Study On The Transaction Costs Of Establishing Housing Policy-Based Financial System

The issue that house price is high and rising at a higher rate has caused wide public concern. The increasing scholars pay attention to the establishment of housing policy-based financial system. As a means for housing, the establishment of housing policy-based financial system is put forward based on the elementary theory of policy finance and the experience of CDB, ADBC, and China Eximbank. To study the experience of USA, Japan, German, France's housing policy-based financial system including their trait, grade of service and run pattern, etc, it could get a general approach to establish housing policy-based financial system in China. First, the relations must be very well coordinated between housing policy finance and market mechanism. Second, It must be found principle of management and administration. Third, sources of the funds must be reliable and stable. Forth, it must be set up an unattached legal system. Fifth, the supervision must be enhanced. There is a focus on analysis of transaction costs and efficiency of housing policy-based financial system. Transaction costs of housing policy-based financial system include the management cost, supervision cost and policy cost. Tax policy, information disclose, incomplete contract and transaction order are the major contents. Fairness and efficiency are the important standard to assess for the establishment of housing policy-based financial system. To run housing policy finance need pumped fairness into the efficiency. In accordance with the rules of market economy, the government's moderate intervention will be helpful for housing policy-based financial system. The studies lead to conclude that risk prevention mechanism, the law, supervision mechanism, evaluation mechanism is the necessary complement to ensure stable operation. The establishment of housing policy-based financial system will help optimize the allocation of housing, raise finance efficiency and social stability. However, when the objective environment changes, housing policy finance should be change with it, or withdrew from some business unneeded.