Research On False Restructuring From The Perspective Of Game Theory

At present,China is in a critical period of economic transformation anddevelopment,more and more enterprises realize that asset restructuring is one of the effective means to diversify,integrate,optimize the allocation of resources,and enhance the competitiveness of enterprises.However,in recent years,the failure of enterprise restructuring cases are common.Many enterprises and organizations takeadvantage of the information asymmetry and institutional loopholes in the market,regard enterprise restructuring as a means to obtain illegal gains,seriously distort its due role,so that restructuring can not proceed smoothly.On March 11,2017,the Securities Regulatory Commission defined the major asset reorganization of Anzhong and Jiuhao Group as "flickering reorganization",which attracted wide attention in the market because of its huge amount,special and bad nature of counterfeiting,and exposed the problems of imperfect market-related legal system and lack of intermediary role.In view of this case,this paper uses the method of combining literature research with case analysis,and uses game theory as the research method to study the environment,the intention of reorganization and the game of interests in the reorganization.Anzhong shares and Jiuhao group "flickering restructuring" case is a multi-participatory case,because of the existence of fraud factors,the restructuring of the buyer,seller and the interests between the shell and the accounting firm has become complex.In this paper,the financial situation and operation of the two sides of the reorganization as the basis for research,combined with market environment analysis,from the Angzhong shares and Jiuhao Group's own situation to explore the basic motivation for its reorganization,with the game theory as the in-depth study of the relationship between the reorganization of the main body to start analysis.In the part of game analysis,this paper decomposes the event into the game between Jiuhao Group and accounting firm,and the game between Jiuhao Group and Anzhong Stock,establishes a two-to-two game matrix model,establishes a functional model by accounting calculation method according to the reorganization arrangement,analyzes the possible scenarios in the event one by one,and infers The choices it may make.Finally,the case data are used to analyze the possibility of conspiracy and fraud between accounting firms and enterprises,and whether the two sides of the reorganization have the motivation to jointly carry out "flickering reorganization" and draw a conclusion with broad significance.After a series of analyses,the paper finds that the existing penalty policy and supervision mode need to be improved,and the possibility of collusion between accounting firms and enterprises does exist in the case.The benefits of fraud reorganization jointly by both parties are far greater than the possible penalties,and the reorganization event has a multiplier effect on the benefits of fraud.Finally,based on the problems found,the paper puts forward corresponding Suggestions,hoping to make a contribution to curb the large-scale occurrence of such fraudulent reorganization.