遗赠动机影响下我国住房反向抵押贷款市场的困境与破解——基于生命周期消费理论效用模型

The Plight and the Solution to Residential Reverse Mortgage Market under the Influence of Bequest Motive——Based on Life-Cycle Model

住房反向抵押贷款目前在我国试点预冷,究其原因,是因为由传统观念催生的"房屋遗赠动机"对其影响颇深。目前学界还缺乏对"遗赠动机"的深入研究及具体分析。基于生命周期模型,运用仿真数值模拟方法,探究不同状态下个体的总效用变动情况,据此来分析房屋遗赠动机对贷款需求的影响。研究发现:其一,房屋遗赠动机是住房反向抵押贷款需求的重要影响因素;其二,贷款需求受贷款价值比(LTV)的影响较大;其三,嵌入"赎回权"的反向抵押贷款既可提高老年人口的养老收入,又能满足他们的遗赠动机。根据研究发现,提出了若干政策建议。

Residential reverse mortgage market developed slowly in China. It may be due to the traditional concept of ＂housing bequest motive＂. But it is lack of ＂bequest motive＂ in-depth research and detailed analysis. This paper used numerical simulation methods that based on life-cycle model, explored the changes in the total utility of individuals in different states, and analyzed the impact on housing loan from bequest motive. It is concluded that firstly, houses bequest motive is an important factor residential reverse mortgage demand. Secondly, loan to value （LTV） ratio has significate impact. Lastly, residential reverse mortgage loans with ＂right of redemption＂ embedded not only improves pension income but also satisfies their bequest motive.