企业融资决策的博弈分析

对企业融资决策进行了研究,基于信息对称性,用博弈论方法建立企业融资决策模型,模型结果：债权融资形成的博弈均衡是高盈利能力企业和低盈利能力企业都能有效融资,股权融资形成的博弈均衡是高盈利能力企业被低盈利能力企业驱逐,形成“柠檬效应”。最后指出,债权融债尖当在企业融资结构中占主导地位。

Game theory analysis on financing decision in business

The financing decision system in business is studied. The system is dependent on game theory with the asymmetry of information. After the building of models on the system with logical analysis, the consequence is drawn that the businesses with high profitability and the ones with low profitability form in game equilibrium in the by process of bond financing, while in the by process of stock financing the businesses with low profitability drive the ones with high profitability out of the game, which is called "lemon effect". In the end, bond financing as a dominant measure in business financing is pointed out.