【作者】 吕晖蓉；

【导师】 曾康霖；

【作者基本信息】 西南财经大学 ， 金融学， 2011， 博士

【摘要】 住房体制改革以来,我国的住房市场取得了骄人的发展,但近十年来,住房市场的矛盾越来越突出,一路上涨的住房价格让人焦心,甚至成了影响社会稳定的一个因素。近年来,我国政府先后出台了多角度、全方位的政策和措施调控房价,但效果却不尽如人意。因此汲取美国次贷危机的经验教训,结合我国的现实情况,深入分析住房市场矛盾的根源,改善政策效果,建立和完善常规化的丰预机制是当前我国住房市场走上和谐发展之路的重要课题。金融是住房市场发展不可或缺的有机部分,是调控政策发挥作用的重要渠道。伴随着住房体制改革,我国的住房金融体系也经历了从无到有、再到相对完善的发展过程,对住房市场的快速发展起到了重要的推动作用。但是住房市场非理性繁荣、空置率高居不下、金融风险逐渐积累,敦促我们思考：我国的住房金融体系究竟应该发挥什么样的作用才能有利于住房市场的健康发展。次贷危机的爆发也提示我们,必须认真地重新审视我国的住房金融体系。在此背景下,本文主要研究了两个问题：一是住房金融应该怎么样才能让家庭的住房消费效用达到最大,二是住房金融应该具有什么样的功能才能促使住房市场持续健康发展。本文共八章,分为四个部分。第一部分包括第一、第二两章。这部分首先简要概述了我国改革开放以来住房市场的发展,并列示了2003年以来中央政府针对房地产行业和房地产市场的主要调控措施后,明确了一个基本观点：单纯地围绕房价进行调控效果是有限的,毕竟决定房价最基础和最主要的力量还是市场,在此基础上进一步引出从住房的本质属性着手深入地认识住房,寻找住房消费和住房金融相互联系的微观机制,分析住房金融应该具有的功能,提出从功能上改革我国住房金融体系的总体思路。其次,本部分就住房消费的属性、住房消费与住房金融的关系以及我国住房金融的发展等三个方面的文献做了梳理,并将本文研究的视角转到住房消费的微观主体(家庭)上来。第二部分包括第三、第四章,是本文的理论分析部分,其中第三章是关于住房属性的理论分析,第四章是关于住房金融功能的理论分析。第三章首先从人类社会和经济发展的历史角度分析了住房属性及其演变,提出自私有制产生以来,住房就开始成为具有消费品和投资品双重属性的特殊商品；在现代经济条件下,以资本化定价方式为基本特征的经济虚拟化强化了住房商品的投资品属性,加剧了住房市场的波动。然而住房商品的双重属性同时并存于同一个住房消费行为之中,不能有效分离,在运用消费理论和投资组合理论分析的基础上,本章将住房同时作为消费品和投资品纳入到家庭的消费行为决策中来,建立了无限期寿命家庭的效用最大化模型,说明家庭的住房消费既存在对其他商品消费的“挤出效应”,又存在“杠杆效应”,前者是住房作为消费品的表现,后者是住房作为投资品的表现。顺周期的住房信贷政策会加剧住房市场的自循环,而逻辑扭曲的住房信贷政策则会加剧房价的波动。第四章则是住房金融功能的理论分析。本章在系统概括金融功能观主要内容和住房金融特点的基础上,阐述了住房金融功能的层次性问题,着重分析了各层次功能之间的关系,并探讨了住房金融功能的实现条件及政府在住房金融领域的作用。这一章的主要结论是,由于住房具有特殊的双重属性,家庭的住房消费面临着多种风险,如利率波动、房价波动、收入波动等引起的风险以及住房欠流动性引起的风险等等,因此住房金融体系的功能不仅仅是跨期配置资金和动员社会储蓄,而应该是一个以风险管理为核心的、立体的功能结构,其中风险管理功能既包括“横向”的风险分散机制,又包括“纵向”的风险控制机制。第三部分是第五章和第六章,是本文的实证部分。第五章对美国、日本、德国、新加坡等几种具有代表性的住房金融体系和运行模式进行了分析,重点从金融功能观的角度分析了各种模式的功能结构及其形成根源或条件,并通过比较分析提出,以风险管理功能为核心的住房金融体系更加稳健,相应的住房市场也更加平稳和健康。第六章是对我国目前的住房金融体系的分析,这是本文的重点章节之一。本章首先回顾了我国住房制度的改革历程,展示了我国住房金融产生和发展的历史背景。然后从机构和产品两个方面概括了目前我国住房金融体系的现状,并在此基础上重点剖析了我国住房金融体系的功能,结论认为我国住房金融体系动员储蓄的功能非常强大,跨期配置资源的功能也很显著,但其提供价格信息的功能是有偏误的,这是我国以新房为主的住房市场价格波动加剧的重要原因之一。尤其是我国住房金融体系在风险管理功能上存在着重大的缺陷,不仅是住房金融体系进一步发展的桎梏,更是住房市场不均衡的根源。本章还从金融功能的角度分析了我国以住房公积金制度为主要内容的政策性住房金融,结论认为：首先,我国住房金融领域缺乏国家信用的支持,其次,政策性住房金融与商业性住房金融是交叉的而不是分离的,因而是相互竞争的,没有发挥政策性金融的特殊功能。第四部分是第七章,是关于我国住房金融体系功能性重构的框架性设想,强调住房金融体系功能结构的优化。在明确了风险管理在住房金融功能结构中的核心地位,提出了根据住房需求的层次性,建立商业性金融和政策性金融有效隔离的住房金融体系,在收益-风险对等的原则下,商业性住房金融着重强调引导微观主体风险自担、收益自享的功能,政策性住房金融着重强调提高微观主体风险承担能力,增加收益机会的功能的总体思路,并提出从商业性住房金融、政策性住房金融、金融监管三个方面完善和改造我国住房金融功能的对策建议。更多还原

【Abstract】 Since Housing Institutional reform, China’s Housing Markets has made a great achievement. But for the better part of a decade, the contradictions of Housing Markets are getting evidence, in which the issue of rising housing price is the most outstanding. Our central government has implemented a series of policies and measures to regulate housing price, yet they didn’t produce noticeable effect. So, we must deeply analyse the root of the problems and establish recurrent intervention mechanism in order to heighten efficiency of policy and contribute to the sustained and sound development of Housing Markets.Finance is an important component of Housing Market development and an important channel through that policy would be in action. Along with reform of housing system, our Housing Finance system is improving day by day and vigorously propel Housing Markets forward. But gradually, those problems of housing financial system began to show and aggravates the irrational exuberance of Housing Markets. At the same time, the subprime crisis gave a warning to us that we must prospectively reform our Housing Financial system. So, this paper research two issues:one is the relationship between housing consumption and variables of housing finance, the other one is what is functions of Housing Finance which help Housing Markets get sustain and sound development.This paper consists of eight chapters, which are divided into four parts.The first part covers Chapter one and two. The part briefly summary the development of China’s Housing Markets since the reform and opening policy, and then examples these policies and measures which aim at regulating and controlling Housing Markets.We wake that these policies which are dead ahead housing price have limited effects because price is mainly decided by market forces. So, we claim to investigate the micromechanism of interreaction between Housing Consumption and Housing Finance, analyse the due functions, and then suggest reform proposals about our Housing Financial system. This part sums up literatures of three aspects:attribute of Housing Consumption, relationship between Housing Consumption and Housing Finance, existing problem in our Housing Financial system, and focuses angle of view on household, which makes decision of Housing Consumption.The second part includes the Chapter three and four, which is theoretical analysis. Chapter three is about attribute of Housing Consumption, Chapter four is about the functions of Housing Finance. We consider that Housing bears dual attributes——consumption goods and capital goods, which are inseparable as for the same behavior of Housing Consumption. On condition of virtual economy, the attribute as capital goods of Housing is strengthened, which would intensify fluctuation of Housing Markets. Chapter three gives a model of utility maximization of household which has infinite life and indicates that Housing Consumption exists crowding-out effect and leverage effect, procyclical housing credit policy would strengthen self-circulation of Housing Markets, twisted housing credit policy would intensify fluctuation of housing price. The Chapter four is theoretical analysis about the function of Housing Finance. We state hierarchy of Housing Finance’s functions, emphasis the relationship of.these functions, and analyse the conditions which are favorable for accomplishing these functions. In addition, this part discusses the question of the role of government in Housing Finance. The main conclusion of this chapter is that the function of risk management is the core function of Housing Finance, which involves not only the "transverse" diversification of risk, but also the "longitudinal" risk containment.The third part is composed of the Chapter five and six, which is positive analysis. In Chapter five, we summarize typical pattern of Housing Finance on the basis of functional perspective and think out that the Housing Financial system which lies stress on risk management would be fitter and corresponding Housing Markets is better, too. The Chapter six is sabout our Housing Financial system. On the background of reform of housing system, we generalize current situation of our Housing Financial system in two sides of institution and product. And then, we parse the function of our Housing Financial system and deem that our Housing Financial system is powerful in respect of mobilizing savings and interperiodly allocating capital, but makes further distortion of the housing price and exists critical defect in the function of risk management. Political Housing Finance is the other important issue in this chapter. We hold that the role of governmental credit is absent and the political Housing Finance contends with commercial Housing Finance, which despiritualizes political finance.The fourth part is the Chapter seven. In this part, we pus forward the proposal for reconstruction of our Housing Financial system which relates to three aspects: commercial Housing Finance, political Housing Finance and financial supervision.更多还原