The Research Of The Housing Fund Management

The coverage of housing fund has expanded year by year,and the balance of deposit is becoming bigger and bigger after 20 years of steady development of our countries' housing fund system.At the year of 2015,the employees participate in housing fund nationwide has reached 1.23 billion,an increase of 5.15 million,the growth of 4.34%;The national housing fund capture the total to ?14549.46 billion,an increase of 12.29%.While maintaining the rapid development of housing fund,however,there are also many problems,take the capital management for example: The regulation of using housing fund is still tight in some provinces,surplus fund is larger,way of use is fewer,internal dispersion function is weak,management efficiency is not high.The growth rate of the total housing fund capture behind the growth rate of total loans and extracting in the other some provinces,the revenue could not meet the needs of its expenditure;the balance of fund is insufficient.The utilization rate of fund is high,the fund liquidity is risk,The pressure of capital operation is increasing.These problems result in the shortcomings of the ability against risk,the more difficulty of capital flow management,the harder to increase the efficiency of housing fund,restrict the ability of maintain and add the value of housing fund,and the worse of loss,damage the legal interest of the employees.Facing all of the problems,how to implement effective fund management of housing fund,strengthening the ability of capital management and against risk,maintaining and add the value of the housing fund,is becoming a urgent task of research.In this background,from the perspective of housing fund management institutions,this paper has studied the housing fund management problem in China,with the theory of capital risk income,Cost-benefit theory,the internal control theory.According the source of housing fund,fund use,deposit of housing fund management and the distribution of value-added income of housing fund,this article has studied the problems of housing fund and focusing on summarizing capital operation of housing fund in our country in the situation of the internal management and external environment,with fund decisions,capital plan,account management and internal control and so on.This paper analyzes the problems of the housing fund through multiple points of view systematic,comprehensive and innovative,has certain theoretical significance.The research results show that by using liquidity balance model to evaluate and judge the safety and liquidity of the housing fund,we can monitor the positive correlations between capital safety and liquidity,avoid the inefficiency of capital flow;By using autoregressive moving average(ARIMA)model,we can forecast the capital demand of the housing fund more accurately,this is proved by the case analysis of the X city,in which forecast is more closer to the actual and the accuracy is increasing 10%.By using stochastic model to calculate current deposit holdings can make the best current deposit holdings under control,this is evident in case analysis of the X city,in which increases the fixed time deposit ?172 million in 2016.By calculating the planned incremental rate of return,we can find the range of deposit portfolio combinations,this is obvious in case analysis of the X city,in which increasing the return ?5 million,taking up 1.24% of all the return in 2016.All of these proved that by using the model instead of experience,we can optimize the capital structure,improve the benefit and rationality of the capital management of housing fund.Finally,this paper put forward fund management policy recommendations,including building system of housing fund actuarial science or innovative housing fund investment or sound investment legislation foundation or accelerate the construction of management information to improve the capacity of the housing fund.At the same time,analyzing and summing up the shortcomings existing in this paper,and looking forward to the future direction of housing fund management research,in order to provide reference for the later research.