本文選題：住房反向抵押貸款 + B-K模型　； 參考：《華東師范大學(xué)》2013年碩士論文

【摘要】：進(jìn)入21世紀(jì)以來我國人口老齡化問題日趨嚴(yán)重,以上海、北京等一線大城市為甚。嚴(yán)重的老齡化形成了越來越多的”四二一”式家庭-一對夫婦將需要贍養(yǎng)四個老人和一個孩子,傳統(tǒng)的養(yǎng)兒防老理念遇到了子女有心贍養(yǎng)卻力不從心的尷尬局面。于此同時,政府所面臨的社�；鹑笨谝苍谠絹碓酱�,所以完全依靠政府來養(yǎng)老也不切實(shí)際。加之近些年來通貨膨脹和物價上漲的影響,造成了老年人積蓄購買力的嚴(yán)重下降。綜上看來,傳統(tǒng)的三種養(yǎng)老模式-”養(yǎng)兒防老”、”政府養(yǎng)老”、”票子養(yǎng)老”已經(jīng)不能滿足人口快速老齡化帶來的養(yǎng)老需要,亟待新的養(yǎng)老模式來緩解當(dāng)前所面臨的養(yǎng)老問題。 住房反向抵押貸款是一項(xiàng)全新的業(yè)務(wù),主要針對那些擁有房產(chǎn)卻是現(xiàn)金上窮人的老年人。此項(xiàng)業(yè)務(wù)很好的解決了這部分老年人的養(yǎng)老問題。這種全新的養(yǎng)老理念最早來源于400多年前的歐洲荷蘭,目前在西方發(fā)達(dá)國家比較流行,其中具有代表性的是美國的住房反向抵押貸款模式。住房反向抵押貸款的具體涵義是指房屋產(chǎn)權(quán)所有者將房產(chǎn)抵押給特定的貸款機(jī)構(gòu)進(jìn)而取得一筆現(xiàn)金收入,這筆現(xiàn)金可以是一次性給付,按年金的形式給付或者其他雙方商定的方式給付,但是借款人可以在房屋中居住直到死亡或者搬出房屋。這筆現(xiàn)金收入是房屋未來剩余價值的貼現(xiàn)。一種金融產(chǎn)品能否在市場上得到廣泛推廣,除了滿足消費(fèi)者的需要外,合理的定價也至關(guān)重要。由于住房反向抵押貸款涉及面非常廣,操作非常復(fù)雜,在構(gòu)建定價模型時需要考慮到的問題也非常之多。 本文結(jié)合上海市的老齡化實(shí)際情況闡述了開辦住房反向抵押貸款的可行性并介紹了國外成功開辦此項(xiàng)業(yè)務(wù)的經(jīng)驗(yàn)。從利率波動的角度出發(fā),構(gòu)建了一個基于B-K利率二叉樹的住房反向抵押貸款模型,并且在定價模型中考慮借款人提前還款的情況。相應(yīng)的給出了固定利率下和二叉樹利率模型下的一次性躉領(lǐng),終身生存年金的支付公式和具有贖回權(quán)貸款的贖回權(quán)算法。最后總結(jié)了全文所做的工作并提出文章可以深化研究之處。
[Abstract]:The aging problem of China's population has become more and more serious since the beginning of the 21st century, especially in Shanghai, Beijing and other major cities. A growing number of "four-two-one" families-a couple will need to support four elderly people and one child-the traditional concept of child-rearing has encountered an awkward situation in which children are willing to support themselves but are unable to do so. At the same time, the government is facing a growing gap in social security funds, so it is impractical to rely entirely on the government for the aged. The effects of inflation and rising prices in recent years have led to a severe decline in the purchasing power of the elderly. To sum up, the traditional three types of old-age support models-"raising children and preventing old age", "government pension" and "vote for the aged" can no longer meet the needs of the aged brought about by the rapid aging of the population. A new pension model is urgently needed to alleviate the current pension problems. Reverse home mortgages are a new business for the elderly, who own property but are poor in cash. This business is a good solution to this part of the elderly pension problem. This new concept of the aged originated from the Netherlands and Europe more than 400 years ago. It is popular in the western developed countries, and the representative of which is the reverse mortgage model of the United States. The specific meaning of the reverse mortgage is that the owner of the house mortgage the property to a particular lending institution and then obtains a cash income, which can be a one-off payment. Payments are made in the form of an annuity or otherwise agreed upon by both parties, but the borrower may live in the house until he dies or moves out of the house. This cash income is a discount to the future surplus value of the house. Whether a financial product can be widely promoted in the market, in addition to meeting the needs of consumers, reasonable pricing is also crucial. Because of the wide range and complex operation of the reverse mortgage, there are many problems to be considered when constructing the pricing model. Based on the aging situation in Shanghai, this paper expounds the feasibility of setting up housing reverse mortgage loan and introduces the experience of foreign countries in successfully starting this business. From the angle of interest rate fluctuation, this paper constructs a housing reverse mortgage loan model based on B-K interest rate binary tree, and considers the case of borrowers' prepayment in the pricing model. In this paper, we give the one-off payoff formula, lifetime annuity payment formula and redemption algorithm with redeemable loan under fixed interest rate and binomial tree interest rate model. Finally, the paper summarizes the work done and points out that the article can deepen the research.
【學(xué)位授予單位】：華東師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F224;F832.4;F299.23

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