产品市场与金融市场的战略互动与经济增长

Strategic Interaction between Product Markets & Financial Markets and Economic Growth

产品市场与金融市场作为信息集散和企业监控机制在功能上具有一定的替代性;同时,当事人在两个市场上的战略行动又会产生溢出效应,从而形成两个市场间的战略互补关系。两市场间的这种相互作用客观上弱化了各自的协调失灵问题。进一步引入不确定性,发现当事人知识的差异性也会导致专业分工,从而刺激具有不同专业知识的人采取有溢出效应的战略行动,结果导致了两市场之间的战略互补关系。这种不确定性引发的两市场战略互补对经济增长有重要影响,并且其中也有乘数效应。

The functional substitution and strategic complementation may exist between any markets. For example, given the structure of product markets, the producing strategy of the firm depends on its financing strategy between the firm may use capital structure as a signal or commitment device. When uncertainty and bounded rationality be considered, the differential knowledge structure of agents result in division of labor, someone may be skilled in producing, others may be expert at financing. The division of labor creates the strategic complementary effects between product markets, and financial markets, which accelerate economic development.