本文選題：養(yǎng)老金融產(chǎn)品 + 反向抵押貸款�。� 參考：《東北財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：目前我國已經(jīng)提前宣告進(jìn)入老齡化社會(huì)。我國養(yǎng)老問題特點(diǎn)是,人口老齡化增速快于經(jīng)濟(jì)發(fā)展速度,子女養(yǎng)老負(fù)擔(dān)日益嚴(yán)重,社會(huì)保障體系不健全,資金匱乏。然而與此同時(shí),我國家庭養(yǎng)老功能急劇惡化,社會(huì)養(yǎng)老保障體系不完善,養(yǎng)老資源貧乏。如何緩解養(yǎng)老困境已經(jīng)成為熱門話題。今年9月“以房養(yǎng)老”在國內(nèi)引起了一片反響,因?yàn)閲鴦?wù)院公布的《關(guān)于加快發(fā)展養(yǎng)老服務(wù)業(yè)的若干意見》中提出了明年開辦住房反向抵押貸款養(yǎng)老保險(xiǎn)的試點(diǎn)。但反向抵押貸款更大的障礙和問題仍然存在,很顯然,如何設(shè)計(jì)一個(gè)我國獨(dú)有的反向抵押貸款模式成為整個(gè)過程的焦點(diǎn)。 首先,我國老齡化趨勢日益嚴(yán)重,本文賢介紹了文章的研究意義以及國內(nèi)外反向抵押貸款的研究現(xiàn)狀。介紹了反向抵押貸款的理論基礎(chǔ),并介紹分析了住房反向抵押貸款在國外(以美國HECM為例)的運(yùn)作狀況,并從國外實(shí)施反向抵押貸款中獲得啟示并予以借鑒。 其次,對我國商業(yè)銀行開辦反向抵押貸款進(jìn)行了博弈分析。包括商業(yè)銀行開辦反向抵押貸款的必要性、可行性。分析了我國目前開辦住房反向抵押貸款存在的主要障礙,指出了我國住房反向抵押貸款市場存在需求不足、成本風(fēng)險(xiǎn)大等缺陷,同時(shí)又對商業(yè)銀行開辦的可行性進(jìn)行了討論,為提出適合我國國情的以房養(yǎng)老模式做好鋪墊。 再次,對住房反向抵押貸款養(yǎng)老方式進(jìn)行定位。對我國反向抵押貸款的組織模式、運(yùn)作模式、定價(jià)模型進(jìn)行了設(shè)計(jì)。文章主要設(shè)計(jì)了初期一級市場的運(yùn)作模式,即在商業(yè)銀行、借款人、中介機(jī)構(gòu)間的運(yùn)作,并對后期的如何解決貸款運(yùn)作過程中的流動(dòng)性瓶頸進(jìn)行了簡要的設(shè)計(jì),即實(shí)行住房反向抵押貸款證券化,同時(shí),為確保反向抵押貸款的能長久有效的運(yùn)作還提出設(shè)立信用和保險(xiǎn)機(jī)制。另外,對反向抵押貸款的定價(jià)也是關(guān)鍵環(huán)節(jié)之一,本文分別對有贖回權(quán)的產(chǎn)品分別建立了保險(xiǎn)精算模型及對無贖回權(quán)的產(chǎn)品建立了期權(quán)定價(jià)模型,并運(yùn)用兩種定價(jià)模型對案例進(jìn)行了分析,比較了兩種結(jié)果的意義。 最后,本文對反向抵押貸款運(yùn)作過程中存在的風(fēng)險(xiǎn)進(jìn)行了評估和管理,分析并提出了不同風(fēng)險(xiǎn)的風(fēng)險(xiǎn)管理措施,在此基礎(chǔ)上對我國商業(yè)銀行開辦反向抵押貸款提出了相關(guān)的意見和建議。同時(shí),對于本論文研究中存在的疏漏進(jìn)行了總結(jié),并對進(jìn)一步研究進(jìn)行了描述和展望。 本文的獨(dú)到之處和創(chuàng)造性成果在于從商業(yè)銀行自身的角度對是否開辦及如何開辦反向抵押貸款進(jìn)行了分析,包括商業(yè)銀行開辦反向抵押貸款產(chǎn)品的必要性、可行性；本文在反向抵押貸款存在風(fēng)險(xiǎn)的基礎(chǔ)上提出了兩種定價(jià)模型,在于對有無贖回權(quán)反向抵押貸款產(chǎn)品,分別采用最適合的兩種定價(jià)方法建立模型,分別為保險(xiǎn)精算模型和期權(quán)定價(jià)模型,并進(jìn)行了實(shí)證舉例,運(yùn)用兩種定價(jià)模型對案例進(jìn)行了分析。
[Abstract]:At present our country already announced ahead of time enters the aging society.The characteristics of the pension problem in China are that the aging population is growing faster than the economic development, the burden of the children for the aged is becoming more serious, the social security system is not perfect, and the funds are scarce.However, at the same time, the family pension function in China has deteriorated rapidly, the social pension security system is not perfect, and the endowment resources are poor.How to alleviate the plight of the aged has become a hot topic.In September this year, "housing for the aged" caused a reaction in China, because the State Council announced the "views on accelerating the development of the old-age service industry" proposed to launch a housing reverse mortgage pension insurance pilot next year.However, there are still more obstacles and problems in reverse mortgage loan. Obviously, how to design a unique reverse mortgage loan model has become the focus of the whole process.Firstly, the trend of aging is becoming more and more serious in China. This paper introduces the significance of the research and the research status of reverse mortgage at home and abroad.This paper introduces the theoretical basis of reverse mortgage loan, and analyzes the operation of reverse mortgage loan in foreign countries (taking HECM as an example), and draws inspiration from the implementation of reverse mortgage loan abroad and draws lessons from it.Secondly, the game analysis of reverse mortgage loan by commercial banks in China is carried out.Including commercial banks to set up reverse mortgage loan necessity, feasibility.This paper analyzes on the main obstacles to the establishment of reverse mortgage loan in China, points out the defects of the market of housing reverse mortgage loan in our country, such as insufficient demand and high cost risk, and discusses the feasibility of commercial bank operation.In order to put forward suitable for China's national conditions of the housing endowment model to do a good job.Third, the housing reverse mortgage pension mode positioning.The organizational model, operation model and pricing model of reverse mortgage loan in China are designed.This paper mainly designs the operation mode of the initial primary market, that is, the operation among commercial banks, borrowers and intermediary agencies, and gives a brief design of how to solve the liquidity bottleneck in the process of loan operation in the later period.At the same time, in order to ensure the long-term and effective operation of reverse mortgage loans, credit and insurance mechanisms are proposed.In addition, the pricing of reverse mortgage is also one of the key links.Two pricing models are used to analyze the case, and the significance of the two results is compared.Finally, this paper evaluates and manages the risks existing in the operation of reverse mortgage loan, analyzes and puts forward the risk management measures of different risks.On the basis of this, the author puts forward some suggestions on the reverse mortgage loan of commercial banks in our country.At the same time, the omissions in this paper are summarized, and the further research is described and prospected.The unique and creative achievement of this paper lies in the analysis of whether and how to set up reverse mortgage loan from the point of view of commercial banks, including the necessity and feasibility of commercial banks to set up reverse mortgage loan products;Based on the risk of reverse mortgage, this paper puts forward two pricing models, which are based on the two most suitable pricing methods for reverse mortgage products with or without redemption.Insurance actuarial model and option pricing model are used to analyze the case.
【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.4

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 韓再;;住房反向抵押貸款研究綜述[J];城市發(fā)展研究;2009年08期

2 王曉驊;黃儒靖;;從人口老齡化思考銀行的個(gè)人金融業(yè)務(wù)開發(fā)[J];當(dāng)代經(jīng)濟(jì)(下半月);2008年04期

3 王琨;開展住房反向抵押貸款的市場均衡分析[J];經(jīng)濟(jì)論壇;2005年12期

4 范子文;;我國住房反向抵押貸款的組織模式與運(yùn)行機(jī)制探析[J];經(jīng)濟(jì)界;2007年02期

5 張仕廉;劉亞麗;;我國試行住房反向抵押貸款的障礙與對策[J];經(jīng)濟(jì)縱橫;2007年03期

6 游娜;商業(yè)銀行可否推行反向抵押貸款 ?[J];現(xiàn)代商業(yè)銀行;2003年04期

7 張秋虹;;我國推進(jìn)住房反向抵押貸款的探討[J];金融與經(jīng)濟(jì);2007年11期

8 閻春寧;張偉;祝羅驍;;住房反向抵押貸款定價(jià)模型的比較分析[J];價(jià)值工程;2010年31期

9 郭佳佳;;反向抵押貸款房產(chǎn)養(yǎng)老模式中利率風(fēng)險(xiǎn)研究[J];現(xiàn)代商貿(mào)工業(yè);2010年05期

10 李時(shí)華;;住房反抵押貸款:擴(kuò)大老年消費(fèi)需求的新途徑[J];消費(fèi)經(jīng)濟(jì);2007年01期

，

本文編號(hào)：1735951