Index Linked Bond:A New Financing Instrument for Urban Public Rental Housing Projects
提出用指数挂钩债券解决公共租赁住房融资瓶颈，通过定量分析建设成本与租金比率对内部收益率的影响，说明该债券能激励地方政府按承诺建房。
The Twelfth Five-year Plan has aimed to build 36 million indemnificatory houses and it will cost at least 4 trillion RMB in total,most of which comes from local governments.This paper has proposed to issue index linked bond(ILB) to solve the financing bottleneck,and it will be helpful to enhance the municipal credit and financing environments.This paper applies a quantitative analysis to the relationship between the ratio of total construction costs and rental and the internal rate of return(IRR),and furthers to show that ILB can motivate the local governments to build the houses as it promises.Thus,it gives a meaningful reference for financing public rental housing projects.