Household Wealth Transfer Motivation Effect On Housing-for-pension Choice

Retirement with house as a channel to increase the source of pension, it is "realestate rich and cash poor" provides a behind the residual value realizable way out infront of the property, make the old age, improve life quality and reducing pressure onthe child’s economic support. Retirement with house as a western-based, repeatedtesting the waters in China (nanjing tangshan hot spring garden "in2005, the2007Shanghai housing accumulation fund center" retirement with house self-help "and"old-age homes bank "in Beijing), but for various reasons not to continue in ourcountry.Many scholars in the study pointed out that hinder to housing endowment inChina successfully introduce the main reason is that it challenges the traditionalconcept of inheritance in China. China’s traditional thought of "inheritance andsupport them, most families have a strong heritage motivation, namely family wealthtransfer motivation mainly exchange motive and altruistic motives. Motives mainlyincludes selfish motives, this paper argues that heritage exchange motivation andaltruistic motives, the distribution of the different motives of family wealth willproduce different effects.In housing endowment way limited to the housing reverse mortgage loan, thisarticle will take the housing endowment is divided into "property rights change" and"property does not change" two forms, property change mainly includes the stay in anursing home in the housing, the housing reverse mortgage loan; Property changesmainly involves the selling of large room buy a house, rent a big room in house andrent at a nursing home, including property rights changes in housing endowment waymost disposable cash. For most families, the wealth of the real estate has become the main form. Thus, different wealth transfer motivation to choose in the form ofhousing endowment differences.To Shanghai residents as the main research object in this article, from Shanghai,jiangsu and other places a random sample725residents survey, family wealth transfermotivation effect on retirement with house choice for the analysis Angle of view, thepersonal basic information classified as gender, age, level of education, the hukoustatus, family monthly average income in five aspects, and starting from the fivedimensions, borrowing likert scale analysis and Logistical regression analysis method,the first detailed clarify existing in different groups of wealth transfer motivation andchoice in housing endowment way and comparative analysis of differences andinfluencing factors of family wealth transfer motivation. On this basis, the detailedclarify different household wealth transfer motivation effects on housing endowmentway. Research results show that the self-interest motive of respondents are willing tochoose the housing endowment way is the housing reverse mortgages and sold thehouse at a nursing home; Exchange motive prefer big room in house and rent out thehouse sold in little rooms; Altruistic motives is choose to rent houses in nursing home.Finally, in view of the above research results, proposed to implement the Suggestionsand countermeasures of housing endowment in China.