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人口老龄化与社会基本养老保障不足已成为我国经济社会发展中的突出问题。探索和建立新的养老保障方式,作为现行养老保障体系的补充,具有十分重要的现实意义。为回答中国是否应该发展住房反抵押市场的问题,本文从退休居民福利变动的视角,基于中国人口与经济数据,运用生命周期模型考察了如果退休居民可以选择参与住房反抵押的话,从60岁至死亡期间的最优资产配置策略。研究结果表明:总体而言,引入住房反抵押市场能在一定程度上改善退休居民的福利;但对房屋价值过高而现金资产过低的居民来说,福利改善的作用不明显。
The aging of population and the lack of basic old-age security have become outstanding problems in China’s economic and social development. To explore and establish a new mode of old-age security, as a supplement to the current old-age security system, has very important practical significance. In order to answer the question whether China should develop the housing anti-mortgage market, this paper examines from the perspective of the changes in welfare of retired residents and based on China’s population and economic data, using the life cycle model to examine if retired residents can choose to participate in anti-mortgage housing, The Optimal Asset Allocation Strategy During Death. The results show that: Generally speaking, the introduction of housing anti-mortgage market can improve the welfare of the retired residents to a certain extent; however, for the residents whose housing value is too high and the cash assets are too low, the welfare improvement has no obvious effect.