The Research On The Pricing Of Housing Accumulation Fund Loan Warrandice In China

With the scale of housing accumulation fund loans enlarged, the potential risk isincreasing. For avoiding the risk, the housing accumulation fund management centers ofour country introduce the guarantee warranty one after another. The specialized riskmanagement of guarantee institutions could enhance the center risk resistance capacity ofhousing accumulation fund management centers. But nevertheless it is a very short timesince our country carried out the housing accumulation fund loan’s warrandice business,meanwhile, the related study is really rare and the current warrandice’s fee rate isformulated by the institutional management department who just consults the otherbusiness fee rates of financial industry. Thus, this way is lack of theor etical basis.According to the risk feature of the guarantee agency and its importance in the housingaccumulation fund loan risk management, the reasonable pricing of fee rate is not only ofthe essence for its own operational decision-making but also for the promotion of China’shousing accumulation fund loan business development.Basing on the related fee rate pricing models, this thesis aims to construct a suitablepricing model for China’s housing accumulation fund loans warrandice business combiningwith its characteristics. Based on the analys is,it divide warrandice fees into several parts:risk cost, capital cost, operating cost, tax cost and the target profit, and using the CAPM,option pricing method, pricing and cost plus pricing mode, it built a corresponding pricingmodel. Meamwhile, it put the Y city’s related data into the model to verify the practicalityof the model. Finally, it gave proposals for improving the housing accumulation fund loanguarantee pricing system construction based on the conclusion.The main conclusions of this paper are: firstly, if the housing accumulation fund loanswarrandice business expects to obtain a healthy and rapid development, the primary task isto solve the pricing problem; secondly, according to the warrandice business characteris-tics, the fee rate could divide into risk guarantee rate, the rate of capital cost, operating cost,tax cost and the target profit these five parts, pricing respectively; thirdly, after calculatingthe established model by inputting the data from Y city, we found that this pricing modelwas practical and applicable to some extent; fourthly, from the point of fairness, thewarrandice fee should be shared by the housing accumulation fund management center andthe borrower; finally, by comparatively analyzing measurement results, the warrandice feecollected for an interval of five years is appropriate and it could ensure fairness and efficiency. According to the conclusion, this paper gives suggestions from three aspects:the improvement of risk evaluation and measurement, strengthen the construction of acco-unting information system and accelerate the pricing policy to optimize China’s housingaccumulation fund loan warrandice pricing system. Only if above realizations it can corre-ctly guide the guarantee mechanism of market behavior.