| 场外交易市场、私募股权基金与中小企业融资——基于博弈论的分析 |
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| 引用本文： | 李学峰,刘洋.场外交易市场、私募股权基金与中小企业融资——基于博弈论的分析[J].南方金融,2009(6). |
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| 作者姓名： | 李学峰 刘洋 |
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| 作者单位： | 南开大学,天津,300071 |
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| 摘 要： | 本文建立一个纳入了场外交易市场、私募股权基金和中小企业三方主体的整体分析框架,将三者视为一个相互联系的整体进行研究,运用博弈论的方法和信息经济学的理论,比较分析在有无场外交易市场情况下私募股权基金和中小企业之间投融资博弈结果,并通过求解纳什均衡揭示了场外交易市场对于提高中小企业融资效率和促进私募股权基金的发展都有着积极的作用.最后结合本文的分析和结论,给出了在中国建立场外交易市场的相关建议.
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| 关 键 词： | 场外交易市场 中小企业融资 私募股权基金 博弈分析 |
Over-the-Counter Market, Private Equity Funds and Small-sized Enterprises(SME) Financing:Based on Game theory |
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| Li Xuefeng,Liu Yang.Over-the-Counter Market, Private Equity Funds and Small-sized Enterprises(SME) Financing:Based on Game theory[J].South China Finance,2009(6). |
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| Authors: | Li Xuefeng Liu Yang |
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| Institution: | Li Xuefeng and Liu Yang(Nankai University,Tianjin,300071 China) |
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| Abstract: | Under the analytical framework which regards over-the-counter(OTC) market, private equity funds and small and medium-sized enterprises(SME) financing as a whole, this paper uses the method of game theory and information theory in economics to analysis the financing result of SME with or without OTC market comparatively.The result reveals that the OTC market plays a positive role in improving the financing efficiency of small and medium enterprises financing and promoting the development of private equity fu... |
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| Keywords: | OTC Market SME Financing Private Equity Funds Game theory |
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