Financing Decision-making Of Indemnificatory Housing Based On Ahp

Ensuring residence has always been fundamental part of human's right of survival and development.Nonetheless,in recent years,with China's rapid economic growth and accelerated industrialization and urbanization,housing prices have been rising steadily,resulting in a large number of urban low-income people facing housing difficulty,which suggests that to improve the housing difficulty of low-income families has become a major issue related to people's livelihood and social stability.To this end,China is vigorously promoting the implementation of affordable housing project.With the unprecedented efforts in the investment of these projects in the current stage and consequently the constant rising demand for capital,financing difficulty has become the main bottleneck restricting the construction of affordable housing,which the government can't solve simply by substantial increase in public fiscal investment.In fact,having clearly realized that the existing dominant financing model from fiscal investment can not meet the current growing need for capital,the whole society is actively trying to adopt some new financing models,such as BT,PPP,REITS,ABS,etc.,into the affordable housing projects in order to address the current serious capital shortage and financing difficulty.Majority of the substantial existing researches on BT,PPP,REITS,ABS and other financing models have been,however,qualitatively conducted on one single or two models,lacking of systematic analysis,quantitative researches,and case studies,thus the practicability of the research results and the scientificalness of the decision need to be improved.AHP,a multi-criteria evaluation method widely used by decision makers,on one hand,facilitates the decision-making in such a thinking mode as decomposing,comparing,judging and then integrating.On the other hand,by the combination of qualitative and quantitative analysis,it reasonably decides the weight of each standard of the schemes,with which the effectiveness order of the schemes.This paper explores not only the appropriate financing models with higher scientificalness and practicability for the affordable housing projects,but also their application in the second phase of a public housing project in one of Nanchang's development zone.Specifically,firstly,based on the analysis of the application of several innovative financing models to this project,AHP is used to establish a hierarchical model with the selection of the financing model as the goal,the efficiency,cost,risk,social impact,management efficiency of financing as the criteria,BT,PPP,REITs,ABS as the schemes.Secondly,the judgment matrix is established by integrating the 1-9 scale method and the expert scoring.Finally,the effectiveness order of the various financing schemes is worked out through the calculation of the comprehensive weight to facilitate the scheme selection of the public housing project in one of Nanchang's development zonesin the hope that the financing difficulty of local affordable housing can be solved as soon as possible.