中国住房反向抵押贷款风险管理研究

发布时间：2018-01-26 03:33

本文关键词： 住房反向抵押贷款风险管理　出处：《南京大学》2014年硕士论文　论文类型：学位论文

【摘要】：现如今社会上出现了一种新的金融产品,叫做住房反向抵押贷款,他可以帮助人们去实现以房养老这一手段。住房反向抵押贷款的概念就是老人在拥有房产的基础上,可以向银行进行借贷一定数量的金额来实现自己养老,房产是帮助老人去融资的主要方法。这样贷款的主要过程就是老人可以将自己的房产抵押给银行,银行可以给老人资助金额,等老人过世以后可以用房产来实行还贷。因为这种的方式与平常进行贷款的过程相反,所以这种方式一出现就被人成为“住房反向抵押贷款”。本文从生命周期理论和资产流动化理论方面阐述了住房反向抵押贷款这样一个金融产品的特性,由于人的收入和资金支配的情况需要对资金进行合理的配置,这样能产生最大的效应,如何让资产流动起来产生最大的效益也是我们需要探讨的话题,不动产作为普通人一辈子最大的资产,如何让这部分资产也发挥作用就是住房风险抵押贷款需要解决的问题。由于国外反向抵押贷款发展时间较长,本文选取了美国、法国、日本三个国家的情况进行介绍,包括产品、类型、运作模式等,这样有助于我们了解国外相关产品的各种风险。同时,住房反向抵押贷款也是有很多风险的,其中包括利率风险、寿命风险、房价波动风险、逆向选择与道德风险等。如何应对和处理这些风险,为我们国家顺利推出这样一个金融创新产品,这是一个值得研究的课题。利率风险在我们这样的发展中国家是很大的,几乎每年的利率都在变化,利率也远远高于国外发达国家。随着生活条件的改善,我国的人均寿命也已经到76岁了,如何进行合理的产品定价,和人的平均寿命是息息相关的。寿险公司有相应的生命周期表,可以参考这方面的资料进行定价,同时也可以五年或者十年调整一次。其中房价波动风险是最大的,本文从社会因素、自然因素、经济因素、市场因素、行政因素五个方面阐述了风险发生的原因。同时也提出了解决方案,比如针对房价波动,可以三到五年进行一次重新评估,评估价格按当前房价的50%计算,将双方的风险都降到最低。逆向选择与道德风险也是需要预防的,逆向选择与道德风险也可以通过体检以及个人征信报告解决。利率风险方面也可以通过浮动利率消化,每年调整一次利率。本文还从中国的实践出发,列举了南京、上海、北京等地“以房养老”的实践经验,也吸取了幸福人寿推出的“以房养老”的产品设计模式,总结出一些经验教训,为我们国家顺利推出相关政策打下基础。住房反向抵押贷款目前已经在我国进行试点,观念问题是需要国家大力宣传引导的。作为任何金融产品而言都是有风险的,需要我们正确对待这种风险,同时控制好风险。
[Abstract]:Now there is a new financial product called reverse mortgage. He can help people to realize the means of providing for the aged by housing. The concept of reverse mortgage is that the elderly can borrow a certain amount of money from the bank on the basis of owning real estate to realize their pension. Real estate is the main way to help the elderly to finance. The main process of such loans is that the elderly can mortgage their own property to the bank, the bank can give the elderly the amount of support. When the old man dies, he can use his real estate to pay off the loan, because this is the opposite of the usual process of making a loan. As soon as this kind of way appears, it is called "housing reverse mortgage". This paper expounds the characteristics of housing reverse mortgage as a financial product from the aspects of life cycle theory and asset flow theory. As people's income and the situation of capital control need reasonable allocation of funds, this can produce the greatest effect, how to make assets flow up to produce the greatest benefits is also a topic we need to discuss. Real estate as the biggest asset in the life of ordinary people, how to make this part of assets play a role is the problem that housing risk mortgage needs to solve. This paper selected the United States, France, Japan to introduce the situation, including products, types, operating mode, so as to help us understand the risks of foreign products. At the same time. Housing reverse mortgage also has many risks, including interest rate risk, life risk, house price volatility risk, adverse selection and moral hazard. How to deal with these risks. It is worth studying to successfully launch such a financial innovation product for our country. The interest rate risk is very big in developing countries like ours, and the interest rate is changing almost every year. With the improvement of living conditions, the life expectancy of China has reached 76 years, how to price the products reasonably. Life insurance companies have the corresponding periodic table of life and can refer to this information for pricing. At the same time, it can also be adjusted once every five or ten years. Among them, the risk of house price fluctuation is the biggest, this article from social factors, natural factors, economic factors, market factors. Administrative factors explain the causes of the risk. At the same time, it also puts forward solutions, such as three to five years to re-evaluate the price of the current housing price at 50% of the calculation. The risk of both sides should be minimized. Adverse selection and moral hazard also need to be prevented. Adverse selection and moral hazard can also be solved through medical examination and personal credit report. Interest rate risk can also be digested by floating rate and adjusted once a year. Listed Nanjing, Shanghai, Beijing and other places "housing old-age" practical experience, but also draw from the happy life of the "housing old-age" product design model, summed up some experience and lessons. To lay the foundation for our country to launch the related policy smoothly. The housing reverse mortgage loan has already carried on the pilot in our country at present. As any financial product, there is a risk. We need to deal with this risk correctly and control it well.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.23;F832.4

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