提高企业融资成功率的策略、模型和数值验证
Strategy, Model and Numerical Verification for Improving the Success Rate of Enterprise Financing
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摘要: 造成现代企业融资难的一个常见原因就是投融资双方存在信息不对称, 很容易导致"逆向选择"或引发"道德风险", 因此在一定程度上会成为投融资双方合作的障碍。针对这一现实问题, 提出用合作策略来提高企业融资成功率, 具体措施包括: 通过加强沟通和交流, 在增进彼此信任和了解的基础上, 有效降低投融资双方的信息不对称程度; 当投融资双方对预期收益和存在风险的认知达到一致, 且对利益(合作产生的收益或者成本的减少)分配方案能够达成共识时, 投融资双方理性选择的结果就是更愿意进行合作, 即成功提高了融资交易成功率。此外, 还运用非合作博弈与合作博弈相结合的混合模型, 并结合条件枚举和数值解方法, 对该合作策略的可行性进行了不完全验证。Abstract: One of the common reasons for the financing difficulties of modern enterprises is that there is information asymmetry between investors and financiers, which can easily lead to "adverse selection" or "moral hazard", so to a certain extent, it will become an obstacle to the cooperation between the two sides. In view of this practical problem, this paper proposes the cooperation strategy to improve the success rate of enterprise financing. The concrete measure is that the information asymmetry between investors and financiers can be effectively reduced by strengthening their communication and exchanges to enhance their mutual trust and understanding. When the two sides reach a consensus on the expected benefits and risks, and agree on the distribution scheme of benefits (i.e., benefits generated by cooperation or reduction in costs), the two sides will make rational choices and are more willing to cooperate, which means that the success rate of financing transactions will be successfully improved. In addition, the feasibility of the cooperation strategy is partially verified by using the mixed model of non-cooperative game and cooperative game, combined with the methods of conditional enumeration and numerical solution. Furthermore, the effectiveness of cooperation strategy proposed in the paper is proved by using the mixed model of non-cooperative game and cooperative game, and the enumeration cases are partially verified by means of the numerical solution method. The results show that cooperative strategy in the process of financing game is beneficial to improving the success rate of enterprise financing.