贝叶斯均衡下的产融合作联盟博弈研究

产融合作联盟是满足产业资本与金融资本相互融合,又避免相互参股控股导致过度嵌入风险的联盟合作方式。作为一种网络组织的具体表现形式,它兼具市场组织和层级组织特性,可以在一定程度上消除信息不对称。运用贝叶斯均衡分析产融合作博弈联盟的可行性,以协鑫清洁能源项目案例为佐证,探讨以产业基金为具体表现形式的产融合作联盟对金融资本、产业融资企业、产业资本的影响。研究发现:以适度嵌入的合作联盟为载体开展的产融合作模式,有助于提升金融资本的风险认知水平,放大产业资本的投资能力,降低实体企业的融资成本,可以成为金融与产业共同成长的"平滑剂"。实践层面,有助于引导金融资本将有限资源投向优质项目,促进高新技术产业获取资本支持快速成长,同时规避过度嵌入引致的系统性风险。理论层面,该模式的推广和应用,可以降低联盟参与各方的交易成本,使参与各方实现Pareto改进,有助于实现联盟效益的最大化。

Research on Alliance Game of Industry Finance Cooperation under Bayesian Equilibrium

At present,China’s national economy has gradually entered a new period of high-quality development.Industrial borrower,industrial investors and financial capital urgently need to form a stable cooperation structure,promote the orderly combination of financial capital and industrial entity,reduce transaclion costs and disperse investment risks.Industry finance cooperation is an alliance cooperation mode to meet the needs of the integration of industrial capital and financial capital,and to avoid the risk of excessive embeddedness caused by mutual share holding.As a specific form of network organization,alliance has the characteristics of market organization and hierarchical organization,which can eliminate information asymmetry to a certain extent.This paper uses Bayesian equilibrium to analyze the feasibility of industry finance cooperation game alliance,and takes GCL clean energy project as an example to examine the influence of industry finance cooperation alliance on financial capilal,industrial financing enterprises and industrial capital.It is found that the industry finance cooperation mode based on the moderately embedded cooperation alliance can help to improve the efficiency of financial capital risk perception,enhance the investment ability of industrial capital,reduce the financing cost of the real enterprise,and become a "smooth agent" for the joint growth of Finance and industry.At the practical level,it is helpful to guide financial capital to invest limited resources in high-qualily projects,promote the rapid growth of high-lech industry to obtain resources,and avoid systemic risks caused by over embedding.At the theoretical level,the promotion and application of this model can reduce the transaction cost of all parlies involved in the alliance,make all parlies involved realize Pareto improvement,and help to maximize social benefits.