我国保障性住房建设融资问题研究.docx
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我国保障性住房建设融资问题研究
摘要
当前我国大规模实施保障性住房建设,资金需求量巨大,而保障性住房建设资金来源
较为狭窄,制约了保障性住房建设的大力开展,如何摆脱融资困局、创新融资模式成为当
下急需解决的难题。
由于保障性住房的建设的周期长,建设资金投入大,经济效益低等特点,我国保障性
住房建设资金仍以政府为主导。
保障性住房建设任务将通过一般预算安排、提取土地出让
净收益、住房公积金增值收益以及积极引导社会资金参与等方式,确保保障性住房建设资
金的落实。
然而在严厉的房地产宏观调控背景下,部分城市土地出让收入大幅降低,各地
方政府的土地出让净收益将锐减,地方政府自筹资金存在巨大缺口。
由于保障性住房目前
主要是一些国企及部分房地产龙头企业参与其中,加之一直以来对于保障性住房产权关系
的不明晰,企业与政府合作建设保障性住房的模式不成熟,建成之后经营维修等权利义务
还处在探索阶段,故民间资本参与保障性住房建设也存在很大的困难。
面对“十二五”期
间的3600万套保障性住房建设任务,这种以政府为主体的投资模式已不能满足我国保障
性住房建设的需要。
本文通过分析国外公共住房融资模式以及国内典型城市的保障性住房融资模式,对保
障性住房融资模式进行相关的整理和评价。
本文认为,在政府层面上构建四位一体的保障
性住房融资模式,优化政府融资模式,发挥地方政府和企事业单位的积极性,在保障性住
房的建设中,引入其他投资主体,例如在保障性房建设中运用PPP融资和REITs(房地产
信托投资基金),建立一种具有可持续盈利模式的内生型融资模式,弥补传统融资模式的
不足,提高建造保障性住房的效率和质量。
关键词:
保障性住房;政府融资;四位一体融资模式
1
Abstract
Currently,China'slarge-scaleimplementationofaffordablehousing,requiressignificant
capital.Thesourceoffundingoftheconstructionofaffordablehousingisrelativelynarrowso
thatrestrictedvigorouslycarryouttheconstructionofaffordablehousing.Howtogetridofthe
financingdilemma,innovativefinancingmodelsbecometheurgentneedtosolvetheproblems
ofthemoment.
Protectionofhousingconstructioncycleislong,thefundingforconstruction,economic
efficiencyandlow.Ofprotectionofhousingconstructionfundsarestillgovernment-led.The
taskofprotectionofhousingconstructionwillextractlandtransfernetincomethroughthe
generalbudgetarrangements,addedincomehousingfunds,andactivelyguidesocialcapitalto
participatein,toensurethattheimplementationofprotectionofhousingconstructionfunds.
However,inthecontextofsevererealestatemacro-control,partofthecitylandtransfer
revenuessignificantlyreducelocalgovernmentlandtransfernetincomewilldecrease,local
governmentself-financingthereisahugegap.Asthesecurityroomismainlyinvolvedina
numberofstate-ownedenterprisesandthepartoftheleadingrealestatecompanies,coupled
withthelackofclarityfortheprotectionofpropertyrightsrelationshiphasbeenimmature,
businessandgovernmentcooperationintheconstructionofaffordablehousingpatterns,the
rightsandobligationsofthebusinessafterthecompletionofmaintenanceandother
inexploratorystage,theparticipationofprivatecapitalintheprotectionofhousingconstruction
therearegreatdifficulties.Facedwiththe"TwelfthFive-Year"period36millionunitsof
affordablehousingconstructiontask,thegovernmentasthemainmodeofinvestmentcannot
meettheneedoftheprotectionofhousingconstructioninChina.
Thispaperthroughtheanalysistheforeignpublichousingfinancingmodelaswellasthe
typicalcitiesofaffordablehousingfinancingmode,collationandevaluationofprotectionof
housingfinancingmodel.Thispaperarguesthatthehousingfinancesystematthegovernment
leveltoimprovetheprotectionoftooptimizegovernmentfinancingmode,playtheenthusiasm
oflocalgovernmentsandenterprises,Intheconstructionofaffordablehousing,theintroduction
ofotherinvestmententities,forexample,intheconstructionofaffordablehousingintheuseof
PPPfinancingandREITs(realestateinvestmenttrusts),Endogenousfinancingmodelto
establishasustainableprofitmodel,tomakeupforthedeficienciesofthetraditionalfinancing
modeltoimprovetheefficiencyandqualityoftheconstructionoftheaffordablehousing.
Keyword:
AffordableHousing,GovernmentFinancing,FourIntegratedFinancingModel
2
目录
摘要......................................................................................................................................I
Abstract..................................................................................................................................II
第一章绪论.........................................................................................................................1
1.1研究背景与意义.........................................................................................................1
1.1.1研究背景.............................................................................................................1
1.1.2理论意义.............................................................................................................2
1.1.3实践意义..............................................................................................................2
1.2文献综述...................................................................................................................3
1.2.1国外研究现状.....................................................................................................3
1.2.2国内研究现状.....................................................................................................4
1.3研究方法及创新之处.................................................................................................6
1.3.1理论分析法..