A Study On Liquidity Loss Of Pension Insurance From The Perspective Of Transaction Cost

The flow of labor from agriculture to non-agricultural industries is the common rule and trend of all countries in the process of industrialization and urbanization in the world, especially under a typical dual structure in urban and rural economy of china, the large-scale labor mobility is an inevitable phenomenon of social economy development. The number of floating population in China increased year by year, in 2013, the scale of floating population has reached 245000000, it is expected that in 2050 the scale of it will reach 350000000. The large-scale labor mobility, not only increased the personal income of workers, but also promoted the development of economy and society. However, many problems have been found with it, the problem which pension rights loss has been concerned. In the current system, the floated can not take their pension relations across the different regional and pension system easily, so the pension rights loosed. This problem not only hindered the rational flow of labors, but also undermined social stability and harmony. Therefore, from theory or from the practical point of view, discussing the loss of pension rights has far-reaching significance.This paper takes the economic perspective, to study the loss of pension rights of labor mobility problems, especially focusing on the transaction costs and its formation mechanism of flowing workers. First of all, this paper regarded the loss of pension rights in floating as the mobility loss, this concept is conducive to the development of the research from the perspective of transaction costs, and facilitate to find the reason and the way of avoid the loss. Reviewing on the home and abroad literature, putting forward from the perspective of transaction costs of research of pension rights, and expounds the labor migration theory, transaction cost and institutional change is the theoretical basis of this study. Secondly, pension system is regarded as a contract, and the central government, local governments, employers and workers as the main transaction, the mobility losses is the transaction costs which the employee shall paid in the flow process. Then, establishing the transaction cost analysis framework of pension rights loss problem. Again, analyze the formation mechanism of the mobility loss. The interests of the game subject to the system barrier and overall planning barriers of pension, labor are in a weak position ultimately bear the high transaction cost. Finally, study the countermeasures to solve the problem of the mobility loss from the long and the short stages. In the short term, learning from the EU experience, under the existing system, through the balance of different investors interests way, establishing a channel in the different system, so as to reduce the transaction costs of workers; but in the long run, it must be in the realization of the basic pension overall planning as the goal, and to establish the multi-level pension system include national basic pension annuity, occupation pension, additional pensions and individual savings, maintenance the pension rights of workers no matter they flow in different regional or in different occupations.