住房金融的制度分析

【作者】 杨明秋；

【导师】 伍柏麟；

【作者基本信息】 复旦大学 ， 政治经济学， 2003， 博士

【摘要】 住房金融的实践关切和对其研究的理论缺乏，是本文选题的初衷。本文是用制度经济学的分析方法来研究住房金融。主要内容包括：理论线索和研究范式。本文试图构建一个系统的住房金融的制度分析框架。制度经济学是基本的理论线索，制度分析范式包括如下方面：交易成本是考察住房金融制度的基本视角，特定的住房制度安排遵循约束条件交易成本最小化原则；金融深化和金融功能理论是理解特定住房金融制度安排的重要辅助方法；整体性住房金融制度结构的形成是包括社会经济、文化、政治等各类制度在内互相影响、平衡的产物，制度捆绑和制度嵌入是常见的形式；金融结构方法是用制度分析方法解释住房金融制度的有力的定量分析工具；住房金融制度变迁的基本动因是交易成本最小化（外部收益内部化），变迁的基本方式是强制性变迁和诱致性变迁；公平和效率是住房金融制度评价的基本标准，公平和效率通过一定的制度安排可以同时实现，政府在住房金融制度中起着平衡公平和效率的杠杆作用。住房金融的制度多样性和变迁。运用制度分析范式，从两个角度分析住房金融的制度。一是从制度安排的角度，分析某项特定的住房金融安排的原因、优势、相关的机构和工具；二是从制度结构的角度，分析一国整体性住房金融制度安排的原因、发展、优势和可能存在的缺陷。从两个方面都体现了住房金融制度的多样性和变迁的基本规律。住房金融制度中的政府。专题讨论了政府在住房金融制度中的作用、角色这个共性的问题。由于住房的福利性，政府在住房金融中通过税收、补贴、担保、提供贷款等间接或直接方式参与住房金融，但市场化取向和间接方式是趋势。发展中国家和转型经济的住房金融制度。特别分析了发展中国家和转型经济的住房金融制度。主要从交易成本的角度分析发展中国家住房金融发展的制约。通过制度变迁，发展中国家发展住房金融可以实现储蓄率的提高和资源的更合理配置。转型经济面临住房金融制度的前后脱节，导致居民住房困难。中国住房金融的制度分析和制度建设。在从一般到特殊地分析了住房金融制度的基础上，分析了中国住房金融制度的变迁过程，指出了在制度结构和制度环境方面存在的问题。然后，提出了在约束条件下构建中国以市场化为基础的“商业性为主，政策性为辅，多种形式和机构并存”的住房金融制度建设框架。并讨论了作为市场基础设施的住房金融二级市场发展的必要性、可行性和策略。更多还原

【Abstract】 This dissertation lays its foundation on practical needs and theoretical lack of housing finance. This study abides by institutional approach, which mainly concerns as following:(1) Theoretical clue and study approach. This dissertation tries to constitute a systematic institutional approach for housing finance. Institutional economics is its basic theoretical clue. The institutional approach includes: transaction cost is a basic view for housing finance institutions and a certain institution follows the principle of minimum transaction cost; financial deepenness and financial function theories are important ways to understand housing finance institution; a systematic institutional structure of housing finance comes from the interaction of social economy, culture and politics, and institutional bundling and embeddedness are common forms; financial structure theory is a forceful quantitative way to analyses housing finance institutions; minimization of transaction cost is the basic motivation for institutional transformation, and the basic ways are forced transformation and induced transformation; equity and efficiency are basic criteria for evaluating housing finance institutions, which may implement through certain institutions while government acts as leverage between equity and efficiency.(2) Multiformality and transformation of housing finance. This study analyses housing finance institutions with two aspects by institutional approach. One is the institutional arrangement, which focuses on a certain arrangement’s reason, advantage and relevant agent and tool; the other is institutional structure, which focuses its reason, development, advantage and possible weakness of a country’s systematic institutional arrangements. The two aspects both embody its multiformality and transformation principle of housing finance.(3) Government with housing finance institutions. The government’s function and role has been specially discussed as a common topic for housing finance institutions. As for the beneficiary characteristics of housing, governments usually participate in housing finance through direct and indirect ways such as taxation, subsidiary, guarantee and loan, but the tendency is market-orientation and indirect ways.<WP=9>(4) Housing finance institutions of LDCs and transformation economy. Special analysis has been given to housing finance institutions of LDCs and transformation economy. The analysis focuses on transaction cost restraints for housing finance in LDCs. Through institutional transformation, LDCs may improve saving’s rate and resource allocation. Transformation economy faces lag-off of housing finance institutions, which causes housing difficulty for residents.(5) Institutional analysis of China’s housing finance and its institutional construction. Based on institutional analysis of housing finance from commonly to specially, an analysis on China’s housing finance transformation is made, which also points out several issues of its institutional structure and environment. Then an institutional framework is made under constraints, which is market-oriented, commerce-lead, policy-support, multi-formed and vary-institutioned. Also a deep discussion is made on secondary housing finance market as market infrastructure with its essentiality, reality and strategy.更多还原