Game Theory Analysis Of The Private Sme Financing Modes Selection Under Asymmetry Information

The private SME (small and medium-sized enterprise) is an important part ofnational economy and has made an important contribution to increase tax revenue,promote employment and stabilize the economy. However, it limits the optional financingmode of private SME and increases the financing cost and then makes the enterprise facedwith the serious financing difficulties for the existence of the asymmetry informationproblems. This study demonstrates that the high efficiency financing mode that can savetime cost and financing cost that the private SME can choose under asymmetryinformation, so as the research result can solve the enterprise financing difficult problems.For the characteristics of the study, the paper uses research methods of browsing materials,model analysis method and combining of quantitative and qualitative.First of all, the study defines the related concept and summarizes related theories ofthe information asymmetry theory and game theory on the basis of reviewing theenterprise financing problems at home and abroad.Secondly, the paper analyzes the private SME financing status and problems mainlyare endogenous financing ability low, bank loans hard to get, capital market financingdifficulty to develop and folk financing lack of standardization. And then, this paperanalyzes the reason of the financing difficulties from three aspects of the cost, the bankcredit rationing and entry regulation on capital market.Thirdly, this paper analyzes the loan relationships of the enterprises and banks,businesses and private investors respectively. And finds the ration financing mode that cansolve the financing difficulties of the private SME based on the game theory byestablishing the model of game theory and finding the equilibrium solution underasymmetry information. Further demonstrates that endogenous financing and private loansare the effective financing mode that can be used by the private SME.Finally, advances optimization strategies on the private SME financing way choicefrom microcosmic angle and puts forward optimization strategies on the internal and external financing environment to solve the financing problems from macroscopic anglecombined with the financing status, financing problems and the game analysis results ofthe private SME.