The Research On Pension Institutions PPP Project Of Risk Sharing Based On Information Game

China has entered an aging society since 1999.In the past "Twelfth Five-Year Plan" period,China's aging population has become more and more serious.With the increase of the aging population,China has brought great pension pressure.In order to alleviate the problem of old-age pension in China,China has basically established a social pension service system which is based on the idea of "raising the old-age care at home and keeping the old-age".At present,the basic role of home care is not obvious,the community pension is at the stage of promotion,which makes the role of institutional pension is more and more important and the demand for institutional pension is also increasing.At the same time,due to the publicity of pension facilities and service,it is far from enough to rely on government funds to invest in the construction of pension institutions.This offers new opportunities to explore the private sector to participate in the development of pension institutions and promotes the PPP model in the field of old-age.PPP(Public-Private-Partnership)model refers to the public-private partnership,which has been concerned as a new model to participate in the construction of pension agencies.In the PPP model,the risk management is the most important factor in the field of pension service.Effective risk sharing is the key factor of risk management and project success.This paper chooses the old-age pension PPP project in the field of old-age service as the research object,and makes an in-depth study on its risk-sharing,which provides the basis for decision-making for reasonable risk-sharing and guarantees the smooth implementation of the project,promoting the development of social pension service and building a harmonious society.This paper first introduces the background and significance of the topic selection,and then elaborates the theoretical basis of PPP model,PPP project risk sharing and game theory,which lays the foundation for the later research.In order to study the problem of risk sharing of pension PPP projects in detail,this paper defines the main body of risk sharing of pension PPP projects as the public sector and the private sector in the third chapter and analyzes object of risk sharing of pension PPP projects from the macro,medium and micro three levels.Then this paper analyzes the influencing factors and methods of risk sharing,and divide the risk sharing method into risk-sharing and non-shared risk.However,risk sharing is a more general concept,in order to quantify the risk of sharing,this paper in the fourth chapter builds a risk-sharing bargaining game model with the project participants in the status of symmetry and the public sector and private sector bidding order.Finally the Nash equilibrium solution of the model is obtained,that is,the specific proportion of the participants in the risk-taking.Through the analysis of game theory,we find that a party first bid bears less risk ratio than the post-bid.And the asymmetry of the status of public and private sectors and the negotiated loss factor affect the specific burden of risk.Based on the above analysis,this paper puts forward the proposal of optimizing the risk sharing of the pension PPP projects,that is to clarify the symmetry of the two sides,to strengthen the communication of public sector and the private sector,to establish and improve a unified PPP laws and regulations,to strengthen the industry guidance,to share the risk income and to build incentive systems.