政府保险对住房反抵押贷款定价的影响分析  

Analysis of Impact of Government Insurance on Reverse Mortgage Pricing

作　　者：周海珍[1] 战峻峰 

机构地区：[1]浙江财经大学金融学院 [2]浙江财经大学

出　　处：《投资研究》2014年第2期150-156,共7页Review of Investment Studies

基　　金：浙江省自然基金项目"老龄化背景下中国住房反抵押市场需求研究"的研究成果之一;项目编号LY12G03009

摘　　要：随着中国步入老龄化社会,加上家庭结构小型化和空巢家庭增加,使得住房反抵押贷款这种养老方式逐渐被人所关注,但对于在我国应采取怎样的经营模式,以及政府应在其中起什么样的作用,目前还未有深入分析。文章首先分别给出了有无政府提供保险情况下住房反抵押贷款的定价模型,同时根据对未来房价的预测、利率、死亡率等因素的假定,模拟计算并比较了有无政府保险下借款人所能得到的不同贷款价值比。研究结果表明,在住房反抵押贷款中由政府提供担保确实能增加借款人所能获得的贷款额。With China entering the aging society, changing of family structure and the appearance of more and more empty-nest families, reverse mortgage is gradually to be concerned. But there are no thorough analyses about what business models should have in our country, and what role the government would play at present. At first, the article proposes the pricing model of re- verse mortgage with and without government insurance. Moreover, the article simulations and compares the different loan-val- ue borrower can get between with and without government insurance by making use of existing real estate prices, interest rates and mortality data etc.. The result shows government insurance can increase loan amount available indeed in reverse mortgage.

关 键 词：政府保险 住房反抵押贷款 定价 

分 类 号：F842[经济管理—保险] F293.3F832.4F224