保障房融资蕴含的系统性风险及监管策略

发布时间：2018-01-07 07:10

本文关键词：保障房融资蕴含的系统性风险及监管策略　出处：《新金融》2015年03期 　论文类型：期刊论文

【摘要】：随着房地产市场的调整和保障房融资规模的迅速增加,保障房融资的系统性风险日益突出。保障房的系统重要性源自其庞大的融资规模、广泛的外溢影响、难以替代的融资平台和隐含的风险链条,并有不断增强的趋势。本文认为,虽然保障房融资的系统性风险具有不可分散性,但是由于系统性风险是外溢的影响,所以其风险报酬并不会反映在项目的必要收益率之中,从而难以通过市场机制来加以控制。为控制其系统性风险,本文提出应对保障房融资进行审慎监管,将保障房融资的外溢风险内部化,并缩小保障房融资创新的风险链条。
[Abstract]:With the adjustment of the real estate market and the rapid increase of indemnificatory apartment financing scale, the systemic risk of indemnificatory apartment financing is increasingly prominent. Indemnificatory apartment's systemic importance stems from its huge financing scale and extensive spillover impact. Difficult to replace the financing platform and implied risk chain, and there is a growing trend. This paper argues that, although indemnificatory apartment financing systemic risk is non-dispersible, but because systemic risk is spillover effect. Therefore, the return on risk will not be reflected in the necessary rate of return of the project, so it is difficult to control it through the market mechanism. In order to control its systemic risk, this paper proposes that indemnificatory apartment financing should be carefully regulated. The spillover risk of indemnificatory apartment financing is internalized and the risk chain of indemnificatory apartment financing innovation is reduced.
【作者单位】：外交学院国际经济学院;
【基金】：北京高等学校青年英才计划项目(Beijing Higher Education Young Elite Teacher Project)“保障房建设融资的国际经验模式创新与风险控制”(YETP1347)的阶段性成果
【分类号】：F299.233.42;F832.4
【正文快照】： “系统重要性”问题是全球金融危机之后金融监管的重点,但是在保障房融资领域并没有被详细地加以分析。保障房是廉租房、公租房、经济适用房等一系列保障性住房的简称,其中租赁类保障性住房的融资难度要高于销售类保障性住房。“十二五”规划纲要明确要求将政策性公共租赁住房

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