The Study On The Influential Factors Of Adjustment And Adjustment Proportion Of Housing Provident Fund

Housing Provident Fund loan is the key business of its operation.Providing low interest loan to urban residents,as a mutual way,helps them solve the housing demand.Recently years,many cities adjust the maximum loan amount of Housing Provident Fund frequently,and the loan limit depends on maximum amount.Firstly,if the maximum amount of Housing Provident Fund loan changes frequently,it may impact the stability and security of system directly,In addition,concerning that housing price is rising continually,it would have negative influence on the improvement of residents' housing condition if adjustment proportion is low or minus,and then do harm to the development of economic.So which factors influence the adjustment of the maximum loan amount of Housing Provident Fund? If it exists Herding Effect during the process of adjusting? If Herding Effect do exist,what effects does it brings to Housing Provident Fund? And if it influences the adjustment proportion? The discussion on these questions has important practical value obviously.This paper reviews the development situation since Housing Provident Fund established at first,summarizes two successful representatives of foreign housing security system—the Singapore Central Provident Fund system and the American Housing Mortgage system,and the enlightenment learned from them;after that,building panel Logit model through using 70 large and medium-sized cities' panel data of Housing Provident Fund and economic from 2007~2015 to test the influential factors of maximum loan amount adjustment;and then,combined the background of Housing Provident Fund and Herding Effect theory,this paper tests the Herding Effect during the process of Housing Provident Fund's maximum loan amount adjustment and the policy risk including in;at last,establishing a panel multiple regression model helps to judge that if the Herding Effect do have an obvious impact on the set of maximum loan amount adjustment proportion.The study found that:Firstly,the maximum loan amount of Housing Provident Fund adjusts not only according to fluctuations in urban housing prices,but also influenced by loan amount of last year.Then,it do exists obvious Herding Effect during the process of adjustment,these cities might just follow others,ignoring actual economic situation of themselves.Besides,Herding Effect also has a strong influence on the adjustment proportion of Housing Provident Fund,to some extent hinders system's normal operation,and is bad for the stability and security of Housing Provident Fund and the improvement of housing finance system.