我国推行公积金贷款证券化存在的问题及对策

住房公积金贷款证券化能够有效改善房地产投融资结构，缓解我国房地产去库存的压力，拉动住房消费，但是在推行过程中，面临着诸如公积金贷款定位不清晰，贷款的资产流动性不足，没有明确的税收政策，发行规模小且分散等问题,不利于我国的个人住房公积金贷款证券化健康持续发展。本文通过论述在我国发展个人住房公积金贷款证券化的必要性，支持在我国推行个人住房公积金贷款证券化,同时，吸取他国发展经验，结合我国实际，提出了一系列对策，包括建立一个全国统一的公积金管理中心，完善法律法规，实行资产组合证券化等，科学的应对风险，促进个人住房公积金贷款证券化的良性发展。
关键词：住房公积金贷款；证券化；流动性
Research on the existing problems and countermeasures of carrying out the securitization of housing fund loans in China
ABSTRACT
The securitization of housing provident fund loans can effectively improve the structure of real estate investment and financing, faced with such problems as the provident fund loan positioning is not clear, the loan asset liquidity is insufficient, the income and cost imbalance, the issuing scale is small and scattered, which is not conducive to the healthy and sustainable development of China's personal housing provident fund loan securitization. In our country are discussed in this paper the necessity of the development of personal housing accumulation fund loan securitization, support the implementation of personal housing accumulation fund loan securitization in our country, combined with the reality of our country, analyzes the possible problems in the implement process, such as liquidity problems, taxes and the risk of default. In view of these problems, a series of countermeasures are put forward, including the establishment of a national unified accumulation fund management center, the improvement of laws and regulations, the implementation of asset portfolio securitization, etc., to deal with risks scientifically and promote the sound development of personal housing accumulation fund loan securitization.
Keywords:housing provident funds loan; securitization; mobility
 
目  录
一、绪论 1
（一）选题背景以及选题意义 1
1.选题背景 1
2.选题意义 1
（二）研究思路和研究方法 1
1.研究思路 1
2.研究方法 1
二、个人住房公积金贷款证券化概述 2
（一）个人住房抵押贷款证券化的定义 2
（二）个人住房公积金贷款证券化的定义 2
（三）我国个人住房公积金贷款证券化的起源与发展 2
三、我国住房公积金制度的弊端及其证券化的必要性 3
（一）我国住房公积金制度的弊端 3
1.我国住房公积金制度的定位不明确 3
2.我国的住房公积金的缴存机制不公平 4
3.公积金贷款流动性困境下存贷不对称 4
（二）我国推行公积金贷款证券化的优势 5
1.住房公积金沉淀资金的有效利用 5
2.公积金贷款流动性的补充 6
3.风险隔离原理有效规避风险 6
4.低息公积金贷款有效改善投融资结构 6
四、我国推行个人住房公积金贷款证券化遇到的问题 7
（一）公积金贷款证券化规模小且不集中 7
1.对比日本和美国的公积金管理模式 7
2.我国的公积金管理中心过于分散 7
（二）纯公积金贷款证券化风险较高 8
（三）公积金贷款证券化的发行期限偏短 9
（四）公积金贷款证券化后面临的税务难题 9
五、我国解决个人住房公积金贷款证券化问题的对策及建议 10
（一）完善我国的住房公积金证券化市场 10
1.建立全国性的公积金管理中心 10
2.进一步发展我国的资本市场 10
3.扶持公积金贷款证券化的二级市场 10
（二）组合贷款证券化的推行 10
（三）相关税务制度的完善 11
（四）推动利率市场化 12
（五）延长公积金贷款证券化的发行期限 12
（六）完善资产证券化的法律体系 12
六、小结 14
参考文献 15

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