Research On Effects Of Housing Provident Fund System On Commercial Housing Transaction Volume

Since the establishment of the housing provident fund system pilot in 1991,by the housing provident fund to support individual housing loans in the total amount of individual housing loans in the market share is increasing,the housing provident fund system has become an important support for housing consumption.Therefore,Under the background of the real estate supply side reform,this paper is based on the housing accumulation fund system as a research Angle,and in the auxiliary analysis of other factors,clarify the housing provident fund system on the impact of commodity housing market transactions path and extent,will contribute to formulate effective housing provident fund system regulation and control policy,has an important practical significance to the stable development of the housing market.Different with the existing research,this paper to reflect the characteristics of the housing provident fund system parameters as the breakthrough point,through the observation of changes in parameters of the transmission effect on commodity housing transaction volume to analyze the impact of the housing provident fund system,according to the theoretical hypothesis and practical demonstration,econometric research framework in order to start writing.The first chapter summarized the impact of the housing provident fund system in the four theory of commodity housing transaction volume and the support of the partial equilibrium model,examined the route area and prices of housing provident fund system of using process,which makes the theoretical judgment of the authenticity,path and direction of the influence.The second chapter uses the data from 1991 to 2015 to describe the trajectory and characteristics of the housing provident fund system and the commercial housing transaction volume,which provides a realistic basis for the theoretical hypothesis.The third chapter calculates the contribution degree of the housing accumulation fund system to the commodity housing transaction volume,which clarifies the influence degree.The fourth chapter,through the simultaneous equations model to verify the area and price path,and use panel model to reveal the factors behind the contribution of the housing accumulation fund,which provides quantitative support for the front.Through the above analysis,the main conclusions of this paper are: First,the primary task of the housing provident fund system is to support the payment of housing consumption,affirmed the significant effect of housing provident fund system for commercial housing transaction volume;Second,the housing provident fund system affects the commodity housing transaction volume of the dominant path is the area path,reflecting the housing provident fund system to play a positive external effect;Third,the focus of the housing provident fund system to support the product target is small and medium-sized,the main beneficiary groups are middle-income workers,first-tier cities contribute to the housing provident fund slightly larger than second-tier cities,indicating the housing provident fund system for the extent of the impact of commodity housing transactions vary.Based on the above conclusions,this paper presents a number of policy recommendations.First,the housing provident fund system parameters should be tilted to the housing consumption of the low-income workers,weakening the squeeze effect of low-income workers;Second,the housing provident fund system shall be set up to support the threshold of the commodity housing deal area,enhance the positive effect of the housing accumulation fund system in the area path;Third,increase the policy support and supervision to the developers who accept the housing provident fund loans,enhance the enthusiasm of developers to accept housing provident fund personal housing loans to complete the commodity housing transactions.In addition,it is necessary to formulate the inter-city housing provident fund paid dispatch mechanism,increase the housing provident fund investment channels,strengthen supervision and other diversified policy means of cooperation,with a view to enhance the housing provident fund system of commodity housing transaction volume contribution.