住宅增值參與證券：降低民眾住宅負擔新方案──一個可負擔且持續的住宅所有權之新方案

Home Appreciation Participation Notes (HAPNs)-A New Way to Affordable and Sustainable Homeownership

住宅兼具消費財及投資財的雙重特性。在現今制度下，購屋民眾必須同時購買兩種住宅特性，然投資財的特性不但增加房價波動風險，亦使部分民眾購屋壓力加重，無力負擔包含投資財的住宅價格，進而影響民眾消費住宅的基本權利。住宅增值參與證券（HAPNs）是一個同時考量購屋者負擔能力及降低房價波動風險的金融創新方案，藉由分開出售住宅的消費財與投資財雙重特性，來提高購屋者購屋負擔能力並降低銀行呆帳風險，亦增加購屋者投資組合之規劃調整彈性。住宅增值參與證券（HAPNs）整合多項現行住房融資制度，應可順利的在現行法規與市場環境中推行。

Housing is a unique commodity in that it simultaneously possesses two conflicting utility values: shelter consumption and investment. Because these two utilities are bundled together under the current legal system, the excessive housing value fluctuation caused by investment has repeatedly posed problems to the affordability and stability of the national housing consumption. We argue that the housing commodity allocation and efficiency will vastly improve as a result of decomposing these two utilities into segregated markets. Home Appreciation Participation Notes (HAPNs) constitute a financial innovation that allows the housing price risk to be separated from the shelter necessity. In addition to the benefit of improved housing affordability and reduced mortgage default risk, HAPNs also enable homeowners to more flexibly manage their wealth portfolios. As they integrate many existing features, HAPNs can be easily implemented under the current legislative and market environments.