我国住房反向抵押贷款定价研究

发布时间：2018-10-16 10:07

【摘要】：随着我国现代化进程的加快，人口老龄化的问题日益严重。人口老龄化必然将带来一系列的矛盾和压力，对经济和社会提出新的挑战。我国目前的养老保障体系远未完善，养老资源匮乏，养老问题严峻。对很多老年人来说，单靠社会养老金和传统的家庭养老模式，已经很难满足其退休后的生活需求。而西方发达国家进入老龄化时间长，应对老龄化问题积累了丰富的经验。在此条件下，结合国外先进经验结合我国国情探索新型养老模式势在必行。住房反向抵押贷款作为一种新型金融工具，在国外被证明是一种积极有效的扩充养老金的方式，能够有效的增加老年人收入，改善老年人生活水平。我国可以结合本国国情，引进这种金融工具，配合养老保障体系解决日益严峻的养老问题。为做好这一业务，核心内容之一就是贷款产品的定价问题。本文系统的阐述了住房反向抵押贷款的概念、特征以及相关理论。并对住房反向抵押贷款同传统住房抵押贷款产品和其他养老金融工具进行了比较分析。对于产品的定价的研究，则是本文的核心部分。通过分析影响定价的三大因素：预期寿命、利率水平和房价变动，进而引出定价模型。然后使用石家庄市具体数据，以单身老年女性为对象，，对模型进行模拟分析与敏感性检验。得出结论：通过住房反向抵押贷款产品，老年人能够明显的提高收入水平；定价结果对于借款人年龄、利率水平和房价变动反应敏感；在影响定价的三大因素中，年龄因素与房价变动率对于定价结果影响最大。在数据分析的基础上，为我国未来展开相关业务提供建议。
[Abstract]:With the acceleration of China's modernization process, the problem of aging population is becoming more and more serious. Population aging will inevitably bring about a series of contradictions and pressures, which will bring new challenges to economy and society. China's current pension security system is far from perfect, pension resources are scarce, pension problems are severe. For many elderly people, it is difficult to meet their needs after retirement by relying on social pension and traditional family pension model. However, the western developed countries have accumulated rich experience in dealing with the aging problem because of their long aging time. Under this condition, it is imperative to explore the new pension model combined with the advanced experience of foreign countries and the national conditions of our country. As a new financial instrument, the reverse mortgage of housing has been proved to be a positive and effective way to expand pension in foreign countries, which can effectively increase the income of the elderly and improve their living standard. According to our national conditions, we can introduce this kind of financial instrument and cooperate with the pension security system to solve the increasingly austere pension problem. In order to do this business well, one of the core content is the pricing of loan products. This paper systematically expounds the concept, characteristics and related theories of housing reverse mortgage. The reverse mortgage is compared with the traditional mortgage products and other pension financial instruments. The research of product pricing is the core of this paper. Through the analysis of three factors that influence pricing: life expectancy, interest rate level and house price change, the pricing model is derived. Then using Shijiazhuang city data, single elderly women as an object, the model was simulated and sensitivity test. It is concluded that the elderly can significantly increase their income through reverse mortgage products; the pricing results are sensitive to the borrower's age, interest rate level and house price changes; among the three major factors affecting pricing, Age factors and the rate of change in house prices have the greatest influence on the pricing results. On the basis of data analysis, suggestions are provided for the future development of related business in China.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.4

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