從流動性的觀點探討我國住宅金融資金結構

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(1)(129). ~~~~~.~~#A~ft~*~J*M.*. #. :! ll** *:t- .*** -,~. ~. ~,~~~~~~. ~,~~~~.~. ~,.~.~.~.~.. s,ft~*~~*~~z~~~~. *,~~.~.. . : *)(::i:J!7JtE1tN.teDftlfJ'lia9fil'i ' ~M~r:J1±~ltti!llZ=jfli'i*6t1 ' Jt~~ r:J51-1±~li'iti!ll~ f'FmltiU zm~ , MlPJ ~m-!tfHWfIM*z 1i"A ' ti~1±~li'iil!=jfli'imUlfJ'Ii~ •. ff~.ft~~'~~Hm~-mmz~~'m~~&li'iil!~tl7m1±~li'iil!z=jfli'i~~ @~o~~Mlti~r:J§~1±~li'iti!llm*mOO.a9~~'7~~~~M'Ml~.ffi~~. m~,~mB~.~1±~li'iti!llm*Z~~1i~o H.~:tt~• • ,.ti~'.ti~m. -. •. .. ...>41111. -= a. 1±~li'iti!llm~~1±~~m§mm~~~~a9*~z-,~~tEm~1±~~~~~~. , &\tr~~.~a91±~li'iti!llm*:bIlJ11j::1tHl ' ::tfi~~~1±~m~Z §tl ). 1±~li'iilt~ft::i:J!a9~~RnmfJi!f~ti!Il=jf:R~7~~~~ &.m~. 0. (~li'i"'~'. 1990. , PJ f~Ut~.1±~. ~=jf,~~&m.m~'~~=jfli'ia9~HI~~~~ft.~'~.1±~li'iti!lla9ft~~*o. ffiiJJtiftlJ r:JPJ tt1±~ li'iti!lla9ft 1!l '. m~1±~$ r~ z. ft ~~1'~mJiJi ' ti1± ~li'iti!lla9 ti!Il=jf. ' ~l&1±~li'iIU~fi~fIJm~lIli'iti!llm*z~J~ ffil71-1iOO ' m~1±~li'iilta9~'Ii-jf~MIIIH~ , :R~li'if!r{*. m1illi1;t~$u.mOOjfd:1l&~il'ff?§*a9~.. =jfli'i. (~~EE. '1985). 0. '~-~li'iilt~tlZmMff~*~J!::1t~~Ma91±~:R~'tili'iti!ll.tla9=jfli'in~ft~. m...t ' 1;tiiJfi~.l&=jfli'iVft~11:1'Ji!&j!"~.a9rdlRl ; :b1l...t~r:J §iWJR.f1i!iitili'iti!ll• • ~W1±~:R~Zf!r{~,~~~,~tr-~a9~~'~~~1±~li'iti!lla9=jfli'iBtrj!M~ IIzll ~~tlllfiIT~*1±~li'iti!ll*lt~'lipfi~~a9~~ , :b1l~~Jili'iVftIfJ'Ii ' PJ1CW1± 0. ~li'iti!ll=jfli'i*6t1'~.~1±~li'iti!llR*,ft~1±~~~a9~*~.o. *)(~~A$re:~~-M~~51-'~=MmffiHm~~M'~$~::i:J!m~1±~. li'iil!a9*~'~~1±~li'iti!ll=jfli'i~.a9~~~'Ii'MlJt~IJr:J51-1±~li'iti!ll~WII~a91' ·*X~~~~~$~~w~~r~.tt~~.~~z~~Jz~m~~~*. ·*.:il:~tb*"'J.1f!~~:remlift±. ·**.:il:~tb*"'J.1f!~~ti:~. -1.

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(21) I¥~. (149). r ~.. ~l1Jf!J*¥A!tml1J'l1:m~zlH1f~:rq:7P)Jsi~~ , p).mi&:)f,fI\ilffi¥~:fmtt~jtjzBt~~lf. 0. iffl1£~j7gtt~jzlftRjzkt6.z~m~mtp$~~$IJ' 1E~$r'B9~iI!ta.;Ii!tt~~ /lI!m*z::t~jt~*1{ , ilF1E~$r'j;f!rfjzIl!Jifif!mzjf~ , .tt171Je~.rfliil ' .~ili I. /. /~it~l!Itta.lttt~jzil!zjt~m~,m~11-t8lifiJfJ:1tol&~itHltlDW~~§lWtt~. / '.. ~lI!jt~kt6.tpJifimiliiB9rp,e, p).{!f!{t~~lI!fI~J!.3:: ' *Jt$lt;JtrJje~~7p)'. -~m'MM~.ffilH1~am~,~m8~ffig.@z~~,~~~=~zo. . /. l.i. ~. JlfY:IlI! (1989) • ~ltI!f~ftrJ'J.Zif;\: 0. Ii'!J (ttl) ". .lfti (1982) • • • • fjfiitllJi!:1f~Zif;\: • =:~.r.u •. lJft., (1991) f1t~, ~ , E3 ' ~ftliEij(tflz.J:tc&ltal!lt£liEij(tfl.lfZ:nr.u •. ~.* (1989) ••• !1!!WiI!l~1tliEJ!m (~1!I59!f.Jjt~7B!f.Jjt) ". Ii'!J (tt 5). P.,{• •4{fJM!f.l!lliEit~fltm.f.ie!l • 13 ~lil!J65!f..W'~4i!f.M?;:~.tk~liHi60%P"{J:. • 75!f.P"{310!lfttHi90% Pkt • HHItl'iJm;lt.~Ml!fltw+~.m • ~~.*4 : 161 (tt 5 J • (1:£8)m.~1tliE~8it~~M·~m~8• • ~.ftliEit.~·~*~@Sffi·X.~.~:J:.~~it~.M *~~@ • • ~M+*~~~it~~M~*~~it~~.,,~~§~*s~~~ • • • ~~;lt4i~~@&4i. (tt I) (1:£ 2) (tt 3) (it 4) (1:£ 5) (tt 6) (1:£ 7). fliJ!~'. ".m· 0. ~~~it~~M~*w~M~·~~~~.tt.~.~it~~M·. (tt9) ~it~MlJt~ifIj·. 4i~fI.~.~~· mW:l~@.**fljftlt!!.a~. lIJtt1'*fi:;t:*~•• it~fI1$$mli'!J. • ~*?ttllll:,.ttm.z~.. 'l'iJm;lt~!lIt. •. (1:£10) ~JM:75'(1990) • • •it!!ii1'lIJ~~8mf!lZif;\: •. (ttll) Ii'!J (1:£10). 0. ~;fx.it - , r:f:lltilHi 1. tfJIIVtl5ifm (1987) • r• •jt!f"nHIJ!.U:liif~J • P9ij(S1fJ!W~1£ • 2. ~~EE (1982) • rM±!1!!&tEliEm.ZJI~JUIU~;ZmJ • • •±!1!!~.*,f!.I • ~+:ft.fI • ~-Wl· 3. ttlm. (1991) • r••ftliE~.zmlR.**J • 4. ~.~ (1990) • r• •it!!II1'IIJJi~.m1lZif~J • ±!1!!.fjif~fQ'i!t " 5. #5t1lV (1976) • rft!{;jI!:U.&ft!{;j~.J • ±!1!!.fjif~:lU.EI1 " 6. *OtJl.(1974) • r••±!1!!.fjmfj±!1!!~8.~Zif~J • ij(*!1!!ifmaM· . 7. ij(*!1!!ij(~ (1990) • rft!{;jI!:U• •ft!{;jij(jftZif~J • P9ij(~.I!!If~I£.. B.l!lkit= (1979) • rl!l~!{;j.~.±!1!!I!:U.Zif~J • ij(*!1!!iflliall •. 9. ~1I~.if~r:pjC.' (1983) • r• •!1!!r~.I!:U.-~/VJit*.!1!!r'liIEJ • 10. fftfr (1971) • r• •tEliElUlmZif~J • ij(*!1!!ifllialt " 11. t'fA!i~ (19B6) • r*lil!J.fjJtt~mllJtt, :ti'~tt ,~~tt!Jil.~1fJlEIH&Zif~J • ij(*:ltifmalri • 12. @J!!* (1987) • r••!1!!III!1~tEliEJ!m-~1!I59!f.ll~78!f.JjtJ " 13. ~J!. (1981) • r.~t:1!i*"tEliEJtl:1SUfMI.:Ii~tfi.'i!t J •. 14.111,*'1'1 (1976) 1'1IJ&~.ZJlE.!Jil.~-.Iri• • •fj~./I~Zftfj·. 15. "lfti (1980) • r•••fjmllJtt1f~Zif~J • =:~.r.u " 16. lJft. '_II~ (1991) • rw~' ~ 'B~tEliEij(tflZJt~~n!tl'ltE!{;jij(jft.fiZ:nr.uJ ·1tliEij(tflJU-"1l'if. M*· -21.

(22) (150). =- ' JtxgtH~t. 1. A. J. Mclean (1988) • rThe Ultimate Guide to Residential Real Estate LoanJ. 2. Bruce Harwood (1990) • rReal Estate PrinciplesJ 3. C. F. Sirmans (1989) • rReal Estate FinanceJ 4. F. Modigliani (1994) • fLiquidity Preference and the Theory of Intrest and Money. Econometricaj 5. H. C. Crosse and G. H. Hempel (1973) • rManagement Policies for Commercial BanksJ 6. L. V.Chandler (1964) • rThe Economics of Money and Bankingj 7. Mark Boleat (1985) • rNational Housing Finance Systemj 8. M. A. Hines (1987) • rReal Estate Debt FinancingJ 9. M. A. Hines (1988) , fFinancing Real Estate with SecuritiesJ 10. R. J. Pozdena (1988) , rThe Modem Economics of Housing; A Guide to Theory and Policy for Finance and Real Estate ProfessionalsJ 11. S. J. Maisel (1987) , rReal Eatate FinanceJ 12. Shenkel (1987) • rReal Estate Finance and AnalysisJ. -22.

(23)