求量较大,而现阶段公租房建设主要依赖的还是财政资金,面临严峻的财政压力,创新融资模式,拓宽融资渠道,撬动社会资本加入公租房建设的呼声高涨。而具体采用何种融资模式,需要结合相应的政策和市场环境等因素,以此为出发点,介绍河南省公租房融资模式的选择。本文在对相关文献和理论梳理的基础上,对河南省公租房建设和融资现状进行分析表明,公租房的供给的形式和数量有所变化,而政府面临严峻的资金压力,融资渠道单一等问题。然后对河南省可选择的融资模式类型和特点进行梳理,根据融资模式构成及特点,结合相关文献的研究,提取了公租房融资模式的构成因素和相应的影响因子,基于模糊综合评价方法,构建了公租房融资模式选择评价模型。然后结合河南省的政策和市场环境,将公租房分为新增公租房和存量公租房两类,新增公租由于区域供给形式的差别,又将其分为省会城市和地市区县两类,经过实证分析得出以下主要结论:增量公租房方面,省内一些地市及县域商品房库存积压严重的,将库存商品房转化为新增公租房是当前公租房房源获取比较适宜的方式,融资模式类型上,购买-更新-运营-移交(PUOT)模式较为适合,对于在建项目或已获批建设的项目可采取建设-运营-移交(BOT)模式。省会城市郑州市由于批准建设的公租房可满足到2018年6月,且商品房市场库存并不明显,因此公租房的供给主要是计划批准内在建或者未建的项目,宜采用BOT模式。存量公租房方面,大量公租房项目的投资建设造成严峻的财政压力,公租房的需求依然不断递增,双重压力之下,盘活存量资产实现再融资,既可以缓解财政压力,又可满足新增公租房需求。经过对存量公租房项目多个融资模式的比选,TOT融资模式更有利于缓解财政债务和新增公租房需求的双重压力。
[Abstract]:In recent years, the housing price of commercial housing has been rising and high. Ordinary residents feel the pressure to buy a house, especially the middle and low income groups, facing severe housing problems. Public rental housing has gradually become the main form of affordable housing. Therefore, the development of public rental housing and the solution to the housing problem of low and middle income groups have become the focus of government work. As a large population province, Henan Province has a large demand for public rental housing. At this stage, the construction of public rental housing mainly depends on financial funds. Facing the severe financial pressure, we should innovate the financing mode, widen the financing channel, and push the social capital to join the public rental housing construction. However, the specific financing mode should be combined with the corresponding policy and market environment, etc. This paper introduces the choice of public rental housing financing mode in Henan Province. Based on the related literature and theory, this paper analyzes the current situation of public rental housing construction and financing in Henan Province. The form and quantity of public rental housing supply have changed, but the government is facing severe financial pressure, financing channel is single and so on. Then sort out the types and characteristics of the alternative financing mode in Henan Province, according to the structure and characteristics of the financing model. Combined with the research of relevant literature, this paper extracts the constituent factors and the corresponding influencing factors of the financing mode of public rental housing, based on the fuzzy comprehensive evaluation method. Then combining with the policy and market environment of Henan Province, the public rental housing is divided into two categories: new public rental housing and stock public rental housing, and the new public rent is due to the difference of regional supply forms. Then it is divided into provincial capital cities and prefectural districts and counties. Through empirical analysis, the following main conclusions are drawn: in terms of incremental public rental housing, the stock of commercial housing in some prefectures, cities and counties in the province is seriously overstocked. It is more appropriate to convert the inventory commercial housing into the new public rental housing, which is suitable for purchasing, updating, operating and transferring the public rental housing, and the financing mode is more suitable for the public rental housing source, and the financing mode is more suitable for the purchase, renewal, operation and transfer of public rental housing. For projects under construction or for projects already approved for construction, the construction-operate-transfer model may be adopted. Zhengzhou, the capital city, can meet the requirements of the public rental housing approved for construction until June 2018, and the stock in the commercial housing market is not obvious. Therefore, the supply of public rental housing is mainly a planned approval of projects under construction or not, it is appropriate to adopt the BOT model. In terms of stock public rental housing, the investment and construction of a large number of public rental housing projects cause severe financial pressure, and the demand for public rental housing is still increasing. Under the double pressure, refinancing can be realized by activating the existing assets, which can relieve the financial pressure. In addition, it can meet the demand of new public rental housing. Compared with the multiple financing modes of stock public rental housing project, it is more helpful to alleviate the double pressure of fiscal debt and new public rental housing demand.
【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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