The Income Distribution Research On Pension Fund Participating In The Business Ppp Project Investment

In the post-crisis era,the world economy has being continued to slump,Our country's economy is growing more slowly,the world's economic development is looking for a new innovation to be driven anxiously.As the foundation of a country's social security system and the "stabilizer" of social harmony,the value-added of pension funds has been widely concerned by the governments around the world.In recent years,China's population structure changes rapidly.We all want to have better and better products and we also want to have better and better quality service,all of this put forward higher requirements to the pension fund's future income level.Stocks,bonds and other financial products in the past do not match the risks and benefits,so they can not meet these special investment needs of the pension fund.In this trend,the PPP infrastructure business projects provide a new possibility for the development of pension funds.This thesis firstly summarizes the definition of infrastructure projects,PPP models,pension fund investment,and their characteristics.On this basis,the paper analyzes the feasibility of the pension fund investing business PPP projects from the seven dimensions including the policy,long-term,security,priority,tax benefit,scale,externality.At the same time,through the literature review method,the paper summarizes five operational modes which include infrastructure Trust loans,infrastructure special bonds,limited partnership private equity funds,public-private partnership model,wholly-owned subsidiary model,all of which will be applicable to the pension fund investing infrastructure projects in China's practice.Finally,the four factors,such as resource input,risk sharing,effort and output,which are taken as the revised indexes,and the profit distribution model based on Shapley value method is established.Simultaneously,the effectiveness,feasibility and the advanced nature of the model are verified by the final case study.This paper make a few proposals for the research in the near future with a hope to providing a useful reference for our pension funds participating in PPP operation mode of infrastructure projects.