Research On Diversified Financing Mode Of Indemnificatory Housing Construction

People’s living standard and the stability of society are related to indemnificatory housing.There are large amount of low-income families in our country,so the construction of various indemnificatory housing has been accelerated at the beginning of "12th five-year" period.The government of Harbin listed the construction of indemnificatory housing as the "first project" to improve people’s livelihood.The huge amount of construction and funds demand of indemnificatory housing causes that the financing mode based on government investment can not meet the construction demand. With public rental housing become the main form of indemnificatory housing gradually,the particularity of rental indemnificatory housing will make the construction financing more difficult.It is increasing the financial burden on local government while indemnificatory housing is executing green building standard gradually.Therefore,funds will become a bottleneck of construction and development of indemnificatory housing in the future.The paper expounds the background of the research,analyzes the implementation of the system of indemnificatory housing,construction actuality and financing actuality in Harbin on the basis of the analysis of particularity and financing actuality of indemnificatory housing in our country.Then the paper estimates the funds supply and demand of indemnificatory housing and points out the problems existing in the financing mode.It analyzes the existing research at home and abroad and mature finansing modes,combines with the characteristics of indemnificatory housing in our country,then proposes local government investment and financing platform adapting to the new situation.Being aimed at rental indemnificatory housing and affordable housing,it respectively builds diversified financing modes which are based on N-ABS and BT,supported by both special funds and policy banks.It uses game theory to analyze the profit of main body between diversified financing modes and other financing modes comparatively aimed at different types of indemnificatory housing.The analyses conclude the equilibrium conditions under which the diversified financing modes are used to the construction of indemnificatory housing respectively,and bank isn’t reluctant to participate in construction financing of indemnificatory housing.Then the paper makes suggestions to improve the bank’s will.It also analyzes the main risks in the operation of diversified financing modes from outside and inside.At last,it put forward proposals to make the diversified financing modes run smoothly in four areas,including attracting private capital,establishing long-term operating mechanism based on ABS,formulating relevant laws and perfecting relevant policies,establishing risk prevention and control mechanism.The diversified financing modes of indemnificatory housing lever financing in many ways,guide private capital into the funds chain of indemnificatory housing.On this basis,supplemented by regulation and supervision measures,the diversified financing modes will provide beneficial references for relieving financing difficulties of indemnificatory housing construction,in order to realize the sustainable development of indemnificatory housing.