中国债券市场开放度的博弈分析

Analysis of International Development Organizations Issuing RMB Bond from the Perspective of Game Theory

本文从信息是否完全的角度出发,运用博弈论和信息经济学的相关理论,对债券市场信息不对称、境外机构发行人民币债券和境外机构市场准入问题进行了静态和动态博弈分析。求解了不同情况下的纳什均衡,对债券融资中现实问题给予了理论阐述和证明,并分析了境外机构在境内发行人民币债券的各种影响。

Based on symmetric or asymmetric information perspective in game theory,this paper analyzes the information in China bond market,issues of international organizations entering China bond market, and market entry of issuing RMB bond. Besides, the paper gets the Nash equilibrium solution in different conditions, and gives a theoretic analysis to some practical phenomena in bond financing.