我国廉租房融资方式研究

我国廉租房融资方式研究重庆大学硕士学位论文学生姓名：黄旭晖指导教师：颜哲教授专业：技术经济及管理学科门类：管理学重庆大学建设管理与房地产学院二OO八年五月StudyonFinancingModeoftheLow-rentHousinginChinaAThesisSubmittedtoChongqingUniversityinPartialFulfillmentoftheRequirementfortheDegreeofMasterofManagementbyHuangXuhuiSupervisor:Prof.YanZheMajor:TechnicalEconomicandManagementCollegeofConstructionManagementandRealEstateofChongqingUniversityChongqing,ChinaMay2008中文摘要I摘要*论文分析我国廉租房投融资体制，寻找症结所在，借鉴国际经验，目的在于探索适合国情的新型廉租房融资方式，并确定了研究思路、研究方法及研究技术路线。论文比较分析了各国在构建住房保障制度上的经验，分别对美国、日本、新加坡、英国、德国、中国香港等国家和地区的廉租住房政策、政府干预方式、投融资模式等方面进行剖析比较，分析其共性，从中得到若干重要启示。同时，通过文献研究发现，国外学者在比较房屋政策理论、住房保障生命周期理论、社会排斥理论、住房过滤理论对住房保障展开研究，国内学者对廉租房的研究多集中在制度建设、资金来源和金融创新等方面。通过对廉租房的准公共产品特性、准经营性和可销售性的分析和评估发现，廉租房适合进行商品化和市场化，并分析了PPP融资模式，这些为本文的研究提供了方法论的理论基础。论文对我国历年来廉租房政策进行了梳理，提取了现行廉租房政策的要点，回顾总结了十年来两个阶段的廉租房建设情况，进一步论述了廉租房供给力度长期不足的现状。并从廉租房的保障对象和保障进度出发对未来几年廉租房的实物配租和租赁补贴的资金需求进行了预测，从政策规定的资金来源渠道对未来几年廉租房的资金供给进行了分析，进而预测当前模式下的资金缺口，最后对当前廉租房投融资模式的滞后性和不可持续性进行了分析。论文针对当前模式的各种缺陷提出了新型融资方式的原则和框架，并进一步构建了集政府基础性投入、廉租房开发公积金贷款、开发性金融助推廉租房建设和廉租房项目PPP模式为一体的，政府、信贷部门、私人机构共同参与的新型廉租房融资方式。整个模式以政府的公共资金投入、政府担保的贷款、贴息的低息贷款以及税费优惠政策为基础，吸引私人部门参与，并以私人部门作为廉租房的建设主体，建立一种全新的PPP模式。最后，通过案例模拟分析了新模式对参与各方的良好激励效应，进一步说明了新模式的可行性。关键词：住房保障，廉租房，投融资模式，融资方式，PPP模式*课题来源于国家自然科学基金项目“西部城市PPP项目融资风险控制模式研究”（基金号70672011）。重庆大学硕士学位论文II英文摘要IIIABSTRACTTheobjectiveofthepaperistoanalysistheweaknessoftheinvestmentandfinancingsystemrelatedtolow-renthousingsysteminChina,alsotrytoestablishanewinvestmentandfinancingmodeofthelow-renthouse.Therelevantidea,methodsandresearchframewasestablishedaccordingly.Afterresearchandcomparehousingpolicies,governmentintervention,investmentandfinancingmodesamongtheUnitedStates,Japan,Singapore,England,GermanyandHongKong,someimportantimplicationsisdigoutfromthecommongroundanddifferenceofthecountriesanddistricts.Atthesametime,afterstudytherelevantliterature,theresearcherfoundforeignscholarsfocusonthetheoriesofcomparisonofhousingpolicy,housingsecuritylife-cycle,socialexclusionandhousingfilter,whiledomesticscholarsareonlyinterestedonestablishingthesystem,financingandfinanceinnovation.Thequasi-publicfeatures,prospectivebusinessandmarketabilityofthelow-renthouseandPPPpatternwasanalyzedinthispaper,thesetheoriesprovidemethodologyforthispaper.Thepaperbifurcatethelow-renthousingpoliciesinthepastyearsanddistillthekeypointsofpresentpolicy.Alsoreviewandsummarizethesupplyoflow-renthouseontwophasesduringlastdecade,furtherdescribetheinsufficiencyofsupplyincurrentperiod.Thenbasedonthebeneficiaryandprogressoflow-renthousingsystemthestudyforecastthelow-renthousesandmonetaryallowancedemandscausedintheupcomingseveralyears,andprojectthefundflowintothesysteminaccordancewithsourcesoffundsstipulatedinpresentpolicy,alsodopeouttheinsufficiencyoffundforlow-renthousingunderthepresentmode.Thepaperalsoanalyzedthelagandunsustainableofthepresentmode.Thepaperraisestheprincipleandframeforfurtherinnovationconsideringaboutthelimitationofthepresentmode.Thentrytocomposethenewfinancingmode,whereinthefollowingfactorsareinvolved,i.e.governmentbasicinvestment,housingprovidentfundloantolow-renthousedevelopment,developmentfinancingandlow-renthousingPPPpattern.Theparticipatorsofthenewmodearegovernment,creditorsandprivate.Thekeypointofthenewmodeistomagnetizetheprivatefundbythebenefitsfromgov.investment,loansguaranteedbygov.,low-interestloans,taxandfeepreferencepolicies,inordertogetprivatetoplaythemajorroleinthenewmode,重庆大学硕士学位论文IVthemostimportantofthenewmodeistosetupthePPPpattern.Finally,theincentiveeffectswereanalyzedinthecasemodel,whichfurtherprovesthefeasibilityofthenewmode.Keywords:housingsecurity,low-renthouse,investmentandfinancingmode,financing,PPPpattern目录V目录中文摘要..........................................................................................................................................I英文摘要.......................................................................................................................................III1绪论.........................................................................................................................................11.1选题背景...............................................................................................................................11.1.1改革开放成果显著，但深层的结构性问题突出....................................................11.1.2初步构建了多层次住房保障体系，但房价结构性高企........................................21.1.3低收入群体住房困难，通过金融工程解决的风险巨大........................................51.1.4保障性住房制度落实不到位，廉租房资金缺口问题亟待破解............................61.2研究目的及意义...................................................................................................................71.3研究方法及内容...................................................................................................................81.3.1研究方法....................................................................................................................81.3.2研究内容....................................................................................................................81.4研究技术路线.....................................