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    住房公积金流动性风险现状、特征与管控路径

    摘要

    住房公积金流动性风险已经成为多地共同面临的难题与挑战,监管部门也正在积极探索建立风险预警及防控机制。本文从全国、省级和市级层面综合研判住房公积金流动性风险,其主要呈现流动性不足趋势明显、区域间流动性不均、跳跃弹性较大以及与住房市场密切相关的时间、空间特征。究其原因,公积金流动性风险主要源于资金属地化封闭操作、投融资渠道狭窄、资本充足率和准备金制度缺乏、自身改革影响以及外部因素冲击等。而从住房公积金制度自身发展的内在动力和我国经济社会领域各项改革举措的外在推力来看,公积金制度改革的时机已基本成熟,且动力机制完备,政策环境合宜,因此要借助改革东风,抓住历史机遇,推动其转型发展。为此,需要注重从如下四个方面入手改革和完善住房公积金制度,防控公积金流动性风险,具体包括:构建公积金流动性预警机制,完善风险分级防控体系;突破属地化封闭运营模式,改革公积金管理体制;拓宽公积金投融资渠道,提升政策性住房金融功能;建立政策性住宅金融机构,助力房地产市场长效机制建设。

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    Abstract

    Housing provident fund liquidity risk has become a common problem and challenge. Regulatory authorities are also actively exploring the establishment of risk early warning,prevention and control mechanism. From the national,provincial and municipal levels,this paper comprehensively studies the liquidity risk of housing provident fund,as for characteristics of time and space,which contains increasingly prominent in mobility,uneven in regional liquidity,larger in resilience,and closely related to the housing market. The reasons are that the liquidity risk of the fund mainly stems from the closed operation of the metal industry,the narrow investment and financing channels,the lack of capital adequacy ratio and reserve system,the impact of its own reform and external factors. The external thrust on housing provident fund system of their own development intrinsic power,China’s economic and social reform initiatives in the field of view of the provident fund system has been basically mature,the timing of the reform,and the dynamic mechanism of perfect policy environment are right,so with the aid of the reform and seize the historical opportunities,to promote its transformation and development. So,we need to focus on reform and improve the housing provident fund system from four aspects as follows to prevent and control the liquidity risk,including constructing of early warning mechanism of liquidity risk,improving the classification system for the prevention and control of risk;breaking through the localization of closed operation mode,reforming fund management system;broadening the fund financing channels,improving the policy of housing finance function;establishing housing finance institutions,helping to construct the long-term mechanism of real estate market.

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    作者简介
    王先柱:王先柱,安徽工业大学商学院教授,首批“万人计划”入选者,南京大学经济学博士,清华大学房地产研究所博士后,皖江学者特聘教授,研究方向为房地产经济与金融。
    吴义东:吴义东,安徽工业大学金融学硕士研究生,研究方向为房地产经济与金融。
    乔贝:乔贝,安徽工业大学经济学本科生。
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