“易房养老”是一种在很多国家推行较广的“以房养老”方式。与另一种主 要方式“反向抵押贷款”不同,“易房养老”是通过房屋资产的置换为老年人提 供养老的经济支持,而不是前者简单的资产与资金的交换。虽然“以房养老”这 种以提前获得住房价值用来养老的方式几年前就被引入我国,但各大城市和金融 机构均以“反向抵押贷款”为主要形式,陆续推出各自项目产品,取得的效果却相 当有限。因此,通过对“易房养老”与“反向抵押贷款”的优势比较,探讨我国引 入“易房养老”的可行性,对进一步开拓养老资源就具有一定的现实意义。全文 主要可分为如下三部分， 首先运用文献资料分析法，通过对目前国内外理论和实践总结,明确了“易 房养老”的内涵和基本理论,阐释了易房养老和反向抵押贷款两种方式的共同点 与不同点。 其次，在总结新加坡以大换小“易房养老”和英国异地养老经验基础上，通 过与我国“反向抵押贷款”为主要方式的以房养老的对比，分析了“易房养老” 所具有的理论优势。特别是从我国“易房养老”的供给和需求两方面的分析，认 为我国已经具备了实施“易房养老”的条件，相当一部分老年人对“易房养老” 是有需求的。 最后, 基于立法部门、社区、政府部门和房地产企业四个重要主体提出了促 进我国“易房养老”发展的设想，立法部门应通过立法明确申请对象和抵押权主 体，社区应加快养老服务产业的发展，政府部门应加强宣传和咨询工作，房地产 企业应加强专门老年社区的建设。各个主体之间应该相互配合，共同促进我国“易 房养老”方式的实施和发展。 关键词，易房养老；比较优势；可行性；反向抵押贷款Ⅱ The Advantages and Feasibility Study ofExchange-house-for-pension Abstract As one of “House-for-pension” mode,“Exchange-house-for-pension” is popular in many countries. Being different from another fundamental mode “Reverse mortgage”, “Exchange-house-for-pension” gives the senior citizen economic support by exchanging the house, rather than simple exchanges of assets with capital. Although the “House-for-pension” which is to obtain the value of housing for the aged was introduced to China several years ago, the major cities and financial institutions choose “Reverse mortgage”as the main form, withtheir own productslaunched. However, the effect they achieved is quite limited. Therefore, through comparing the advantages of “Exchange-house-for-pension” to the advantagesof “Reverse mortgage”, thisthesisexploresthe feasibility of “Exchange-house-for- pension” in China ,which has certain practical significance to further develop the endowment resource. The thesis can be divided into the following three parts: In the first place, by the method of literature analysis and summing up the situation and practice toward the theories home and abroad, the thesis makes the definition and basic theory of “Exchange-house-for-pension” clear, and points out the differences and commons between “Exchange-house-for-pension” and “Reverse mortgage”. Secondly, the thesis applies the method of comparative analysis, to summarize the related experiences of Singapore and Britain and analyses the advantages of “Exchange-house-for-pension” via the comparison to the “Reverse mortgage”that has been employed to the scheme in China. Especially analyzing the supply and demand as well as the prospective of the scheme, it can be found that China has possessed the conditions to “Exchange-house-for-pension”. And a part of the old has the demand to the scheme. Finally, this paper comes up with suggestions from four angles, such as legislation departments, community, administration and real estate enterprises to develop the scheme. The legislation department should definite the application object and the mortgage subject through legislation. The community should accelerate the development of pension service industry. And the administration should enhance the publicity and consultation work. The estate enterprises should strengthen theⅢ construction of specialized elderly community. Each individual should work in coordination and jointly promote the implementation and development of the scheme. Key words: Exchange-house-for-pension; Comparative advantage; Feasibility ;Reverse mortgage目录 第一章绪论............................................................................................................................... 1 一、研究背景和意义........................................................................................................... 1 （一）研究背景............................................................................................................... 1 （二）研究意义............................................................................................................... 1 二、国内外研究综述........................................................................................................... 2 （一）国外研究综述....................................................................................................... 2 （二）国内研究综述....................................................................................................... 4 三、研究方法、研究内容及研究....................................................................................... 6 （一）研究方法............................................................................................................... 6 （二）研究内容............................................................................................................... 6 （三）研究思路............................................................................................................... 6 四、创新之处....................................................................................................................... 7 （一）研究主题............................................................................................................... 7 （二）“易房养老”实施建议的提出........................................................................... 7 第二章“易房养老”的内涵和基本理论............................................................................... 8 一、“易房养老”的内涵................................................................................................... 8 （一）“反向抵押贷款”的概念................................................................................... 8 （二）“易房养老”的概念........................................................................................... 8 （三）“易房养老”的对象........................................................................................... 8 二、“易房养老”的基本理论........................................................................................... 9 （一）生命周期理论....................................................................................................... 9 （二）资产养老理论..................................................................................................... 10 （三）遗产动机理论..................................................................................................... 11 （四）外部性理论......................................................................................................... 12 第三章“易房养老”对比“反向抵押贷款”的优势......................................................... 13 一、发达国家“易房养老”的实践................................................................................. 13 （一）新加坡以大换小“易房养老”......................................................................... 13 （二）英国异地养老..................................................................................................... 13 二、我国“反向抵押贷款”的实践................................................................................. 14（一）养老院为抵押权主体的以房养老项目............................................................. 14 （二）政府作为合同当事人的以房养老项目............................................................. 14 （三）金融企业作为抵押权主体的以房养老项目..................................................... 15 三、“易房养老”相对“反向抵押贷款”的优势......................................................... 15 （一）住房的价值可以得到更加完全的置换............................................................. 15 （二）易房养老有利于推动养老设施和服务的完善................................................. 16 （三）易房养老有利于提高政府参与度..................................................................... 16 （四）易房养老有利于降低居民的利他遗产动机..................................................... 17 第四章我国实施“易房养老”的可行性分析..................................................................... 18 一、我国住房市场的发展与完善..................................................................................... 18 （一）我国城市居民的住宅拥有率较高且住房面积较大......................................... 18 （二）我国二手房地产交易市场渐臻成熟................................................................. 18 二、养老事业的蓬勃发展................................................................................................. 19 （一）国家大力支持养老服务业的发展..................................................................... 19 （二）专门老年社区的出现与发展............................................................................. 19 三、老年人存在“易房养老”的需求............................................................................. 20 （一）家庭人口规模下降............................................................................................. 20 （二）老年人“易房养老”需求的增加..................................................................... 21 第五章引进“易房养老”的配套措施................................................................................. 23 一、通过立法的方式明确申请对象和抵押权主体......................................................... 23 二、加快养老服务产业的发展......................................................................................... 24 三、政府部门应加强“易房养老”宣传和咨询服务工作............................................. 24 四、房地产企业应加强专门老年社区的建设................................................................. 26 结论......................................................................................................................................... 27 附录一..................................................................................................................................... 28