| In1991，with the reform of housing system in the boom，housing provident fundsystem was established in China. On the basis of the Singapore Central Provident FundSystem，our system aims to change the housing distribution system, to fully supports thehousing purchase yearn of broad workers, to truly achieve the purpose of homeownership. Therefore it is of great consequence to housing provident fund system inChina. In recent years, the accumulation effect of housing provident fund showssignificant, however, the application of extraction and personal loans is due to the leveland speed of economic development, the supply and demand in estate market, wages,the purchase intention, the capital operation consciousness of management center andothers, the growth rate slows down, so the deposit balance of housing provident fundgrows obviously. It means the use of funds is in low efficiency, and a large amount offunds deposit in the bank to play worthless role. With capital profit even lower thaninflation causing housing provident fund depreciation, it brings serious damage to thevast number of workers’interests.Housing provident fund system as a system with public goods nature, its effectiveoperation is conducive to the promotion of the Pareto optimal，so through studying theinvestment scale and structure of precipitation housing provident fund, it has very greatsignificance to further improve and perfect the housing provident fund system andpromote social justice and progress. Therefore this paper means to invigorateprecipitation housing provident fund, which based on the function of housing providentfund management center. Considering the premise of safety, mobility and profitability,it’s necessary to apply investment theory to ensure the basic requirements of the creditoror other ways of participation desired goals of investment risks and returns, forimproving the returns to realize the significant value of funds. This paper is divided intofive parts.Firstly, the paper reviews the background of the establishment of system, and basedon the main models of international housing finance market, mainly discusses theSingapore central provident fund system, as well as the domestic literature for the studyof the situation. Identify the operation mechanism of Chinese housing provident fundsystem, and clear the function position of the housing provident fund management center to eliminate the outside suspicion. Then deeply analyze the cause of theformation of precipitation fund and its current situation. From the view of thegovernment policy, housing provident fund management center functions, and regress tothe essence of housing provident fund system to study the problem from necessity andfeasibility these two parts. What’s more, study the risks of investment from the fundsreturn and "crowding out" these two aspects to talk about the investment risks. Secondly,to interpret the theoretical cause of precipitation housing provident fund investment.The mean variance model as the earliest portfolio model, has a wide range of utilizationto investigate the portfolio optimization problem. With the further research of themethod of measuring the financial risk, VaR as a kind of method convenient and easy tomeasure risk, is of extensive application in financial enterprises. Based on theMarkowitz’s portfolio investment model, the paper introduces VaR to metric risks toconstruct mean-VaR portfolio optimization model. Under the permission of nationalpolicy to invest precipitation housing provident fund in bank deposits, bonds andlow-income housing loans, the paper collects the data of1years,2years,3years,5years deposit interest rates,3years,5years bond interest rates and low-income housingloan interest rates from2004to2013, and use two means of rotation algorithm andLingo global optimization to determine the best investment combination in differentfinancial products with different team and return rate, in order to invigorateprecipitation housing provident fund and provide reference for investment decision.Then based on scientificity to test the each proportion of investment in by MATLAB, onthe contrast of risk and value-added benefits before and after the investment situation inXiamen to inspect the validity of the model, and obtain the conclusion that mean-VaRmodel is conducive to optimizing the precipitation provident fund investment. Finally,according to the empirical results to determine the optimal investment proportion, andtry to explore the problem of the transformation of the housing provident fundmanagement center. The article to talk about the early risk warning and prevention fromfour parts, there are the establishment of the legal system, sound clear the added benefitsownership, perfect the regulatory mechanism, the positioning strategy of risk control, onthe purpose of optimizing the precipitation capital investment efficiency. |
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