Analysis Of Financing Status And Factors In Regional Equity Trading Market Based On Game Theory

With the continuous introduction of policies to improve the multi-level capital market system,the regional equity trading market has begun to take shape in terms of market layout and number of listed companies in various provinces and cities after years of development.The basic function of the regional equity trading market is to help small and medium-sized enterprises in the region to finance.However,the financing role of the current regional equity trading market has not been fully utilized,the research on the financing of regional equity market has theoretical and practical guiding significance.The existing literature focuses on regional equity trading market financing is not much,research methods are limited to qualitative analysis and comparison.Based on existing research results,combining qualitative and quantitative research methods.This paper studies the financing status of regional equity trading market and its influencing factors,aiming to provide new ideas for the future development.This paper reviews and summarizes the policy evolution and development status of the regional equity trading market.Although it started late,the regional equity trading market has already achieved initial success in terms of equity registration,financing services,and guiding.For financing issues,this paper defines financing efficiency as the efficiency of capital use,and briefly introduce the mainstream evaluation methods of efficiency and their advantages and disadvantages.Using DEA method to evaluate the financing status of China's regional equity trading market,this paper finds that the regional equity trading market can meet the financing needs of small and medium-sized enterprises to a certain extent.But the overall financing efficiency is still not effective.The scale and operation level of listed enterprises still need to be improved.The scale efficiency value is higher than the pure technical efficiency,and the small scale of listed companies is the main reason for the low overall efficiency of the regional equity trading market.Based on existing financing issues,through transaction cost theory,signal theory and principal-agent theory,this paper extracts three influencing factors:transaction cost,default cost,and distribution of superior and inferior enterprises.Then use the game theory method to construct the incomplete information game model,combined with the market background of the regional equity trading market and relevant national policies.Analyze the causes of different factors and the impact on investors and corporate investment and financing behavior,and then propose relevant recommendations to leverage the regional equity trading market financing capabilities.