Research On The Fairness And Efficiency Of China's Current Housing Provident Fund System

It has been more than twenty years since China established the housing provident fund system.The disputes from all parties on the housing provident fund system have lasted for a long time.Fairness and efficiency of housing provident fund system is one of the focal points of the controversy.The housing provident fund system is an important support for our country's multi-level housing security system.Only by realizing the fair and effective housing provident fund system can we ensure the sustainable development of the system and highlight the value of the system.This thesis takes Shandong Province as an example to analyze the current situation of equity and efficiency of the housing provident fund system in China,combining theories and empirical analysis of the problems existing in the operation of the system,and proposes suggestions on policies that are conducive to achieving the goals of the housing provident fund system at all levels.The research is mainly from the following aspects:The first is to analyze the theoretical basis of the housing provident fund system.The system is based on the fairness theory,mutual assistance theory and principal-agent theory.The theory of mutual assistance is the theoretical source of the housing provident fund system.From fairness theory,we concluded that only the realization of fair access,fair process and fair outcome lead to the fairness of the housing provident fund system.The embodiment of principal-agent theory is an important part of contract theory in institutional economics.The housing provident fund system involves multiple principal-agent relations during the operation process.The second is to analyze the status quo of China's current housing provident fund system,and summarize the three-level objective of establishing and improving the housing provident fund system in China,combined with previous theoretical analysis;the third is to conduct an empirical analysis of the housing provident fund system from three dimensions:fair access,fair process,and fair outcome.Through the construction of national coverage indicator,policy utility coverage indicator,non-contributors' benefit rate indicator and other indicators,this research analyzes fairness degree of the housing provident fund system;the fourth is the inspection of the operation and management efficiency of the housing provident fund system.Firstly,the scale effect analysis of the efficiency is conducted.Secondly,the ratio of the individual loan rate and the ratio of deposited funds is used to examine the operational efficiency of the system.Finally,this research analyzes the management efficiency of the system,evaluating the efficiency of the housing provident fund system in all cities of Shandong Province through the above three dimensions,conducting an empirical analysis through the fairness and efficiency of the provident fund system.The conclusion is that the current housing provident fund system in China has severe problems of inequities and inefficiencies.Fifth,this research analyzes the causes of the unfair and inefficient nature of the provident fund system.Based on the analysis of the previous theoretical basis,the status quo and the analysis of the objectives,we concluded that the top-level design issues,the principal-agent issues,and the housing finance management are the main reasons that affect fairness and efficiency of the provident fund system;Sixth,we draw conclusions and give corresponding recommendations on policies.In the proposal,we pointed out that we achieve the three-level goal of the housing provident fund system through adjusting system positioning,comprehensively deepening reform and playing the leading role of the government.