【作者】 林敏；

【导师】 蒋国庆；

【作者基本信息】 四川大学 ， 公共管理硕士（MPA）（专业学位）， 2022， 硕士

【摘要】 自党的十九大报告明确鼓励发展住房租赁市场之后,地方政府和金融机构纷纷推出支持长租市场发展的措施,房地产中介公司也纷纷转型经营长租公寓业务。在我国城镇化步伐带动下,一、二线城市住房租赁市场不断发展,“租金贷”在住房租赁场景中得到广泛应用并获得长足发展。长租公寓加“租金贷”模式从萌芽到爆发式增长,再到长租公寓接连破产短短几年时间,造成大量民众财产损失和业态信用崩塌,除了长租公寓和“租金贷”模式本身蕴含极大风险外,针对“租金贷”的政府监管滞后也是导致该模式问题爆发的主要因素。“租金贷”发展初期,作为创新型金融产品和普惠金融工具,为低收入租房刚需人群提供了便利。在当前长租公寓市场中,“租金贷”逐渐从普惠金融工具延伸出企业融资工具的效用,以满足长租公寓企业拓展市场的资金需求。然而,市场环境变化导致大量“高进低出”“长收短付”的长租公寓企业深陷流动性危机,因资金链断裂而爆仓,造成近40亿元损失,数百万人深受其害。但是作为住房租赁市场的新业态,整个行业还处于发展初期,为满足城镇化带来的爆发式住房租赁市场需求,在资本和前期扶持政策的推动下,“租金贷”资金错配带来极大流动性风险和法律风险,亟待政府加强监管、规范发展。本文立足社会热点民生问题,从普惠金融在住房租赁市场中的应用和发展出发,经过大量文献阅读和案例学习,对“租金贷”和长租公寓的商业模式以及业态风险进行研究了解,发现长租公寓借助互联网平台和大数据等科技手段,将传统住房租赁行业从线下转到线上。“租金贷”这一创新金融工具进一步助推长租公寓平台,使住房租赁中介平台拓展了贷款信息中介的服务内容。然而,从2018年杭州鼎家公寓爆雷,到蛋壳公寓跑路,再到青客公寓破产,长租公寓加“租金贷”的商业运营模式风险暴露无遗。其中除了存在商业模式风险之外,政府监管方面存在的问题也不容忽视。在此基础之上,笔者通过回顾2015年来“租金贷”和长租公寓发展历程以及政府出台的相应扶持和监管措施,分析政府针对“租金贷”监管方面的成效和存在问题,并通过文献研究和数据收集等方式分析问题成因以提出可行对策建议。本文首先分析了政府针对长租公寓加“租金贷”业态出台的针对性监管措施,主要在经营行为监管、“租金贷”资金监管、行业信息披露和细化法律适用方面进一步完善了监管规定。再通过对政府监管下的“租金贷”和长租公寓业态运营情况进行跟踪了解,经过分析发现,“租金贷”政府监管存在的问题体现在四个方面:一是,政府监管仍然停留在事后监管层面,未建立良好的风险预警机制;二是,我国针对“租金贷”监管仍然以管控监管手段为主,注重问题解决和社会影响的降低,忽视了行业发展的真实需求,在禁止各类“租金贷”产品经营的同时没有提供替代方案或者其他合规的资金供应渠道,导致监管抑制发展的情况发生;三是,通过对我国八个主要住房租赁城市进行监管政策执行成效调研,发现存在“租金贷”政府监管措施落实不到位的情况;四是,信息化时代新业态呈现混业经营的发展趋势,然而政府监管手段落后,各监管主体之间的缺乏协同监管的经验和方法,信息披露制度、征信系统搭建和监管平台搭建均不完善。本文认为可以通过完善长租公寓市场的政府监管体系,包括兼顾不同主体利益,转变政府监管的理念,构建行业常态化监管和风险预警机制,加速打造多主体协同监管平台,实现跨部门监管数据共享,提高政府监管效率等方面优化现阶段的监管工作。中国的住房租赁市场是一个体量巨大的金融消费场景,是“租金贷”的主要应用场景,场景金融在住房租赁行业中具有巨大发展潜力和发展空间,政府在促进新业态发展时更应不断优化监管理念,探索规范市场和促进发展并重的监管措施,使新兴业态得到规范化、规模化和可持续发展。更多还原

【Abstract】 Since the report of the 19 th National Congress of the Communist Party of China explicitly encouraged the development of the housing rental market,local governments and financial institutions have introduced measures to support the development of the long-term rental market,and real estate intermediary companies have also transformed into long-term rental apartment businesses.Under the wave of urbanization development,the housing rental market in first-and second-tier cities has gained a steady stream of growth momentum,"rental loan" has also been widely used in housing rental consumption scenarios and has achieved great development.The business operation model of long-term rental apartments and "rental loans" has only experienced a few years from the embryonic stage to explosive growth,and then to the bankruptcy of long-term rental apartments one after another,resulting in a large number of people’s property losses and business credit collapse.In addition to the great risks that long-term rental apartments and the "rent loan" model contains,the lag in government supervision for "rent loans" is also one of the main factors leading to the outbreak of problems.In the early stage of the development of "rental loan",as an innovative financial product and inclusive financial tool,it provided convenience for low-income people who just needed to rent housing.In the current long-term rental apartment market,"rental loans" gradually extends the utility of corporate financing tools from inclusive financial instruments to meet the capital needs of long-term rental apartment enterprises to expand the market.However,changes in the market environment have caused a large number of long-term rental apartment enterprises with "buy at a high price,sell at a low price" and "one-time collecting and pay in installments" to fall into a liquidity crisis,and burst their positions due to the rupture of the capital chain,resulting in a loss of nearly 4 billion yuan,and millions of people have suffered from it.However,as a new format of the housing rental market,the entire industry is still in the early stage of development,in order to meet the explosive housing rental market demand brought by urbanization,driven by capital and early support policies,the misallocation of "rental loan" funds brings great liquidity risks and legal risks,and it is urgent for the government to strengthen supervision and standardize development.Based on the hot issues of people’s livelihood in society,starting from the application and development of inclusive finance in the housing rental market,I study the business model of "rental loan" and long-term rental apartments,as well as the existing achievements of business risks,and find that long-term rental apartments use Internet platforms and big data and other technological means to transfer the traditional housing rental industry from offline to online.The innovative financial tool "rental loan" has further boosted the long-term rental apartment platform,enabling the housing leasing intermediary platform to expand the service content of loan information intermediary.While,from the bankruptcy of Hangzhou Dingjia Apartment in 2018,to the runaway of Eggshell Apartments,to the bankruptcy of QK Apartments,the business operation model of long-term rental apartments and "rent loans" has been exposed.In addition to the risks of business models,the problems in government supervision cannot be ignored.On this basis,the author reviews the development history of "rental loans" and long-term rental apartments since 2015 and the corresponding support and regulatory measures introduced by the government,analyzes the effectiveness and existing problems of the government in the supervision of "rental loans",and analyzes the causes of the problems through literature research and data collection to put forward feasible countermeasures and suggestions.This paper first analyzes the targeted regulatory measures issued by the government for long-term rental apartments and "rent loan" business format,and further improves the regulatory provisions in terms of business behavior supervision,"rent loan" fund supervision,industry information disclosure and detailed application of laws.Through tracking and understanding of the operation of "rental loan" and long-term rental apartment formats under government supervision,after analysis,it is found that the problems existing in the government supervision of "rental loan" are reflected in four aspects: First of all,government supervision still stays at the level of post-event supervision,and an effective risk early warning mechanism has not been established;Secondly,China’s supervision of "rental loans" is still mainly based on control and supervision methods,focusing on problem solving and reducing social impact,ignoring the real needs of industry development,and prohibiting the operation of various "rental loan" products while not providing alternative or other compliant capital supply channels,resulting in the occurrence of regulatory inhibition of development;Thirdly,through the investigation of the implementation effectiveness of regulatory policies in eight major housing rental cities in China,it was found that the implementation of "rental loan" government supervision measures was not in place;Last but not the least,the new business format in the information age presents the development trend of mixed business operation,but the government supervision means are backward,the experience and methods of collaborative supervision between various regulatory entities are lacking,and the information disclosure system,credit investigation system and supervision platform are not perfect.This paper argues that the current stage of supervision can be optimized by improving the government supervision system of the long-term rental apartment market,including taking into account the interests of different subjects,changing the concept of government supervision,building a normalized supervision and risk early warning mechanism for the industry,accelerating the construction of a multi-entity collaborative supervision platform,realizing cross-departmental regulatory data sharing,and improving the efficiency of government supervision.China’s housing rental market is a huge financial consumption scenario.As the main application scenario of "rental loan",scenario finance has huge development potential and room for development in the housing rental industry.The government should continue to promote the development of new formats.Optimize the concept of supervision,explore regulatory measures that both regulate the market and promote development,and enable the standardization,scale and sustainable development of emerging business forms.更多还原