住宅保證保險費率結構之分析－以台灣為例

鑑於M型社會的形成，致所得分配不均惡化嚴重，且伴隨著房價有泡沫化的隱憂，造成受薪階段的購屋者莫大的負擔，導致必須延後或放棄購屋決策，造成市場上有大量的餘屋數，政府為了解決失衡的住屋市場，民國九十九年內政部營建署研擬「整體住宅政策實施方案」，此方案有關住宅制度之首項規劃即是與住宅保證保險有關，它是由官方機構或是民營機構保險公司提供住宅貸款信用增強的保險，針對有經濟能力但無足夠的自備款之購屋者，提高其貸款成數，而對銀行來說，不會影響銀行體系的穩定，讓銀行願意核貸較高成數的貸款，將能替購屋者及銀行創造雙贏局面。本論文主要研究目的為，以台灣地區為樣本，並運用Lin and Yang（2005）房貸競爭風險模型，在同時考量違約率、提前清償率、部分提前清償率及部分延遲支付情況下，試算住宅保證保險在四種不同保險費率結構下的保費。

關鍵字

住宅保證保險；違約；提前清償；部分提前清償；部分延遲支付

並列摘要

Because of the serious M-shape income distribution and the threat of housing bubble, borrowers undertake heavier burden and have to postpone or give up the decision of buying house. In this way, there is excess supply in housing market. The government would like to solve the unbalanced housing market, so Construction and Planning Agency Ministry of the Interior (CPAMI) draws up the draft of mortgage insurance to provide some settlements. Mechanism provided is to enhance housing affordability with credit enhancements, but it does not affect the stability of the banking system and it will also allow banks to give a higher loan to the value. Both borrowers and banks are in a win-win situation. The purse of the research is to investigate Taiwan’s mortgage insurance premium structure by mortgage competing risk model proposed by Lin and Yang (2005) , considering default, prepay, curtailment and delinquency.

並列關鍵字

mortgage insurance ； default ； prepay ； curtailment ； delinquency

參考文獻

4. 許碩芬、吳政仲、方斐世等，“自用住宅抵押貸款信用風險管理評估之探討”，管理科學與統計決策，民國97年，第五卷第四期，頁20-36

Royal Statistical Society, Series B 34 ,187-220

2. Cox, J. C., J. E. Ingersoll and S. A. Ross.(1985). “A theory of the term structure of interest rate.”Econometrica , 53, 385-407

3. Deng,Y.H.,J.M.Quigley,and R.Van Order,(1996),“Mortgage default and low downpayment loans: The Costs of Public Subsidy, ”Regional Science and Urban Economics , 26 , 263-285

Insurance Premium Structures,” Journal of Real Estate Research 14(3),

國際替代計量

住宅保證保險費率結構之分析－以台灣為例

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