山东师范大学学报(自然科学版)
山東師範大學學報(自然科學版)
산동사범대학학보(자연과학판)
JOURNAL OF SHANGOND NORMAL UNIVERSITY(NATURAL SCIENCE)
2014年
1期
22-25
,共4页
股权分置%掏空行为%流通股%演化博弈%有限理性%演化稳定策略
股權分置%掏空行為%流通股%縯化博弈%有限理性%縯化穩定策略
고권분치%도공행위%류통고%연화박혁%유한이성%연화은정책략
equity segregation%“hollowed out”strategy%tradable shares%evolutionary game%finite rationality%evolutionary stable strategy
随着所有权从分散走向集中,大股东的行为在公司治理问题中的地位日益重要。针对此种情况,笔者从公司治理角度对大股东行为问题的现实背景进行分析,在此基础上通过建立演化博弈模型从有限理性的角度分析大、小股东博弈双方的演化稳定策略(ESS),并且在博弈矩阵中引入监管力度因子,说明各参数变化对均衡结果的影响,从而为规范证券市场中大股东的行为提供决策参考。
隨著所有權從分散走嚮集中,大股東的行為在公司治理問題中的地位日益重要。針對此種情況,筆者從公司治理角度對大股東行為問題的現實揹景進行分析,在此基礎上通過建立縯化博弈模型從有限理性的角度分析大、小股東博弈雙方的縯化穩定策略(ESS),併且在博弈矩陣中引入鑑管力度因子,說明各參數變化對均衡結果的影響,從而為規範證券市場中大股東的行為提供決策參攷。
수착소유권종분산주향집중,대고동적행위재공사치리문제중적지위일익중요。침대차충정황,필자종공사치리각도대대고동행위문제적현실배경진행분석,재차기출상통과건립연화박혁모형종유한이성적각도분석대、소고동박혁쌍방적연화은정책략(ESS),병차재박혁구진중인입감관력도인자,설명각삼수변화대균형결과적영향,종이위규범증권시장중대고동적행위제공결책삼고。
With the ownership of listed company from scattered to concentrated,the behavior of major shareholders in corporate governance becomes in an increasingly important position.Considered such cases,this article described the realistic background of major shareholders′corporate governance behavior.Based on this analysis,this paper established evolutionary game model,and analyzed the game evolutionary stable strategy (ESS) in different shareholders from the perspective of finite rationality.It also introduced supervision factors in the game matrix,and explained changes in various parameters which affect the equilibrium outcome.Thus this paper would provide decision -making reference for regulating shareholder's behavior.