债务融资、技术创新与寡头垄断竞争

Debt Financing,Technology Innovation and Oligopoly Competition

通过构建一个三阶段完全信息动态博弈模型,研究了需求不确定下,企业债务融资策略对具有溢出效应的技术创新活动与产量竞争策略的策略性影响.同时,对存在与不存在融资策略的两种企业竞争均衡结果做了比较研究.研究表明,除了受溢出效应影响之外,债务融资决策也对企业的技术创新活动有重要影响;企业的产量决策受债务融资和技术创新的双重影响.

In a three-stage complete information dynamic game model, the article studies that enterprise＇ s debt financing strategy imposes strategic effect on technology innovation with spillover and quantity decision under demand uncertainty, at the same time, we compare the two competition equilibrium outcomes between being debt financing and not being debt financing. The research show that in addition to being affected by the spillover effect of technology innovation, debt-financing decision has important effect on enterprise＇s technology innovation action; the enterprise＇s quantity decision is affected by both debt financing and technology innovation.