Research On The Equity Structure Of Pension PPP Projects Based On Risk Sharing

With the continuous development of social economy and the unceasing change of population structure,the characteristics of the huge old population base,the aging population,and the empty-nested was already quite clear,and the recent peak of aging population is expected to come in 2030.However,the current construction development of pension agency is very slow.The supply and demand of the pension market are extremely unbalanced.Public-private partnership(Public-Private Partnerships,PPP)as a new financing mechanism can achieve benefit and risk sharing between the public and private sectors,which becoming the main public infrastructure services provide pattern.Yet the equity structure design of PPP project as an important content of project preparation stage,its design and adjustment of the PPP project can bring about the success or failure of the project.Because of the interests of the parties objectives,risk tolerance,project management strategy,and many other factors can impact the equity structure design,there is no universal principle about the design of equity structure.Therefore,this paper with the help of ideas about a securities portfolio risk sharing,put forward the PPP ownership structure research model based on markowitz model,in order to provide a reasonable method to determine the PPP project equity structure.First of all,through researching the domestic and foreign related literature,this paper explained the connotation,characteristics and the equity structure of the PPP mode,at the same time,and introduced the markowitz model theory and the theory of entropy method briefly.Secondly,through case analysis,this paper collected many classic PPP projects and summarized the suitable shareholders of PPP project.And according to characteristics of pension agency,this paper selected the suitable shareholders of PPP project about pension agency.Then,using the entropy theory and markowitz model theory,the equity structure of the old-age PPP project is determined based on the reasonable sharing of risks from the perspective of project risk sharing.Finally,it is the conclusion and prospect of this paper.This paper adopted the combination of theoretical research and application research and researched the PPP project equity structure.The study drew the conclusion about how to select the reasonable shareholder combination suitable for the pension PPP project and drew the proportion of ownership structure among the participants.The conclusion can provide reference for the government to choose reasonable social capital participants,and provide social capital reference for the social capital participants to make investment,which is helpful to promote the application of PPP mode in domestic pension service construction.