The Game Research On The Core Participation Body Of The SME Joint Pension Plan

Since the implementation of the enterprise annuity plan, most of the China's large and medium-sized state-owned enterprises and monopoly enterprises have established enterprise pension system in the push of the country's preferential tax policy. It played an important role in optimizing enterprise human resources policy, playing the second pillar of endowment insurance and easing the population aging crisis. But in recent years, the development of our country's enterprise annuity has been stagnant. When we analyses the reason, we find it's mainly because the enthusiasm of SME which accounted for nearly 99.8% of the total number of enterprises has not been aroused in developing enterprise annuity. For this, DECD pension fund department firstly discussed solving SME annuity development problem in joint pension plan with our country's social security department.Since the implementation of joint pension plan, China's SME has made the fast progress under the push of financial industry vigorously. But because the preferential tax is insufficient, related policy measures are not perfect, operation pension fund faces all kinds of risk in the process of operation and other risk problems, which hindered the development process of SME joint pension plan to a great extent. So, in this paper, we mainly research the game between the local government and SME which based on both sides of the preferential tax in the progress of joint pension plan establishment; the possibility of moral hazard between the principal and agent because of the information asymmetry and the game behavior orientation of the main body in the progress of joint pension plan operation. Through the analysis on these two link analysis, we try to find the relevant factors, so as to find out solution measures to promote the development of the SME joint pension plan. The specific research content as follows:Firstly, we analyzed the game behavior of the related core participation main body, the SME and local government in the progress of joint pension plan establishment. According to setting up a game model, solving mixed strategy Nash equilibrium, then we analyze the relevant influence of the index of the equilibrium, discuss the best strategy selection problem of the SME and the government's in different conditions. At last, we put forward to the relevant improvement measures and Suggestions.Secondly, in the progress of joint pension plan operation, we analyzed several different operating mode, "2+2" mode, "3+1" mode and "2+1+N" mode. In the several model, we study game behavior of the relevant core participation body, analyze the moral hazard of possible existence and the interest orientation behavior of related subject. Then through the introduction of the moral risk control theory model,and combining with the result of game analysis, we put forward to relevant measures and suggestions.