本文選題：住房公積金　切入點(diǎn)：貸款保證擔(dān)保　出處：《湖南大學(xué)》2012年碩士論文

【摘要】：伴隨住房公積金貸款規(guī)模的不斷擴(kuò)大，潛在的風(fēng)險(xiǎn)日益增加。為規(guī)避風(fēng)險(xiǎn)，全國(guó)各住房公積金管理中心相繼引入保證擔(dān)保。擔(dān)保機(jī)構(gòu)專業(yè)化的風(fēng)險(xiǎn)管理方式增強(qiáng)了住房公積金管理中心的抗風(fēng)險(xiǎn)能力，但由于我國(guó)開展住房公積金貸款保證擔(dān)保業(yè)務(wù)的時(shí)間不長(zhǎng)，有關(guān)該業(yè)務(wù)的研究也較少，現(xiàn)行的費(fèi)率也是由機(jī)構(gòu)管理部門參照金融業(yè)其他業(yè)務(wù)費(fèi)率而定，缺乏理論依據(jù)�？紤]到擔(dān)保機(jī)構(gòu)風(fēng)險(xiǎn)經(jīng)營(yíng)的特點(diǎn)，以及其在住房公積金貸款風(fēng)險(xiǎn)管理中的重要地位，合理的定價(jià)不僅對(duì)其經(jīng)營(yíng)決策具有重要的意義，同時(shí)對(duì)我國(guó)住房公積金貸款業(yè)務(wù)的發(fā)展也具有積極的促進(jìn)作用。 本文旨在參考現(xiàn)有相關(guān)定價(jià)模型的基礎(chǔ)上，結(jié)合住房公積金貸款保證擔(dān)保業(yè)務(wù)的特點(diǎn)，構(gòu)建出適合我國(guó)住房公積金貸款保證擔(dān)保業(yè)務(wù)的定價(jià)模型。將擔(dān)保費(fèi)用分為風(fēng)險(xiǎn)成本、資金成本、營(yíng)業(yè)成本、稅務(wù)成本及目標(biāo)利潤(rùn)這幾個(gè)部分，采用期權(quán)定價(jià)法、CAPM及成本加成定價(jià)法等方式，構(gòu)建出相應(yīng)的定價(jià)模型，并采用Y市的相關(guān)數(shù)據(jù)對(duì)模型進(jìn)行實(shí)證，驗(yàn)證模型的實(shí)用性，最后給出改進(jìn)住房公積金貸款保證擔(dān)保定價(jià)體系建設(shè)的建議。 本文得出的主要結(jié)論：第一，住房公積金貸款保證擔(dān)保業(yè)務(wù)取得健康快速發(fā)展，首要任務(wù)是進(jìn)行合理的定價(jià)；第二，擔(dān)保費(fèi)率由風(fēng)險(xiǎn)成本率、資金成本率、營(yíng)業(yè)成本率、擔(dān)保稅率及目標(biāo)利潤(rùn)率這五部分組成；第三，通過(guò)采用Y市數(shù)據(jù)進(jìn)行計(jì)量分析，結(jié)果表明構(gòu)建的定價(jià)模型具有一定的實(shí)用性；第四，擔(dān)保費(fèi)率應(yīng)該由住房公積金管理中心和借款人共同承擔(dān)；第五，擔(dān)保費(fèi)率以五年為一個(gè)區(qū)間收取較合適，既不失公允又兼顧效率。依據(jù)研究結(jié)論，，本文從完善風(fēng)險(xiǎn)測(cè)評(píng)與計(jì)量、強(qiáng)化會(huì)計(jì)信息系統(tǒng)建設(shè)、加快定價(jià)政策制定三個(gè)方面來(lái)優(yōu)化我國(guó)住房公積金貸款保證擔(dān)保定價(jià)體系，正確引導(dǎo)擔(dān)保機(jī)構(gòu)市場(chǎng)行為。
[Abstract]:With the continuous expansion of housing provident fund loans, the potential risks are increasing day by day. Various housing provident fund management centers throughout the country have introduced guarantee guarantees one after another. The specialized risk management methods of the guarantee organizations have enhanced the ability of housing provident fund management centers to resist risks. However, because of the short period of time that our country has started the guarantee business of housing provident fund loan, the research on this business is also relatively few. The current rate is also determined by the agency management department referring to the other business rates of the financial industry. Considering the characteristics of guarantee organization's risk management and its important position in the risk management of housing provident fund loan, reasonable pricing is not only of great significance to its management decision, At the same time, the development of housing accumulation fund loan business also has a positive role. Based on the existing pricing models and the characteristics of the loan guarantee business of the housing provident fund, this paper sets up a pricing model suitable for the loan guarantee business of the housing provident fund in China, and divides the guarantee cost into the risk cost. Capital cost, operating cost, tax cost and target profit are used to construct the corresponding pricing model by means of option pricing method, CAPM and cost addition pricing method, and the relevant data of Y city are used to demonstrate the model. The practicability of the model is verified. Finally, suggestions for improving the construction of the housing accumulation fund loan guarantee and pricing system are given. The main conclusions of this paper are as follows: first, the housing provident fund loan guarantee business has developed healthily and rapidly, the first task is to make reasonable pricing; second, the guarantee rate is determined by risk cost rate, capital cost rate, operating cost rate, and so on. The security tax rate and the target profit rate are composed of five parts. Thirdly, through the econometric analysis of Y city data, the results show that the pricing model has some practicability. The guarantee rate should be shared by the housing provident fund management center and the borrower. Fifth, it is more appropriate to charge the guarantee rate in a five-year interval, which is fair and efficient. According to the conclusion of the research, this paper improves the risk assessment and measurement. Strengthen the construction of accounting information system, speed up the pricing policy to optimize the housing provident fund loan guarantee pricing system, correctly guide the market behavior of guarantee agencies.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.45

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