| With the introducing of " The notification of State Council on deepening the urban housing system reform further to speed up housing construction "(Guo Fa [1998] No.23) in 1998, making our overall housing allocation transform from entity to monetization. The company distribute the original housing construction funds in the form of money to employees as housing subsidies, workers use their own income and housing subsidies and combined with the support of housing finance system and housing policy tools to do self-purchase or rental. With the accelerating process of urbanization, housing prices will continue to rise, the impact of that is serious shortage of housing affordability of urban residents, and thus also caused great obstacles on the development of the city. Relying solely on the single housing market can not solve the low housing affordability of urban residents, but also need to rely on housing finance system and housing policy tools. Housing accumulation fund system is an important part of the housing finance system and housing policy tools. China’s housing accumulation fund system has continuous improvement In the development process, all the business has steady and rapid development and has played a positive role in deepening the reform of the housing system, solving the housing problem of workers,improving worker’s housing affordability. In recent years, housing accumulation fund policy has become one of the macro-control mode in real estate market.In 1994 the housing accumulation fund system was formally established in Taiyuan, in the development of more than 20 years, Taiyuan’s housing accumulation fund system support the residents’ housing consumption effectively, promote the development of Taiyuan’s real estate industry. However, with the continuous development of economy in recent years increasing of housing price and constant adjustment policies, problems existing in housing accumulation fund system of Taiyuan gradually exposed, and this not only affects the expansion of housing accumulation fund system coverage, but directly impact on the housing security, and thus being questioned by accumulation fund depositors.This article select housing affordability index to measure the housing affordability of Taiyuan residents. And study the general effect of housing accumulation funds onTaiyuan residents and the housing affordability of accumulation fund depositor in different types of companies in Taiyuan, to provide a reference to study the impact of housing accumulation funds on small urban residents’ housing affordability, and provide evidence for Taiyuan Municipal Government to further improve the housing accumulation fund policy, and meanwhile provide reference for residents to learn more about the function of housing accumulation funds and use housing accumulation funds reasonably.In this article, I use literature research method describe and compare the measure method of housing affordability, expound the influence mechanism of housing accumulation funds on housing affordability of residents, from company deposit amount,personal income tax relief of personal deposit part, interest savings of housing accumulation fund loan compared to commercial loan to explain its function, and on the basis of conducting a descriptive analysis of deposit and the use of Taiyuan’s housing accumulation funds, selecting the housing affordability index to estimate housing affordability of Taiyuan residents from 2008-2014, from company deposit amount,personal income tax relief of personal deposit part and interest savings to analyze the impact on housing affordability index on variation of single factors, and furthermore use the method of circulation substitution to analyze the impact size of three parts and the general effect, and find that in condition of a family using the housing accumulation funds gets the maximum promotion in interest savings, the influence of the individual income tax is minimal, and according to the data availability,also use the method of circulation substitution to compare the promotion of the housing accumulation funds to Taiyuan urban state-owned, collective, other companies in the private sector and workers’ housing affordability of private companies in cities and towns, and find that the support effect of housing accumulation fund to depositors and pay wages are positively correlated. For Taiyuan, the "other companies" in private companies of cities and towns has the strongest promotion effect.Through the analysis I also find that the housing accumulation fund play an important role in promoting Taiyuan city residents’ housing affordability,but after the upgrade the housing affordability still remains weak.This article also analyzed the reason for impacting the function of Taiyuan housing accumulation fund, finds the small coverage of housing accumulation fund, there is a large gap in deposit ratio and amount, and lower personal loan rate influence the housing accumulation fund to promote its role in the promotion of housing affordability.And the variation of periodic concentrated extract policy increases the potential risks,the singleness of loan interest rate and loan conditions limit the support for low and middle income earners,and relevant subjects’ concepts and attitudes reduce the efficiency of housing accumulation fund. And finally from enlarging the coverage,enhancing personal loan rate and adjusting the housing accumulation fund’s deposit rate etc. to put forward some corresponding suggestions to improve the Taiyuan residents’ housing affordability. |
