摘要
本文应用演化博弈理论构建了行业内不同企业群体间的资本结构动态调整博弈模型,对不同企业群体的资本结构动态调整策略的适应度、稳定性及稳定状态的演化趋势进行了分析。研究结果表明:普遍的财务保守策略和普遍的财务激进策略均为行业内企业间资本结构选择的演化稳定策略。因此,从宏观金融风险控制和行业稳定发展角度出发,指出对影响国计民生的行业中标杆性企业的资本结构选择进行监管和调控的必要性,并为调控政策提供了可资参考的建议。
The article applies the evolutionary game theory to construct a capital structure dynamic adjustment game model of enterprise groups in different industry. It analyzes the suitability, stability and the evolutionary tendency of stead- y state of capital structure dynamic adjustment strategies of different enterprise group. The research shows that the common conservative financial policy and radical financial policy are both evolutionary stable strategy of inter - enterprise in differ- ent industry to select capital structure. Therefore, in the term of macro financial risk control and industry stable develop- ment, the article puts forward the necessity of supervising and regulating the capital structure selection of benchmark in the industry concerning the national well - being and the people＇s livelihood, and offers references for the regulating policies
出处
《经济与管理研究》
CSSCI
北大核心
2011年第11期37-43,共7页
Research on Economics and Management
基金
北京市教育委员会社科计划面上项目"金融经济周期中的企业投融资行为研究"(SM201110037005)
关键词
资本结构
动态调整
演化博弈
Capital Structure
Dynamic Adjustment
Evolutionary Game Theory
