现阶段中国应积极推进住房抵押贷款的证券化

住房抵押贷款证券化是资产证券化的一个重要组成部分,也是中国金融业改革的必然趋势。本文以中国住房抵押贷款证券化的试点为背景,结合资产证券化理论,分析了现阶段实施房贷证券化的现实意义及潜在的障碍,并提出了解决相应障碍的一些措施,以此来推进中国住房抵押贷款证券化的发展。     

住房抵押贷款证券化定价模式比较研究

住房抵押贷款是资产证券化的重要内容。住房抵押贷款证券化的四种定价模式,即静态现金流量报酬率法、静态利差法、总回报率情景分析法与期权调整利差法。四种定价方法各有利弊,因此,在对住房抵押贷款进行证券化定价时应充分考虑到各种定价模式的特点。     

住房抵押贷款证券化收益和风险分析

我国推行住房抵押贷款证券化已是必然趋势。对住房抵押贷款证券获得的收益及其所面临的风险进行分析 ,有利于对风险予以防范和控制。     

对我国发展住宅抵押贷款证券化的探讨

随着世界经济的发展,住房抵押贷款证券化已逐渐成为全球金融的一大发展趋势。我国住房体制改革在不断深化,已与国际逐步接轨,发展住宅抵押贷款证券化对降低金融机构风险,弥补房地产业资金缺口,合理配置社会闲置资金,刺激居民购房有效需求等有重要意义。我国发展住宅抵押贷款证券化面临各种矛盾和问题。针对存在的问题,要充分培育适合住宅抵押贷款证券化的市场环境,拿出住房抵押贷款证券化的操作思路。     

我国住房反向抵押贷款运作模式研究

住房反向抵押贷款对于正处于经济积累发展阶段、刚刚步入老龄化社会、各项养老保障制度尚待充实完善的中国社会而言,是一个崭新的事物。通过对住房反向抵押贷款的概述,借鉴国外住房反向抵押贷款成功运作的基本经验,同时结合我国客观实际情况,指出我国现阶段实施住房反向抵押贷款所面临的机遇和挑战。在此基础上对我国实施住房反向抵押贷款的运作模式进行设计,并对运作过程中的各参与方、运作流程、资金流向进行详细分析,同时指出一些在运作过程中亟需解决的问题。     

我国推行住宅抵押贷款证券化问题分析

目前,在我国推行住宅抵押贷款证券化存在着抵押贷款规模过小、房地产开发融资渠道不宽、商业银行积极性不高、信用制度不健全、法律环境不完善等问题。我国还不具备大规模推广住宅抵押贷款证券化的条件。     

我国住房抵押贷款二级市场的构建

住房贷款抵押一级市场是抵押贷款活动的创造过程,二级市场是指销售抵押和转售抵押.二级市场可以为一级市场提供稳定长期的资金来源.缺少二级市场的住房贷款抵押市场永远是不完整的市场.我国目前基本具备了建立住房贷款抵押二级市场的可行条件,要建立的住房抵押贷款二级市场有三种方式可以选择.     

论政府支持对农地经营权抵押贷款发展的影响

为了促进农地经营权抵押贷款市场有效发展,缓解乡村产业融资困难,本文基于2020—2022年全国代表性地区的农户调查数据,采用线性回归的方法分析了政府支持对农地经营权抵押贷款发展绩效的影响。研究发现:(1)政府支持对农地经营权抵押贷款的发展绩效存在显著正向影响,对贷款的满意度的影响明显高于贷款的可得性;(2)政府支持以营商环境为中介对农地经营权抵押贷款的满意度有显著正向影响,对贷款的可得性没有显著影响;(3)支持匹配程度对农地经营权抵押贷款的满意度有显著负向调节作用,对贷款的可得性调节作用不显著。因此,地方政府可采取加大支持力度、改善营商环境和提高政府政策的匹配度等措施促进农地经营权抵押贷款的有效发展。     

农村土地经营权抵押贷款的风险防范刍议

立足农村土地"三权分置"改革顶层制度体系设计要求,中国农村不同地区在具体操作层面探索出了不同的土地承包经营权抵押贷款典型实践,这不仅为进一步全面深化农村金融体制改革和不断引导农村土地经营权有序流转提供了重要经验借鉴,而且为慎重稳妥推进农民住房财产权抵押、担保、转让试点和助力乡村振兴战略实施发挥了重要先行先试的创新探索功能。基于对宁夏回族自治区同心县、福建省沙县、江苏省常州市武进区等地农村土地经营权抵押贷款的典型试点案例,文章深入分析了各试点地区在土地承包经营权抵押贷款实施过程中潜在的风险,并在总结国内外相关经验的基础上结合中国国情提出了相应的风险防范对策思考。     

资产证券化的发展:主要类型、趋势及启示

资产证券化在国际上已从抵押贷款证券化发展为保险风险证券化、整体业务证券化等,其发展趋势表现为从证券化的消极经营向积极和主动的管理转变、证券化产品的衍生性和证券化风险的复杂性日益增强、证券化资产及市场主体的范围日益拓展.我国要结合资产证券化的发展趋势,根据政府引导与市场化相结合、政策性与商业性相结合的原则,积极稳妥地推进资产证券化的健康发展.     

Optimal stabilization policies for housing activity

The usual approach in econometric modeling is to assume that the behavior of government agencies is exogenous. In this paper we have suggested that the policies of government agencies are not truly exogenous and should be studied in relation to the specific objectives pursued by these agencies.Within this framework, we investigated the implications of optimizing the behavior of two U.S. government agencies, Federal Home Loan Bank (FHLB) and Federal National Mortgage Association (FNMA), involved in the housing market. The technique we have utilized is dynamic programming.Based on the assumption that there agencies attempt to stabilize the housing market we have calculated the values for the optimal strategies in the past years and compared them with the historical patterns they have actually followed. Our interpretation of the behavior of these agencies is as follows: FHLB has a significant potential for housing stabilization. However, it has historically put more emphasis on keeping a uniform policy than stabilizing the housing activity. In this way, the role it has played in the housing market may be more destabilizing than stabilizing. On the other hand, FNMA's activity has had a rather uncertain effect on the housing stabilization. The conservative policies that FNMA has followed in the past are consistent with the uncertainties implicit in decision making but, at the same time, can be blamed for failing to create sufficient information regarding their effectiveness on the housing stabilization.     

A price worth paying? Accountability,red tape and the regulation of affordable housing

Although it is not a pressing social problem in the same way as, for example, poverty, child abuse, or climate change, red tape causes frustrations for many working in public and private sector organisations, perhaps even more than for the ordinary citizen dealing with large government agencies. This paper will explore some dimensions of this contentious issue. It will consider the positive view of regulation advanced by regulation theorists, and some qualitative researchers associated with this tradition. Drawing on a qualitative research study concerning the regulation of affordable housing in Australia, it examines the nature of administrative burdens. It is suggested that three factors lead to the perception of red tape: whether regulation is seen as making a difference to services beyond accountability; whether the measures used are meaningful; and the resources available for compliance. Qualitative researchers can help those in government seeking to reduce administrative burdens by supplying realistic accounts that address the views and experiences of those subject to regulation.     

What has happened to Australia's public housing? Thirty years of policy and outcomes, 1981 to 2011

This paper uses the release of the 2011 Australian Bureau of Statistics (ABS) census results and other recent and historical data sets to explore how Australian public housing has changed over the period 1981–2011. It summarises the contextual factors that have influenced housing provision and consumption in Australia over the past thirty years. The overall supply trends by tenure for Australia and each capital city are set out, followed by analysis of the demographics of public housing tenants, including age, household type, income, mobility, and workforce participation. Issues identified in the paper include insufficient stock and increasingly targeted households, representing a social and financial problem for housing agencies. The current stock is ill‐adapted to tenants' needs; if housing agencies re‐profile the housing to meet such needs, then they risk creating inflexible stock. The paper concludes with reflection on the future of public housing in Australia.     

我国商品住宅价格调控政策效果研究

1998年以来,我国房地产行业发展迅速,并逐步成为国民经济的支柱产业,极大地推动了我国的经济增长。但房价的过快增长也增加了人们的生活压力,并对经济运行造成不利影响。为了抑制房价的过快增长,国家推出了一系列的调控政策,包括金融政策、土地政策和税收政策。2010年政府推出了限购政策,通过抑制需求来控制房价。研究表明:1998至2002年的调控政策取得了较好的效果;2003至2008年调控效果不佳;2008年底至2009年政府并没有对房价进行有力调控;2009年末至2012年初,限购令的效果非常明显。     

日、韩公共住宅制度的改革与发展

为低收入阶层供给公共住宅是政府的职责。公共住宅制度包括供给租赁住宅、供给出售住宅以及提供政策性金融支持。本文通过分析日本和韩国的公共住宅制度,指出,日、韩两国以政府为主导,设立了专门的住宅管理机构和租赁住宅供应制度等特点,在实施过程中也取得了较好的社会效果。中国正处于房价快速上涨阶段,建立完善的公共住宅制度具有很强的现实意义。     

房价上涨路径分析综述

1998年住宅实行商品化后,房价上升迅速,房价上升是由于我国货币供应量超过国民经济总量所致。货币超发与我国在改革开放后经济的增长模式高度相关,以出口和投资特别是政府投资带动的经济发展,在经济制度选择上引致货币被动和主动的超发。政府投资的资金依赖于城镇土地出让金,在城镇土地出让数量受到限制的约束下,土地出让金被不断地推高,带动房价上涨超过居民的实际购买力水平。     

市场化转型下的住房不平等——基于CGSS2006调查数据

基于CGSS2006调查数据,运用多层线性模型分析方法,揭示了市场化改革对住房不平等程度,以及住房资源分配机制的影响作用。研究表明,在地区层面,地区市场化的推进虽然有效提高居民的住房水平,但在一定时期内也拉大住房资源分配的贫富差距,地区市场化水平与住房不平等程度之间存在倒“U”型曲线关系;在个体层面,体制内外职工的住房差异已不显著,但政治精英在住房资源的占有上更具优势。