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在现代公司资本运作中,各方在做出财务决策时,往往单方面考虑决策问题,忽视其他方对决策结果的影响,常常导致决策的失误。我们把博弈论的思想引进企业的财务决策中,主张通过考虑决策各方的选择对决策结果影响,运用博弈论的方法对投资者与管理人员、公司股东与管理人员和债权人与管理人员之间的决策问题进行博弈分析,使博弈各方所做出的决策更加准确可靠,并使决策各方的利益达到最大化,从而提高资本市场的运作效率。
In the operation of modern company capital, when making financial decisions, parties often unilaterally consider the issue of decision-making, neglecting the influence of other parties on the outcome of the decision, and often result in mistakes in decision-making. We introduce the game theory ideas into the financial decision-making of enterprises, and advocate the influence of decision-making parties’ choices on the decision-making results. We use the game theory approach between investors and managers, company shareholders and managers, and creditors and managers. The game analysis of the decision-making problem makes the decisions made by all parties in the game more accurate and reliable, and maximizes the interests of the parties to the decision, thereby improving the efficiency of capital market operations.