住房反向抵押貸款的定價模型與風(fēng)險研究

摘要： 隨著我國人口老齡化進(jìn)程的不斷加快,社會養(yǎng)老需求快速膨脹,迫切需要新型養(yǎng)老模式以補(bǔ)充現(xiàn)行模式。"以房養(yǎng)老"即住房反向抵押貸款由于能夠緩解當(dāng)前的養(yǎng)老負(fù)擔(dān),受到理論和實務(wù)界的關(guān)注。本文首先就住房反向抵押貸款在我國的推行背景展開分析,隨后建立了住房反向抵押貸款兩種支付方式下的保險精算定價模型,并進(jìn)行了參數(shù)設(shè)定與數(shù)值模擬,最后對住房反向抵押貸款業(yè)務(wù)的風(fēng)險特性和在我國的實施障礙加以分析,以期為住房反向抵押貸款在我國的推行提供政策參考。
With China's accelerating population aging,the society's endowment demand is dramatically expanding.Under such situation,it's exigent to search for new modes as supplement to current endowment insurance system."House-for-pension" or housing reverse mortgage loan has caught the attention of theoretical and practical fields for its capability of ameliorating current problems.This article initially analyzes the backdrop of housing reverse mortgage loan's implementation in China,secondly builds up the actuarial pricing model under two payment methods with parameter setting and numerical stimulation studies,and finally discusses the risk and obstacles such service may encounter in China.We wish to provide a policy reference for China's practice of housing reverse mortgage loan in the future.