Research On The Reform Path Of My Country's Housing Provident Fund System

This paper starts from the basic attributes of China's housing provident fund,combines theory with practice,qualitative and quantitative research,and analyzes the problems existing in the operation of China's housing provident fund,and proposes a reform path.First of all,this paper studies the relevant theories of housing provident fund system.It is believed that from the perspective of fair efficiency theory,the fairness factor of China's provident fund system is lacking,the basic housing of low-income groups is not guaranteed,and the middle-and high-income groups avoid tax by means of overpayment.And long-term fund investment channels are narrow;from the fund theory point of view,the management principles and fund management modes stipulated in the Regulations on Housing Provident Fund Management are basically the same,the existing housing provident fund can be regarded as a special open-ended,contractual fund From the perspective of compulsory savings theory,a single compulsory saving policy cannot be linked to the income level of the participating subjects,and the seriously damaged group cannot get higher loss compensation;from the perspective of principal-agent theory,there are multiple in the CPF system in China.Entrusted agency relationship,the provident fund depositor entrusts the housing provident fund management center to control the management of the provident fund,and the management center also entrusts part of the provident fund business to the commercial banks as a trustee.There is a conflict of interest between the commercial bank and the client;Mutual aid theory,only In the case of enough participants and long enough participation time,the losses suffered by other members will be controlled within an acceptable range;from the perspective of public decision theory,the goal of the housing provident fund is to reduce the purchase of the depositor.Pressure to narrow the gap in purchasing power caused by the income gap;from the perspective of new public management theory,market incentives and enterprise management should be applied to the public sector and public services.Therefore,it is necessary to carry out the reform of the existing housing provident fund system.When exploring the reform path of the housing provident fund management institution,China should focus on decentralization and decentralization,marketization and socialization of public services,and introduction of modern management techniques.The second chapter analyzes the historical evolution and current situation of China's housing provident fund system,and analyzes the role of the system.It is believed that with the gradual deepening of China's urban housing system reform and the continuous advancement of market-oriented reforms,the housing provident fund system has also been established and promoted.After more than 20 years of perfect development,the housing provident fund system has gradually evolved into a basic institutional arrangement to solve the housing problems of urban residents.It has played an important role in promoting housing construction and consumption,maintaining social stability and promoting economic development.Under the new development situation,accelerating the adjustment of institutional functions and deepening institutional reforms are the proper meaning of the development of the housing provident fund system.In the past 30 years,the development of China's housing provident fund system has been continuously promoted along with the wave of market reform and housing system reform in China.With the deepening of China's economic and social development and reform,it has gradually developed through bottom-up exploration and top-down.The improvement is closely combined,and the part of the system itself that is incompatible with the actual situation is gradually adjusted and gradually perfected and matured.However,there are still many problems and challenges in the process of the system operation.The role of China's housing provident fund system is mainly to promote the transformation of housing from welfare distribution to money distribution,promote the market-oriented reform of housing system,promote the development of real estate financial system,give play to the housing security function,promote housing security and social equity,promote macro-control,and optimize resources configuration.The third chapter is based on the research results of Beijing's new citizen housing problem,using data analysis tools to compare theoretical and empirical research,and presenting the representative and practical significance of the housing accumulation fund system analysis hypothesis,in order to study the housing provident fund system.The problem established an analytical model.Through research,this paper believes that the housing provident fund operation process has the following loopholes,that is,the public institutions bear unnecessary liability risks,there are legal doubts about the use of value-added income,and the low interest rate and low loan interest rate regulations result in inefficiency;housing provident fund decision-making and management organization positioning Unclear,improper nature,statutory functions cannot be effectively performed,that is,the housing accumulation fund decision-making institutions are unclear,resulting in imbalance of powers and responsibilities,functional ambiguity,improper ownership of housing provident fund management institutions,resulting in their functional misplacement and inefficiency;housing provident fund supervision system It is difficult for the main body to perform its supervisory duties well,and it is difficult to form an effective joint force.The main body of the housing provident fund supervision system is limited by its departmental functions.It is difficult to bear the supervisory responsibility well.The multi-head supervision system of the housing provident fund makes the supervision force scattered and the coordination is insufficient.The allocation of funds for the provident fund is inefficient,and the ability to resist systemic risks is poor.The management of housing provident fund in different cities is quite different,the coordination is difficult,the allocation of funds is inefficient,the housing provident fund is based on cities,and the systemic risk resistance is weak.Housing Fund narrow coverage,limiting their housing security function of the play,the efficient use of housing provident fund is low,less investment channels,the funds idle serious,fund management and distribution of value-added benefits unreasonable damage fairness of the system.The fourth chapter combines the British housing cooperatives,the German Housing Savings Bank,the Japanese housing finance public housing and residential financial support institutions,the US first-tier second-tier housing mortgage market and other developed countries public housing funding system,as well as Brazil,Mexico,Malaysia,India.Public housing funding systems in developing countries such as South Korea and Singapore,clarifying the global practice of the housing provident fund system and national housing policies.This paper believes that the housing development policies of various countries are generally committed to meeting the reasonable housing needs of low-and middle-income families.Through various policy interventions,lowand middle-income families can achieve housing needs at a lower cost.The development of policy-based housing finance policies and institutions is coupled with the development of the housing market and commercial housing finance,and presents different policy characteristics in different countries and different historical stages.In the period of underdeveloped commercial housing finance,housing finance policy is mainly to better promote the development of housing finance market,so that the availability of residential housing financing can be improved.In developing countries,the government usually chooses to set up policy financial institutions and directly access the housing loan market.In traditional developed countries,the government mainly promotes the development of mutual contract financial institutions such as housing contract savings and housing cooperatives through tax incentives or subsidies,such as Germany.The Housing Savings Bank and the British Building Cooperative.In the developed stage of commercial housing finance,commercial institutions can meet the housing financing needs of some residents,but for low-and middle-income people,only commercial organization financing is not enough,they are difficult or difficult to undertake financing support from commercial organizations.Therefore,new requirements are imposed on housing development policies and policy financial institutions,that is,their intervention methods need to be changed from direct provision of loans to comprehensive use of policy insurance,interest rate subsidies,and tax incentives to reduce the financing costs of low-and middle-income people.The fifth chapter summarizes that the nature and orientation of China's housing provident fund include wage theory,social welfare theory,employee welfare theory,etc.From a practical point of view,China's existing housing provident fund should belong to employee welfare,but from the perspective of it should be positioned as housing security measures.Then this paper discusses the reasons behind the housing accumulation fund system in China,lists the alternative models of China's reform of the provident fund system,and analyzes the environment of the reform of the housing provident fund system in the new era,and summarizes and draws the optimal model suitable for the present.This paper believes that China's housing provident fund system reform model can choose to form a statutory body,prepare a trust institution and form a national housing development bank.This paper believes that a more standardized policy housing financial institution should be established,which has the financial function to adapt to the new mechanism and build an organizational structure for the development of critical institutions.Managing the housing provident fund with a more standardized financial management system and accelerating the improvement of the financial supervision mechanism will also help to enhance the security of funds.After that,this paper comprehensively considers China's national conditions and economic and social development process,conducts research and analysis on the development path of China's housing provident fund system in institutional reform,studies and discusses the guiding ideology,basic principles,overall objectives,basic contents and basic steps of the overall path,and How to improve China's housing provident fund system to make recommendations.Finally,this paper reviews and summarizes the main research contents of this paper,analyzes the shortcomings of the paper and puts forward the prospect of the feasibility of the improvement plan of China's housing provident fund system.This paper believes that if a statutory institution model is established,but the government needs a large-scale centralized financial allocation,it has high requirements for the professional level and work ability of the staff.The supervision and accountability mechanism required under the larger power is also required.Correspondingly perfect,it requires a gradual process of change over a longer period of time.Another example is the establishment of a trust institution model,which not only makes the responsibilities of the CPF Management Center more comprehensive,but also puts higher demands on its ability to prevent risks.However,at present,China still adopts the method of “separate management” for banks and trust institutions.Although the bank's awareness of risk management is constantly increasing,it can maintain and guarantee the relatively stable and efficient trust management system for a long time.Operation,still requires further top-level design and overall planning.Therefore,on the basis of comprehensive consideration of time feasibility,economic feasibility and implementation feasibility,the establishment of policy housing financial institutions has become the optimal path and mode for the reform of China's housing provident fund system.