住房反向抵押贷款养老金融产品在我国的发展模式设计及产品定价研究

发布时间：2018-03-08 13:32

本文选题：住房反向抵押贷款　切入点：运作模式　出处：《重庆大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着我国人口老龄化的日益加剧，传统的家庭养老以及现行的社会养老保障体系已难以应对日趋显现的养老危机，探索适合我国国情且能有效缓解社会养老压力的新型养老模式势在必行。住房反向抵押贷款作为一种基于以房养老思想而创设且在国外已发展较为成熟的养老金融创新产品，正是在此背景下，被引入到国内并被专家学者抱以较大期望。然而我国在人口环境、经济社会环境及法律制度方面都与发达国家存在较大差异，因此我们应在吸收借鉴国外有益经验的基础上，设计出符合我国发展现状的住房反向抵押贷款金融产品的发展模式。另一方面，对产品进行合理定价，是大范围推行住房反向抵押贷款业务的关键，因为这直接关系到借款人申请此业务以及贷款机构开办业务的可行性和热情度。本文即是在前人研究成果的基础上，继续探索解决好这一关键性技术问题，推动住房反向抵押贷款业务在我国的尽快实施。本文在我国社会日趋老龄化的背景下，，阐述了文章的研究背景和意义，并深入阐释了住房反向抵押贷款的内涵、功用以及相关理论基础。在详细分析和认真总结住房反向抵押贷款在主要发达国家的发展历程、经验教训及一般规律的基础上，从我国经济社会发展趋势出发，提出我国的住房反向抵押贷款业务应实行由政府主导到政府支持，再到完全市场化证券化的三阶段发展模式。本文在设计我国住房反向抵押贷款业务三阶段发展模式的基础上，结合社会现实需求，对所针对的目标人群进行了市场细分，从而给出了不同发展阶段的主流产品形式，并根据相关金融产品定价理论，分别对固定期限、有赎回权和无赎回权的住房反向抵押贷款产品给出了定价模型。特别地，在考虑通货膨胀的影响下，给出了固定期限渐进支付形式的住房反向抵押贷款的产品定价方法。通过对各个阶段的发展模式和相关产品的有效选择，以及不同产品定价方法的合理确定，将为住房反向抵押贷款业务在我国的发展解决掉关键性的技术问题，从而推动住房反向抵押贷款业务在我国的尽早落地实施。本文既是对住房反向抵押贷款在理论上的进一步研究和完善，也是该项业务在我国具体实践的流程安排和不同种类产品定价问题的深入探索。因此，能够为政府相关部门在我国实施住房反向抵押贷款时的模式选择和政策制定提供有益的思路及理论和实践上的参考。
[Abstract]:With the increasing aging of the population in China, the traditional family pension and the current social old-age security system have been difficult to cope with the increasingly apparent pension crisis. It is imperative to explore a new pension model which is suitable for China's national conditions and can effectively alleviate the pressure of social old-age support. As a new innovative product of old-age finance, housing reverse mortgage is based on the idea of housing for the aged and has been developed abroad. It is in this context that it is introduced into China and expected by experts and scholars. However, there are great differences between China and developed countries in terms of population environment, economic and social environment and legal system. Therefore, we should design the development model of the housing reverse mortgage finance products in line with the present situation of our country on the basis of absorbing and drawing on the beneficial experience of foreign countries. On the other hand, we should make a reasonable pricing of the products. It is the key to carry out the reverse mortgage loan business on a large scale, because it is directly related to the feasibility and enthusiasm of the borrower to apply for the business and the loan institution to start the business. This paper is based on the previous research results. Continue to explore and solve this key technical problem, promote the implementation of reverse mortgage in China as soon as possible. Under the background of aging society in our country, this paper expounds the research background and significance of the article, and explains the connotation of the reverse mortgage loan. On the basis of detailed analysis and careful summary of the development course, lessons and general laws of the housing reverse mortgage loan in the major developed countries, we proceed from the trend of economic and social development in China. It is pointed out that the reverse mortgage loan business in our country should carry out the three-stage development model from government leading to government support and then to complete market-oriented securitization. On the basis of designing the three-stage development model of housing reverse mortgage loan in our country, combining with the social reality demand, this article has carried on the market segmentation to the target population, thus has given the mainstream product form of different development stage. According to the relevant pricing theory of financial products, the pricing models of reverse mortgage products with fixed term, redeemable and non-redeemable are given respectively. In particular, considering the effect of inflation, This paper gives the product pricing method of housing reverse mortgage in the form of fixed term gradual payment. Through the development mode of each stage and the effective choice of related products, and the reasonable determination of different product pricing methods, It will solve the key technical problems for the development of the reverse mortgage loan in our country, and promote the implementation of the reverse mortgage business in our country as soon as possible. This paper is not only the further research and perfection of the reverse mortgage loan in theory, but also the process arrangement of the business in our country and the deep exploration of the pricing problem of different kinds of products. It can provide some useful ideas and theoretical and practical references for the government departments to choose the mode and make the policy when implementing the reverse mortgage loan in our country.
【学位授予单位】：重庆大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.23;F832.45

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