Research On The Bounded Rational Gambling Decision Of BW Group Based On Financial Perspective

In the 21 st century,with the rapid development of the market economy,a large number of emerging enterprises seize the opportunity of the times and get high-speed growth.At the same time,the operating capital of enterprises that lay the foundation for development has formed a huge gap.When the traditional way of financing can not meet the needs of enterprise financing,private equity financing,a new way of financing,appears in the global financial market,and is widely used in Europe,the United States,Japan and other developed economies.By signing a gambling agreement,both sides of private equity investment and financing cooperation can not only enable financing enterprises to obtain low-cost financing funds and advanced management technology,but also provide investors with safety protection of investment funds,so it is favored by more and more enterprises.At present,this kind of collateral financing for gambling agreements also affects enterprises in various fields of our country.However,due to the late start,domestic enterprises are still in a relatively immature stage in the use and operation of the gambling agreement,and most of the enterprises' gambling cases still end in failure.Therefore,when Chinese enterprises choose private equity financing as financing mode,they need to consider the necessity and related risks of gambling agreement more carefully,which is very important for the sustainable development of enterprises.This paper summarizes the general conclusion that the emergence of the gambling agreement is due to the agency theory and the information asymmetry between investors and financing parties,which belongs to a special form of options.If the enterprise financiers are completely rational,they choose to sign the gambling agreement cautiously,make rational use of the investment funds,and complete the gambling goal,then the financing party and the investor will form a good situation.However,in reality,most enterprises fail in gambling.The fundamental reason is that the decision-makers themselves have limited rationality,which also has an important impact on the gambling results.In the past research,the importance of the related factors of bounded rationality is often ignored.This article will discuss from this direction according to the characteristics of most private enterprises at present,that is,assuming that the decision-makers of enterprises are limited rational,then under this assumption,when the decision-makers sign the agreement on gambling,they will be affected by other factors besides the objective development trend,increasing their cost and risk of gambling.Based on the assumption of the limited rationality of the decision-makers,this paper takes the private enterprise of BW fungus science and Technology Group Co.,Ltd.as an example,through disclosing the gambling process and the gambling results of the company,and combining with the two-dimensional model of the gambling decision-making,the company's equity management structure,business management mode and the decision-maker's behavior mode,analyzes that the enterprises sign the gambling agreement in the stable development period and the reason of the decision.On this basis,it is suggested that the decision makers should not only consider the current development level and profitability of enterprises,but also be alert to their own limited rational factors,establish a sound decision-making supervision mechanism,and ensure the sustainable development of enterprises.