Research On Risk Sharing Mechanism Of PPP Mode In Pension Industry

The old-age industry has been popularized in China in recent years.PPP model has unique advantages and scalability as the first financing model,but the PPP model is not widely used in the pension project.The root of the PPP model is that the risk sharing mechanism of the core problem of PPP is not perfect,and the solution of the problem of risk sharing has also become the application of PPP to the pension item.The primary issue is of great significance to the development of the pension industry in the future.First of all,through consulting the literature,this paper combs and analyzes the research status of the risk sharing of the pension industry and PPP model in China,and then classifies the risks involved in the public welfare and quasi operational pension projects,puts forward the linear subsidy model and carries out the mathematical modeling,and uses the comparative study method for the fixed subsidy model and the linear subsidy model.The risk sharing is compared.On this basis,the risk measurement model of two subsidy modes is established,and the risk variance of the two subsidy modes is compared by using mathematical analysis method.Finally,the superiority of the linear subsidy mode is further demonstrated through case analysis.The research shows that:(1)the financing gap of the pension industry is huge,the financing demand is strong,the PPP model is most suitable for the pension project,but the risk sharing mechanism is not yet mature(2)the risk sharing problem of the pension PPP project is mainly exposed in the quasi operational project,especially in the marketing wind insurance.(3)subsidy mode is an important factor that affects the unequal risk sharing of PPP projects,and the fixed subsidy mode can not reasonably distribute risks to all parties.(4)under the linear subsidy model,the variance of social capital risk is less than the fixed subsidy model,the profit and loss of social capital are less discrete-time,the risk sharing is more balanced and reasonable,and the fixed risk sharing can be transformed into dynamic risk sharing,and the risk sharing scheme is more compatible with the market.