Study On Countermeasures Of Innovation Of Housing Finance In China

Innovation of housing finance is a continuously-emerging process accompanied by the development of finance adjusts its portfolio to market condition , economic condition , changes of law and regulations and real state situation which risk and profit unceasingly affects. According to the current situation of our housing finance, it includes initiative innovation and imitative innovation. As far as the content of innovation of housing finance is concerned, it includes exchange innovation of housing finance, organization innovation of housing finance and ensure system innovation of housing finance.The article demonstrates by Harrod-Domar-Mackinnon Increasing Model that innovation of housing finance will help to deepen housing finance and then drive the growth of housing sector. At the same time, it draws support from Time-Space Consumption Theory to emphasize the development of housing finance which does good to realize inhabitants' advance consumption and solve housing problems early.Nowadays, our innovation of housing finance is confronting strong innovation motive including requirement motive, supply motive and environmental motive. Requirement motive comes from housing system reform, the increase of family monetary income, the alternation of consuming conception and the contradiction between potential requirement and loss of effective requirement. Constraint system inside and outside financing institution, market financing system and the new increasing point of profit which is looked for by banks anxiously compose important supply motive of innovation of housing finance. At present, we have set up socialistic market economy system and have improved personal quality and technology, especially housing industry has been listed into dominant industry by several cities which will advance the development of city economy. All these have provided our innovation of housing finance with good environment. But it is obvious that the externality of innovation of housing finance and monopolizing status of our state-owned banks hinder to some extent carrying out the activities about innovation of housing finance. The article analyzes comparatively the models of housing finance system in America, Germany and Singapore, inspects our current situation and then build housing finance system model suiting our nation. The model is characteristic of the following aspects: (1) In a short period, it's appropriate to adopt government-dominated housing finance system, however, from a long period, market-dominated model is a better idea. (2) The single model in America, Germany and Singapore can't solve our housing problems. Our model of housing finance system should be compound. It is a compound body connecting the models of housing finance system in America, Germany and Singapore with our factual situation, including policy housing finance and market housing finance. (3) H.P.F system is the core of policy housing finance. It absorbs successful experience about Obligatory Deposit System and Mutual Deposit System. (4) commercial housing mortgage loan plays a great role in solving housing problems of medial-paid and high-paid families, and meanwhile it will also solve liquidity problems of mortgage loans by setting-up of secondary market of housing mortgage.The fourth part of the dissertation makes a detail discription of main problems concerning our system of housing system. It is a focal part and includes our governmental character orientation, the construction of our housing finance institution system, policy innovation and market innovation of our housing finance and etc..The western development history of housing finance indicates that government is monumental in developing housing finance. Especially when the development level of some country's economy is fairly low and housing problems are outstanding, the support and intervention from government for housing finance are obviously indispensable. Our housing finance development must rely on government. Government may adopt indirect patterns to support the innovation of hou...