中国政策性住房金融研究
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摘要
从福利经济学的角度出发,以帕累托效率的标准来衡量住房问题,可以发现,即使公共资源的保障是充分的、住房的市场供应是充分的,也不能保证住房能被所有城市居民均衡地享有,更不意味着城市居民基本的住房需求都能得到满足,因此,住房市场存在着帕累托改进的可能。另外,以市场化为主导的经济体制的基本格局中,低收入人群的收入增长一般总是低于平均收入增长的水平,因此,低收入人群住房支付的相对能力处于逐步削弱的现实中,而如果住房价格上涨水平高于收入增长水平,中等收入人群的住房支付能力也会逐渐减弱,甚至部分高收入家庭从有能力承担住房费用的人群中挤出。与这一情况形成对比的是,我国居民住房融资渠道不多,商业银行提供的住房抵押贷款数额很少,商业银行出于自身盈利的考虑,对申请住房抵押贷款的居民所购买的住房有严格的限制,仅依靠商业银行的住房抵押贷款远远无法解决目前低收入居民住房难的问题。因此从福利的效率与公平的衡量视角,针对我国现行商业住房金融融资效率不高的现状,政策性住房金融对住房金融市场的介入,能够更好地解决我国居民尤其是中低收入居民住房购买支付能力不足而导致的住房难问题。
本文从政策性住房金融的一般原理出发,采用理论与实践的结合、定性与定量的结合、横向与纵向的结合、国外与国内的结合的方法,对政策性住房金融的运行与发展进行相对比较系统的研究。在对政策性住房金融基本构成、内涵、特征及其经济功能进行定位的基础上,从住房的外部性、准公共产品特征、住房市场的垄断对住房的福利经济特征进行分析,设计了两期迭代模型去分析政策性住房金融对不同收入者的福利影响。同时,从资金的筹集、运用和管理三个方面,对我国政策性住房金融运行的有效性进行分析。我国的政策性住房金融以住房公积金为主体,住房公积金的运行取得一定的成效同时也存在着效率的缺失。在对各国政策性住房金融的机构与融资模式进行比较分析,并对各国政策性住房金融的共性进行总结与评述基础上,对我国政策性住房金融的发展给出对策建议。
针对不同的运行模式,从短期来看,中国现有的基础将住房金融问题完全交由市场解决存在着较大的局限性,一是金融市场不够发达,二是住房金融的融资手段较少,三是缺乏专业的住房金融机构体系,四是缺乏相应的风险规避制度设计,五是立法监督机制不够完善等等。以上问题不可能在短期内全部解决,所以,在短期及中期的阶段,中国的政策性住房金融主要是对现行住房公积金制度进行修正,提高制度效率,强调制度公平。从长期看,中国的政策性住房金融最终将采取开放型的运行模式,与商业性住房金融协调发展。
From the perspective of welfare economics, measuring the housing problem by Pareto Efficiency, it can be find that even if the protection of public resources is sufficient, the housing market supply is adequate, there is no guarantee of housing be enjoyed equally by all city residents, and it does not mean that the basic housing needs of urban residents can be met, therefore, there is possibility of a Pareto-improvement in the housing market. In addition, the income growth level of low-income groups has generally been below the average revenue growth in the basic pattern of market-oriented economic system, Therefore, the relative paying ability of the low-income is gradually weakening, and if housing price's growth is higher than the level of revenue growth, middle-income groups affordability of housing will gradually diminish, or even some high-income families will be forced out from the group who can afford house purchasing. In contrast with this situation is that China's residential housing financing channels is limited, the amount of housing mortgage loan provided by commercial bank is very small. Commercial bank set up strict limitation to house mortgage loan application for their own profit consideration. Rely solely on commercial bank mortgage loan is far from solution of the current low-income residents'housing problem. Therefore, from a welfare of efficiency and equity perspective, China's current commercial housing financing business status of inefficient, the involvement of policy-based housing finance could be better to resolve the problem of China's residents, especially, low-income group's deficient paying ability.
In this paper, beginning with the general principle of policy-based housing finance, using the combinations of theory and practice, qualitative and quantitative, horizontal and vertical, foreign and domestic, the operation and development of policy-based housing finance is studied systematically. Basing on the study of the basic structure, content, characteristics and economic functions of policy-based housing finance, analyzing the housing welfare economic characteristic from the housing externalities, characteristics of quasi-public goods and the monopoly of housing market, I design a two-period iteration model to analyze the influence of policy-based house finance to different income groups' welfare. At the same time, analyze the effectiveness of China's policy-based housing finance from three aspects: fund raising, use and management. The main body of China's policy-based housing finance is housing fund. The running of housing fund make some measures of success, while there is also the lack of efficiency. On the bases of analyzing the national policy-based housing finance institutions and financing models, summarizing and evaluating national policy-based housing finance, China's developing suggestions of policy housing finance is given.
In the short term, there exist large limitations of solving the housing problem entirely by housing finance market in China. First, financial markets are underdeveloped, and second, the means of financing housing finance are inadequate, the third is the lack of specialized housing finance system, and the fourth is the lack of appropriate risk-avoidance system design, the fifth is the legislative oversight mechanism is not perfect, and so on. To solve all the above problems in the short term is impossible, therefore, in the short and medium term phase of China's policy-based housing finance, the major is to amend the existing housing fund system, improve the efficiency and equity of the system. In the long term, China's policy-based housing finance will eventually adopt the open mode of operation, and will develop with commercial housing finance in harmony.
本文从政策性住房金融的一般原理出发,采用理论与实践的结合、定性与定量的结合、横向与纵向的结合、国外与国内的结合的方法,对政策性住房金融的运行与发展进行相对比较系统的研究。在对政策性住房金融基本构成、内涵、特征及其经济功能进行定位的基础上,从住房的外部性、准公共产品特征、住房市场的垄断对住房的福利经济特征进行分析,设计了两期迭代模型去分析政策性住房金融对不同收入者的福利影响。同时,从资金的筹集、运用和管理三个方面,对我国政策性住房金融运行的有效性进行分析。我国的政策性住房金融以住房公积金为主体,住房公积金的运行取得一定的成效同时也存在着效率的缺失。在对各国政策性住房金融的机构与融资模式进行比较分析,并对各国政策性住房金融的共性进行总结与评述基础上,对我国政策性住房金融的发展给出对策建议。
针对不同的运行模式,从短期来看,中国现有的基础将住房金融问题完全交由市场解决存在着较大的局限性,一是金融市场不够发达,二是住房金融的融资手段较少,三是缺乏专业的住房金融机构体系,四是缺乏相应的风险规避制度设计,五是立法监督机制不够完善等等。以上问题不可能在短期内全部解决,所以,在短期及中期的阶段,中国的政策性住房金融主要是对现行住房公积金制度进行修正,提高制度效率,强调制度公平。从长期看,中国的政策性住房金融最终将采取开放型的运行模式,与商业性住房金融协调发展。
From the perspective of welfare economics, measuring the housing problem by Pareto Efficiency, it can be find that even if the protection of public resources is sufficient, the housing market supply is adequate, there is no guarantee of housing be enjoyed equally by all city residents, and it does not mean that the basic housing needs of urban residents can be met, therefore, there is possibility of a Pareto-improvement in the housing market. In addition, the income growth level of low-income groups has generally been below the average revenue growth in the basic pattern of market-oriented economic system, Therefore, the relative paying ability of the low-income is gradually weakening, and if housing price's growth is higher than the level of revenue growth, middle-income groups affordability of housing will gradually diminish, or even some high-income families will be forced out from the group who can afford house purchasing. In contrast with this situation is that China's residential housing financing channels is limited, the amount of housing mortgage loan provided by commercial bank is very small. Commercial bank set up strict limitation to house mortgage loan application for their own profit consideration. Rely solely on commercial bank mortgage loan is far from solution of the current low-income residents'housing problem. Therefore, from a welfare of efficiency and equity perspective, China's current commercial housing financing business status of inefficient, the involvement of policy-based housing finance could be better to resolve the problem of China's residents, especially, low-income group's deficient paying ability.
In this paper, beginning with the general principle of policy-based housing finance, using the combinations of theory and practice, qualitative and quantitative, horizontal and vertical, foreign and domestic, the operation and development of policy-based housing finance is studied systematically. Basing on the study of the basic structure, content, characteristics and economic functions of policy-based housing finance, analyzing the housing welfare economic characteristic from the housing externalities, characteristics of quasi-public goods and the monopoly of housing market, I design a two-period iteration model to analyze the influence of policy-based house finance to different income groups' welfare. At the same time, analyze the effectiveness of China's policy-based housing finance from three aspects: fund raising, use and management. The main body of China's policy-based housing finance is housing fund. The running of housing fund make some measures of success, while there is also the lack of efficiency. On the bases of analyzing the national policy-based housing finance institutions and financing models, summarizing and evaluating national policy-based housing finance, China's developing suggestions of policy housing finance is given.
In the short term, there exist large limitations of solving the housing problem entirely by housing finance market in China. First, financial markets are underdeveloped, and second, the means of financing housing finance are inadequate, the third is the lack of specialized housing finance system, and the fourth is the lack of appropriate risk-avoidance system design, the fifth is the legislative oversight mechanism is not perfect, and so on. To solve all the above problems in the short term is impossible, therefore, in the short and medium term phase of China's policy-based housing finance, the major is to amend the existing housing fund system, improve the efficiency and equity of the system. In the long term, China's policy-based housing finance will eventually adopt the open mode of operation, and will develop with commercial housing finance in harmony.
引文
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