The Study For Determinants Of Housing Accumulation Fund Loan’s Maximum Amount And Its Adjustment In China

China’s housing accumulation fund system was established in 1991,the system has been continuously improved in the development process of more than 20 years. Establishment and development of housing accumulation fund system enhances the housing consumption ability and improves the housing conditions of residents in China,and also has made a great contribution for the development of chinese real estate market and the reform of housing system. Moreover,at present,adjusting the housing accumulation fund loans policy has become one of the common policy control means of the local government,including the adjustment of the maximum amount of housing accumulation fund loan. A reasonable maximum amount of housing accumulation fund loan is not only important to housing accumulation fund system,but also related to the interests of all capture puts workers. Therefore,this study did some deep theoretical analysis focus on the impact factors of housing accumulation fund loan’s maximum amount and its adjustment,put forward some research hypothesis,established the empirical models with panel data to test whether the hypothesis are correct or not.Firstly, this study did some theoretical analysis focus on the impact factors of housing accumulation fund loan’s maximum amount from four aspects, including the level of macro-economic development, people’s income and living conditions,the marketization process and the self-factors of housing accumulation fund,and put forward the theoretical research hypothesis.Using the panel data of 70 cities from 2008 to 2013 as sample,this study established panel data regression model to empirical test the impact factors of housing accumulation fund loan’s maximum amount.Secondly,this study did some deep theoretical analysis focus on the impact factors of housing accumulation fund loan’s maximum amount from three aspects,including the level of macro-economic development,people’s income and living conditions and the self-factors of housing accumulation fund,and use the panel logit model with the panel data of 70 cities from 2008 to 2013 to empirically test the impact factorsThe research shows that:(1) the maximum amount of housing accumulation fund loan has a significant positive correlation with six factors, such as per capita GDP, finance expenditure-income ratio, housing price, urban resident population,per capita disposable income, individual savings and the relationship between government and market;( 2) the maximum amount of housing accumulation fund loan has a significant negative correlation with three factors,including fixed assets investment,the personal loan ratio of housing accumulation fund and the adjusting times of the maximum amount of housing accumulation fund loan;(3) there is no significant relationship between the maximum amount of housing accumulation fund loan and three factors. These factors are the per capita housing area,the development of non-state economy and the development degree of factor market;(4) the growth of the local financial budget revenue and housing price will lead to the rising of the maximum amount of housing accumulation fund loan;(5)the higher the local financial budget expenditure, per capita disposable income, individual savings and the personal loan ratio of housing accumulation fund, the smaller the possibility of the adjustment of housing accumulation fund loan’s maximum amount.Therefore,when adjusting the maximum amount of housing accumulation fund loan, the government should take into account the local fiscal revenue budget,local financial budget expenditure, housing price, per capita disposable income, individual savings, the personal loan ratio of housing accumulation fund,per capita GDP,finance expenditure-income ratio,fixed asset investment,urban resident population,the adjusting times of the maximum amount of housing accumulation fund loan and the adjusting times of the maximum amount of housing accumulation fund loan,and makes the maximum amount of housing accumulation fund loan more reasonable.