廉租房制度是世界各国政府解决最低收入家庭住房问题的核心措施。1998年，中国在进行住房分配货币化改革的同时也建立了廉租房制度。选择合适的廉租房补贴模式是廉租房制度顺利实施的关键之一。因此，本文主要对廉租房补贴模式及其选择进行深入研究。首先，本文对发达国家的廉租房补贴模式进行了研究。研究表明：第一，应该根据国情的不同，选择不同的廉租房补贴模式，并跟随国情的变化适时进行调整；第二，在廉租房补贴模式选择的过程中，要逐步实现从实物补贴向货币补贴的转变。其次，运用住房过滤模型和消费者行为理论分别对实物补贴模式和货币补贴模式的经济效应进行了分析。分析结果表明，在房地产市场发育成熟的前提下，运用货币补贴模式对最低收入家庭进行住房保障的效果要明显优于运用实物补贴模式的效果。一方面，货币补贴模式可以将住房保障与市场运行有效地结合起来，在保障最低收入家庭居住权利的同时，可以促进新房市场和住房租赁市场的发展。另一方面，等价值的货币补贴比实物补贴可以给接受补贴的家庭带来更高的福利水平，即在货币补贴模式下资金的利用效率更高。最后，在国外经验和经济学分析的基础上，结合中国廉租房补贴模式的现状，本文指出中国各个城市应根据住房存量水平、政府财政能力、房地产市场发育程度和消费者福利四个因素选择廉租房补贴模式。一般来说，如果住房供给短缺，则应选择实物补贴模式。如果住房供给充足，应该选择货币补贴模式。选择实物补贴的城市，应建立廉租房排队等待制度；选择货币补贴的城市，则应实施住房货币化梯度补贴方案。

Low-rent housing system is the core content of housing security system.. It is used to solve the housing problems of low-income families. In 1998, Chinese government began to construct low-rent housing system. It’s very important to select the appropriate low-rent housing subsidy mode. Therefore, this paper depth studied on the low-rent housing subsidy mode.First, this paper studied the low-rent housing subsidy model in developed countries. There are some foreign experiences we can learn. For one thing, low-rent housing subsidy mode should be selected according to specific conditions. For another, we should complete a transition from in-kind subsidy to monetary subsidy step by step. Second, we analyze the economic effects of low-cost housing subsidy model based on housing filtering model and the theory of consumer behavior. The results shows that monetary subsidy mode have more advantages than in-kind subsidy mode. On the one hand, monetary subsidy mode can combine housing security with the operation of housing market effectively. For one thing, it can protect low-income families’ rights to live. For another, it can also promote the development of the housing new-built market and second-hand housing market. On the other hand, monetary subsidy mode can bring a higher level of benefits to the low-income families than in-kind subsidy mode. Finally, based on foreign experience and the theoretical analysis results, we should choose the low-rent housing subsidy mode according to specific conditions, such as the level of housing stock, government financial capacity, the development of real estate market and consumer welfare. Generally, if there is a housing shortage, the government should choose in-kind subsidy model. If the housing supply is ample, monetary subsidy model should be chosen. The city that should choose in-kind subsidy mode ought to establish the program of low-rent housing waited in the queue. The city that should choose monetary subsidy mode ought to implement the program of monetary gradient housing subsidies.