我国商业银行反向抵押贷款产品设计研究

发布时间：2018-04-11 12:07

本文选题：养老金融产品 + 反向抵押贷款　；参考：《东北财经大学》2013年硕士论文

【摘要】：目前我国已经提前宣告进入老龄化社会。我国养老问题特点是,人口老龄化增速快于经济发展速度,子女养老负担日益严重,社会保障体系不健全,资金匮乏。然而与此同时,我国家庭养老功能急剧恶化,社会养老保障体系不完善,养老资源贫乏。如何缓解养老困境已经成为热门话题。今年9月“以房养老”在国内引起了一片反响,因为国务院公布的《关于加快发展养老服务业的若干意见》中提出了明年开办住房反向抵押贷款养老保险的试点。但反向抵押贷款更大的障碍和问题仍然存在,很显然,如何设计一个我国独有的反向抵押贷款模式成为整个过程的焦点。首先,我国老龄化趋势日益严重,本文贤介绍了文章的研究意义以及国内外反向抵押贷款的研究现状。介绍了反向抵押贷款的理论基础,并介绍分析了住房反向抵押贷款在国外(以美国HECM为例)的运作状况,并从国外实施反向抵押贷款中获得启示并予以借鉴。其次,对我国商业银行开办反向抵押贷款进行了博弈分析。包括商业银行开办反向抵押贷款的必要性、可行性。分析了我国目前开办住房反向抵押贷款存在的主要障碍,指出了我国住房反向抵押贷款市场存在需求不足、成本风险大等缺陷,同时又对商业银行开办的可行性进行了讨论,为提出适合我国国情的以房养老模式做好铺垫。再次,对住房反向抵押贷款养老方式进行定位。对我国反向抵押贷款的组织模式、运作模式、定价模型进行了设计。文章主要设计了初期一级市场的运作模式,即在商业银行、借款人、中介机构间的运作,并对后期的如何解决贷款运作过程中的流动性瓶颈进行了简要的设计,即实行住房反向抵押贷款证券化,同时,为确保反向抵押贷款的能长久有效的运作还提出设立信用和保险机制。另外,对反向抵押贷款的定价也是关键环节之一,本文分别对有赎回权的产品分别建立了保险精算模型及对无赎回权的产品建立了期权定价模型,并运用两种定价模型对案例进行了分析,比较了两种结果的意义。最后,本文对反向抵押贷款运作过程中存在的风险进行了评估和管理,分析并提出了不同风险的风险管理措施,在此基础上对我国商业银行开办反向抵押贷款提出了相关的意见和建议。同时,对于本论文研究中存在的疏漏进行了总结,并对进一步研究进行了描述和展望。本文的独到之处和创造性成果在于从商业银行自身的角度对是否开办及如何开办反向抵押贷款进行了分析,包括商业银行开办反向抵押贷款产品的必要性、可行性；本文在反向抵押贷款存在风险的基础上提出了两种定价模型,在于对有无赎回权反向抵押贷款产品,分别采用最适合的两种定价方法建立模型,分别为保险精算模型和期权定价模型,并进行了实证举例,运用两种定价模型对案例进行了分析。
[Abstract]:At present our country already announced ahead of time enters the aging society.The characteristics of the pension problem in China are that the aging population is growing faster than the economic development, the burden of the children for the aged is becoming more serious, the social security system is not perfect, and the funds are scarce.However, at the same time, the family pension function in China has deteriorated rapidly, the social pension security system is not perfect, and the endowment resources are poor.How to alleviate the plight of the aged has become a hot topic.In September this year, "housing for the aged" caused a reaction in China, because the State Council announced the "views on accelerating the development of the old-age service industry" proposed to launch a housing reverse mortgage pension insurance pilot next year.However, there are still more obstacles and problems in reverse mortgage loan. Obviously, how to design a unique reverse mortgage loan model has become the focus of the whole process.Firstly, the trend of aging is becoming more and more serious in China. This paper introduces the significance of the research and the research status of reverse mortgage at home and abroad.This paper introduces the theoretical basis of reverse mortgage loan, and analyzes the operation of reverse mortgage loan in foreign countries (taking HECM as an example), and draws inspiration from the implementation of reverse mortgage loan abroad and draws lessons from it.Secondly, the game analysis of reverse mortgage loan by commercial banks in China is carried out.Including commercial banks to set up reverse mortgage loan necessity, feasibility.This paper analyzes on the main obstacles to the establishment of reverse mortgage loan in China, points out the defects of the market of housing reverse mortgage loan in our country, such as insufficient demand and high cost risk, and discusses the feasibility of commercial bank operation.In order to put forward suitable for China's national conditions of the housing endowment model to do a good job.Third, the housing reverse mortgage pension mode positioning.The organizational model, operation model and pricing model of reverse mortgage loan in China are designed.This paper mainly designs the operation mode of the initial primary market, that is, the operation among commercial banks, borrowers and intermediary agencies, and gives a brief design of how to solve the liquidity bottleneck in the process of loan operation in the later period.At the same time, in order to ensure the long-term and effective operation of reverse mortgage loans, credit and insurance mechanisms are proposed.In addition, the pricing of reverse mortgage is also one of the key links.Two pricing models are used to analyze the case, and the significance of the two results is compared.Finally, this paper evaluates and manages the risks existing in the operation of reverse mortgage loan, analyzes and puts forward the risk management measures of different risks.On the basis of this, the author puts forward some suggestions on the reverse mortgage loan of commercial banks in our country.At the same time, the omissions in this paper are summarized, and the further research is described and prospected.The unique and creative achievement of this paper lies in the analysis of whether and how to set up reverse mortgage loan from the point of view of commercial banks, including the necessity and feasibility of commercial banks to set up reverse mortgage loan products;Based on the risk of reverse mortgage, this paper puts forward two pricing models, which are based on the two most suitable pricing methods for reverse mortgage products with or without redemption.Insurance actuarial model and option pricing model are used to analyze the case.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.4

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