Study On Allocation And Efficiency Of Housing Provident Fund Resource In China

In the field of playing policy housing finance security, low allocation efficiency ofHousing Provident Fund (HPF) resource has been a bottleneck. How to optimize HPFresource allocation and improve its efficiency, is the focus of HPF field, but also is thebackground of this study.Around the problem of HPF resource allocation, this study Chooses welfareeconomics, government regulation theory, resource allocation theory as the guide,efficient allocation of resources as the main line, and improving efficiency as the goal.As the result, this study touches in detail upon subjects such as:(1) the differences ofHPF resource allocation level in35cities;(2) the balanced allocation between supplyand demand of HPF resource;(3) the efficiency of resource allocation;(4) HPFmacroscopic effects to housing industry. The main innovative achievements arefollowing:(1) This study establishes evaluation model of HPF resource allocation, andmeasures and evaluates the level of China35large and medium-sized cities with themethod of factor analysis and hierarchical clustering. The conclusions are as follows:Supply, Demand and efficiency are the essential factors to impact the allocation level ofHPF resource; the result of evaluation of clustering verifies that city HPF resourcesallocation exist significant spatial difference. In the35cities, higher level exits inBeijing, Shanghai; moderate level exits in10cities, such as Guangzhou, Tianjin; andthe remaining19city is in the low level.(2) From the Angle of supply and demand balance, this study systematically analyzes the characteristics of HPF supply and demand, as well as the path toequilibrium. The conclusions are as follows: the allocation of HPF resource is always ina state, and reason is mainly from the rigidity supply and elastic demand; this studyestablishes a non-equilibrium model for supply and demand allocation of HPF resources,choosing Shanghai city as the example, the empirical result shows that the state of HPFresources allocation in Shanghai city is in a more serious disequilibrium.(3) According to the definition of HPF efficiency, this study, using the model ofDEA, calculates HPF using efficiency from two dimensions of the national and cities.The conclusions are as follows: the total factor productivity of national HPF resource isbasically in the growing state, and the growing reason is mainly from technical changeor progress, not from pure technical efficiency and scale efficiency, which make zeroimpact to the total factor productivity, so pure technical efficiency and scale efficiencyare the key to enhance the HPF efficiency; because of no effective utilization ofresources or input-output, use efficiency of HPF is low among35large and mediumcites, while use efficiency in eastern cities is relative higher than mid-western cites; atthe same time, from the analytical results of the influencing factors, this study find thatthe main reasons are loan rate, extracting rate, rate of the loan number, but not HPFcoverage, which lead to the low efficiency of HPF resources.(4) By using state space model, Granger test and other methods of econometricanalysis, this study analyzes HPF macroscopic effect for housing industry development.The conclusions are as follows: there exists a strong positive correlation between HPFand housing industry; the impact to the housing sales is overall than the impact tohousing price, high housing price inhibits PHF fund financial security; HPF is not theGrainger reason of commercial housing finance, while commercial housing finance isthe Grainger reason of HPF. HPF does not develop substitute and booster effects.This study broadens the field of HPF theory research. Correlative research resultscan provide theoretical and policy support for HPF effective allocation, and promoteHPF development in China.