I 摘要 我国作为一个人口大国，也是人口老龄化最严重的国家之一。2013 年我国 老年人口数量突破 2 亿大关，达到 2.02 亿，老龄化水平达到 14.8%。据预测在 2025 年之前老年人将每年增长 100 万人。“国未富，民先老”是我国面临的一个 严峻问题。加速的人口老龄化使我国的养老问题日益凸显，如何保障老年人的生 活质量，确保老年人老有所养是当前我国亟需解决的问题。而我国目前的社会保 障体系并不健全，养老金缺口等问题都为我国养老事业构成了挑战。我国政府提 出在建立健全社会保障体系的同时，要积极促进养老服务业的发展，鼓励金融行 业参与到养老领域，探索开发适合我国国情的金融养老产品。 住房反向抵押养老保险正是基于我国目前养老金不足而老年人群自有住房 率较高的情况下出现的一种新型的金融养老产品。住房反向抵押养老保险通过释 放固化在房产中的现金流，进而提高老年人的生活水平，对于保障和改善老年人 的生活质量有重要的现实意义。然而，目前在我国市场上住房反向抵押养老保险 产品并未真正得到推行及发展，基本上还处于探索的萌芽状态。本文在分析我国 各方面条件的基础上，探索开展住房反向抵押养老保险的可行性。在可行的条件 下，提出我国保险业开展住房反向抵押养老保险业务的思路和保障机制。 住房反向抵押养老保险的本质是面对中低收入的老年人开展的以老年人独 立的房产为标的，通过反向抵押的方式向保险公司投保进而从保险公司获取养老 金收入，从而起到应对养老金短缺，提高老年人养老水平作用的的保险业务。本 文基于对国内外相关文献以及相关的基础理论的深入探究，首先分析了在我国推 行住房反向抵押养老保险的可行性，从分析目前我国所具有的可行条件出发，通 过可行性检验论证住房反向抵押养老保险的前景，并提出住房反向抵押养老保险 的风险防范措施，对可行性作出进一步验证。接着，在比较分析发达国家住房反 向抵押养老保险实施的成功经验的基础上，结合我国具体情况，提出我国推行住 房反向抵押养老保险的思路与运作流程，并在文章的最后从政府和保险公司两方 面阐述了确保住房反向抵押养老保险顺利实施的保障机制。 关键词，人口老龄化；以房养老；住房反向抵押养老保险；经济敏感性Abstract II Abstract Our country, as a large country in population, is also one of the most serious aging countries. In 2013 our elderly population break through 200million, achieve 202millio,aging level reach 14.8%.According to forecast, the elderly will increase 1 million people a year by 2025.Country is not rich, people grow old first is a severe problem we are facing. Acceleration of the aging population makes the pension problems in our country highlights day by day, how to guarantee the elderly’ life quality and make sure they’re looked after properly is current problem in our country that urgently need to be solved. However, our country’s current social security system is not sound, pension gap issues constituted the challenge to our old-age care. While continue to improve the social security system in our country, we put forward to speed up the development of pension services, embolden financial industry actively participate in the pension area, explore and develop products that suitable for our country's financial endowment situation. Housing reverse mortgage endowment insurance is a new kind of financial endowment product which appears under the condition of China's current pension shortage and high elderly home ownership. Housing reverse mortgage endowment insurance to improve the elderly’ life quality through releasing the cash flow that cured in real estate, and it has important realistic significance to the protection and improvement of the elderly’ life quality. However, housing reverse mortgage endowment insurance products on the market in our country has not really get introduced and developed, basically still in the exploration of the bud. Based on the analysis of the various conditions in our country, this article explores the feasibility of housing reverse mortgage endowment insurance. Under the feasible condition, to put forward with carrying out the idea of housing reverse mortgage endowment insurance business and guarantee mechanism. The nature of the housing reverse mortgage endowment insurance carries out to the elderly with low and middle income, and treats their independent property as the target. By the means of housing reverse mortgage to insure in insurance company, andAbstract III get pension income from insurance company, then to cope with the pension shortage, improve the level of old-age insurance business. Based on the analysis of home and abroad relevant documents as well as relevant basic theories, this article firstly analyzes the feasibility of the implementation of housing reverse mortgage endowment insurance in our country. From analyzing all our current feasible conditions to analyze how the housing reverse mortgage endowment insurance can improve welfare level of the policy-holder from angle of economics, finally by feasibility test to demonstrate the prospects of housing reverse mortgage endowment insurance. Then, on the basis of comparing and analyzing successful implementation of the housing reverse mortgage endowment insurance in developed country, as well as combining specific situation in our country, to put forward the idea and operation process of our own housing reverse mortgage endowment insurance. Besides, at the end of this article, it elaborates the guarantee to smooth implement of housing reverse mortgage endowment insurance safeguard mechanism from two aspects of government and insurance companies. Key words: Population Aging; House-for-Pension; Housing Reverse Mortgage Endowment Insurance; Economic Sensitivity目录 IV 目 录 第一章 绪论............................................................................................ 1 第一节 研究背景及意义.......................................................................................1 一、研究背景.........................................................................................................................1 二、研究意义.........................................................................................................................2 第二节 国内外文献综述.......................................................................................2 一、国外研究动态.................................................................................................................2 二、国内研究动态.................................................................................................................4 第三节 研究内容与方法.......................................................................................6 一、研究内容.........................................................................................................................6 二、研究方法.........................................................................................................................7 第四节 本文的创新之处.......................................................................................8 第二章 住房反向抵押养老保险的相关基础理论............................... 9 第一节 住房反向抵押养老保险的内涵...............................................................9 一、住房反向抵押贷款的内涵............................................................................................ 9 二、住房反向抵押养老保险概述........................................................................................ 9 第二节 住房反向抵押养老保险的理论基础.....................................................10 一、生命周期理论...............................................................................................................10 二、资产优化配置理论.......................................................................................................11 三、家庭财富代际传递理论.............................................................................................. 12 四、产权分割与资产流动性理论...................................................................................... 12 第三章 开展住房反向抵押养老保险的可行性分析......................... 14 第一节 开展住房反向抵押养老保险的可行条件.............................................14 一、老年人逐渐呈现出多样化的消费需求......................................................................14 二、房价增值呈必然趋势.................................................................................................. 15 三、城镇居民家庭自有住房率较高..................................................................................15 四、与反向抵押贷款相关的法规制度不断建立健全......................................................16 五、房地产二级市场日益完善.......................................................................................... 17 六、保险行业具有开展住房反向抵押养老保险的先天条件..........................................17 第二节 住房反向抵押养老保险的积极效应分析.............................................18 一、住房反向抵押养老保险增加福利水平......................................................................18 二、住房反向抵押养老保险促进消费需求......................................................................18目录 V 第三节 开展住房反向抵押养老保险的前景与可行性检验.............................19 一、住房反向抵押养老保险的前景分析..........................................................................19 二、住房反向抵押养老保险的可行性检验......................................................................19 第四节 住房反向抵押养老保险的风险防范.....................................................23 一、房价波动风险的防范.................................................................................................. 23 二、利率风险的防范...........................................................................................................24 三、长寿风险的防范...........................................................................................................24 四、信息不对称及道德风险的防范..................................................................................24 第四章 “住房反向抵押养老保险国内外发展实践......................... 26 第一节 国外住房反向抵押养老保险发展概况及经验借鉴.............................26 一、美国...............................................................................................................................26 二、加拿大...........................................................................................................................28 三、新加坡...........................................................................................................................30 第二节 国内住房反向抵押养老保险发展概况.................................................30 第五章 住房反向抵押养老保险运作方案设计..................................32 第一节 设计思路与运作流程.............................................................................32 一、设计思路.......................................................................................................................32 二、运作流程.......................................................................................................................33 第二节 住房反向抵押养老保险推行的保障机制.............................................37 一、政府保障.......................................................................................................................37 二、保险公司保障...............................................................................................................39 第六章 结论..........................................................................................40