和谐共赢视角下投融资多方博弈均衡模型研究  

Multi-player Game Equilibriums Model of Investment and Financing: An Harmonious and Mutual-beneficial Perspective

作　　者：王玥[1,2] 秦学志[1] 张康[2] 黄世英[3] 

机构地区：[1]沈阳大学工商管理学院 [2]大连理工大学工商管理学院 [3]大连海洋大学经济管理学院

出　　处：《管理学报》2011年第5期763-768,783,共7页Chinese Journal of Management

基　　金：国家自然科学基金资助项目(70771018);教育部人文社会科学基金资助项目(05JA63005);教育部新世纪优秀人才支持计划(2005)资助项目;大连理工大学人文社会科学研究基金资助项目

摘　　要：和谐共赢信用理念意在追求"恪守信用、平等互利、相互支持、共同繁荣"的多赢局面,即力求经济金融系统各部分利益或效用尽可能最大化。基于这种视角,刻画了多渠道投融资各方收益期望效用模型,并依据博弈原理给出多方博弈的Nash均衡解,且详细考察了若干参数,诸如企业的违约概率、道德风险、融资总额、持股比例、风险厌恶程度等对博弈各方和总体收益的影响程度,据此提出了相应的投融资对策,并对投融资各方共赢的有效策略集进行了实证分析。The aim of harmonious and mutual-beneficial credit concept is to construct a many-aspect win state under the guidance of the ideas that the credit rule is abided by strictly,all participants are mutually equal during the process of their trading and they can get benefit from each other,can mutually support and finally get prosperous together.Based on these ideas,we built expected utility model of multi-channel investment and financing,and obtain Nash equilibriums of multi-player game.Then we analyze several parameters about their impacts on players＇ expected profits in detail,such as default probability and moral hazard of corporate,financing total,the proportion of enterprise＇s holding shares and risk aversion coefficient etc.,and thereby present corresponding strategies of the investment and financing.Finally,we propose the effective strategy set of a multi-beneficial credit loan system by empirical analysis.

关 键 词：违约风险 道德风险 和谐共赢 多渠道融资 博弈均衡 

分 类 号：C93[经济管理—管理学] F830