有赎回权住房反向抵押贷款的风险规避方法研究  

Study on Risk Aversion Methods of Housing Reverse Mortgage Loan with Right of Redemption

作　　者：林枫[1] 孙培梁[2] 王月芬[1] 季新苗 

机构地区：[1]浙江理工大学理学院,杭州310018 [2]浙江警官职业学院,杭州310018 [3]中国光大银行朝晖支行,杭州310000

出　　处：《浙江理工大学学报（社会科学版）》2015年第1期1-4,共4页Journal of Zhejiang Sci-Tech University：Social Sciences

基　　金：国家自然科学基金项目(11101369);浙江省教育厅科研项目(Y201226295)

摘　　要：针对期权法的不足,运用精算法对有赎回权住房反向抵押贷款风险进行了度量,并开发了再定价和"再"保险两种风险规避方法,建立了考虑房价风险、利率风险和寿命风险的精算再定价模型以及包括风险度量方法、初期费率和每期保费额的费率模型。以杭州为例,具体对比了期权-精算法、精算法和"再"保险法三种风险规避方法下的风险与定价,"再"保险方法表现出了更广阔市场前景优势。Aiming at the shortcomings of the option method,this paper adopts the actuarial method to measure the risk of housing reverse mortgage loan with the right of redemption,and develops two risk aversion methods（re-pricing and re-insurance）,establishes an actuarial re-pricing model which takes into account of house price risk,interest rate risk and the risk of life,and a rate model including risk measurement method,the initial premium and premium in each stage.Besides,this paper takes Hangzhou as an example and compares risks and pricing under three risk aversion methods（the options-actuarial method,actuarial method and re-insurance method）.The re-insurance method reflects the broader market prospect advantage.

关 键 词：住房反向抵押贷款 精算法 风险规避方法 对比分析 赎回 

分 类 号：F224.9[经济管理—国民经济]