CAJ | 학술논문

本文从住房消费需求和投资需求出发，探讨住房抵押贷款定价问题，并借此分析投资人套现行为对住房抵押贷款定价的影响。计量结果表明，购房者抵押贷款价值受房价、市场利率等市场因素和贷款期限、贷款房价比等贷款合同因素的影响。其次，投资型购房者的抵押贷款价值在任何情况下均不低于消费型购房者，房价越高两者价差越明显；值得关注的是，市场处于高房价高利率，投资人套现行为能使抵押贷款合同双方（投资人和银行）实现双赢。上述研究结果不但为住房抵押贷款定价提供依据，而且为商业银行制定差异化合向提供参考。
본문종주방소비수구화투자수구출발，탐토주방저압대관정개문제，병차차분석투자인투현행위대주방저압대관정개적영향。계량결과표명，구방자저압대관개치수방개、시장리솔등시장인소화대관기한、대관방개비등대관합동인소적영향。기차，투자형구방자적저압대관개치재임하정황하균불저우소비형구방자，방개월고량자개차월명현；치득관주적시，시장처우고방개고리솔，투자인투현행위능사저압대관합동쌍방（투자인화은행）실현쌍영。상술연구결과불단위주방저압대관정개제공의거，이차위상업은행제정차이화합향제공삼고。
From the housing consumption demand and investment demand, this paper explores the issue of mortgage valuation and the effects of home equity extraction on the mortgage valuation. The numerical results suggest that the mortgage value depends not only on the market factors, such as the house price and interest rates, but also on the factors of loan contract, such as mortgage maturity. Besides, the mortgage value of investor is no less than that of consumer; the higher the house price is,the higher the spread between the mortgage value of investor and consumer is. It is noteworthy that if interest rates and the house value rise simultaneously,investors and lending bank will realize their win - win. These results, providing the basis of the mortgage pricing and the reference of the differentiated contracts, have important implications on commercial banks.