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Research on differential game strategy of debt restructuring supported by government

This paper studies the debt restructuring equilibrium decision problem composed of creditors and debt enterprises with the participation of the government and asset management companies. With the differential game, the dynamic optimization models of debt restructuring under three situations: central...

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Detalles Bibliográficos
Autores principales: Zhao, Danyu, Song, Li, Han, Liangliang
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Public Library of Science 2023
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10079094/
https://www.ncbi.nlm.nih.gov/pubmed/37023104
http://dx.doi.org/10.1371/journal.pone.0284044
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author Zhao, Danyu
Song, Li
Han, Liangliang
author_facet Zhao, Danyu
Song, Li
Han, Liangliang
author_sort Zhao, Danyu
collection PubMed
description This paper studies the debt restructuring equilibrium decision problem composed of creditors and debt enterprises with the participation of the government and asset management companies. With the differential game, the dynamic optimization models of debt restructuring under three situations: centralized decision-making, decentralized decision-making, and Stackelberg game after introducing cost-sharing contract are constructed, respectively. The optimal equilibrium strategy of debt restructuring, the optimal trajectory of debt restructuring synergy, and the optimal profit under three decision-making situations are investigated and compared. It is found that the synergy effect and total profit of debt restructuring are the highest under centralized decision-making, and the Stackelberg game is superior to decentralized decision-making, which shows that the cost-sharing contract can achieve the coordination of overall interests, improve the debt restructuring environment, and promote the debt restructuring process. Finally, the sensitivity analysis of relevant parameters is carried out through an example, which verifies the effectiveness of the conclusion and provides the scientific basis for the government and asset management companies to participate in debt restructuring successfully.
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spelling pubmed-100790942023-04-07 Research on differential game strategy of debt restructuring supported by government Zhao, Danyu Song, Li Han, Liangliang PLoS One Research Article This paper studies the debt restructuring equilibrium decision problem composed of creditors and debt enterprises with the participation of the government and asset management companies. With the differential game, the dynamic optimization models of debt restructuring under three situations: centralized decision-making, decentralized decision-making, and Stackelberg game after introducing cost-sharing contract are constructed, respectively. The optimal equilibrium strategy of debt restructuring, the optimal trajectory of debt restructuring synergy, and the optimal profit under three decision-making situations are investigated and compared. It is found that the synergy effect and total profit of debt restructuring are the highest under centralized decision-making, and the Stackelberg game is superior to decentralized decision-making, which shows that the cost-sharing contract can achieve the coordination of overall interests, improve the debt restructuring environment, and promote the debt restructuring process. Finally, the sensitivity analysis of relevant parameters is carried out through an example, which verifies the effectiveness of the conclusion and provides the scientific basis for the government and asset management companies to participate in debt restructuring successfully. Public Library of Science 2023-04-06 /pmc/articles/PMC10079094/ /pubmed/37023104 http://dx.doi.org/10.1371/journal.pone.0284044 Text en © 2023 Zhao et al https://creativecommons.org/licenses/by/4.0/This is an open access article distributed under the terms of the Creative Commons Attribution License (https://creativecommons.org/licenses/by/4.0/) , which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
spellingShingle Research Article
Zhao, Danyu
Song, Li
Han, Liangliang
Research on differential game strategy of debt restructuring supported by government
title Research on differential game strategy of debt restructuring supported by government
title_full Research on differential game strategy of debt restructuring supported by government
title_fullStr Research on differential game strategy of debt restructuring supported by government
title_full_unstemmed Research on differential game strategy of debt restructuring supported by government
title_short Research on differential game strategy of debt restructuring supported by government
title_sort research on differential game strategy of debt restructuring supported by government
topic Research Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10079094/
https://www.ncbi.nlm.nih.gov/pubmed/37023104
http://dx.doi.org/10.1371/journal.pone.0284044
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