构建融资企业声誉机制的博弈分析

融资企业与投资者的博弈是重复博弈.重复博弈所包含的投资者对融资企业选择欺骗行为惩罚的可置信威胁,使融资企业具有塑造声誉的积极性,其基础是产权制度安排.据此,提出构建我国融资企业声誉机制的措施,就国有融资企业而言,在于明晰其产权,塑造人格化的产权主体,并进行产权交易;就民营企业而言,在于对其产权实行有效保护.

Study on Set up the Financing Enterprise's Reputation Mechanism by the Game Analysis

The game between the financing enterprise and the investor is the repeated game, it include that the investor punishing to the financing enterprise is believe when the financing enterprise chooses the cheat behavior, the financing enterprise has to set up the reputation, its foundation is the property rights institution. On these grounds, we bring up to set up the our country the financing enterprise the reputation mechanism's measure, in regard to the state-owned financing enterprise, clear and change its the property rights; in regard to the financing private enterprise, protect the property rights.