The Research Of Housing Accumulation Fund System’s Compensation On Basis Of The Income Effect Of Depositor

In May1991, the housing accumulation fund system of China has successively established in Shanghai, then makeing experiments in Beijing, tianjin and other places, and widely all over the country in1996. In20years, Housing accumulation fund system has developing, and making difference in the reform of housing allocation monetization, worker individual housing accumulation fund, promoting the development of housing finance in our country, and playing an important role in construction of low-rent housing financing, etc."Compulsory deposit" and " the low-low deposit and loan " are the main features of China’s housing accumulation fund operational mechanism, and such a designing system makes often enjoying the welfare of low-interest loan of housing accumulation fund the above average income levels. For low and middle income earners, they are forced to fulfill its obligation to pay deposit, depositing under low loss. What worse, because of the high threshold of accumulation fund loan, they can’t enjoy the welfare of the preferential loans to buy homes, which is unfair to the low and middle income, also does not conform to the original intention of the housing accumulation fund system in our country to provide housing for the low-income groups in the first place.The research of housing accumulation fund system’s compensation for low and middle-income problem is very urgent. At present, China’s housing accumulation fund system is lack of quantitative benefit compensation mechanism, and the corresponding measures is based on the perspective of qualitative analysis, lack of quantitative and empirical study. First, this paper studies the advanced experience of Singapore’s, Brazil’s, Germany’s, housing finance in compensating the unused saving (reserve) person, to serve as a reference in this paper. Second, divide depositors into depositors who use accumulation fund loan of housing accumulation fund and depositors who do not use accumulation fund loan, and deduce the absolute and relative income effect from the public accumulation fund of the use loan and unused savers, and use fujian quanzhou’s141housing accumulation fund loan of housing accumulation fund as sample to research empirically, concluded that the system gives priority to high income groups who use accumulation fund loan, can not only avoiding the deposit devalue, often still can obtaining value-added income, so for the depositors in accumulation fund, it is unfair between he use of loans and unused depositors. Finally, under the principle of relatively faire, quivalent power and responsibility, according to the contribution to the reserve fund pool size, we explore the reasonable compensation model of interests, which makes the depositors who did not use accumulation fund loan and who use loan get the same benfit that can meet the needs of its contribution to the public accumulation fund for housing construction funds. On this basis, we can research how to compensate to the depositors who did not use accumulation fund loan, how to adjust the limit of compensation, how to adjust interest rates.