Cargando…
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...
Autores principales: | , , |
---|---|
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 |
_version_ | 1785020656370319360 |
---|---|
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. |
format | Online Article Text |
id | pubmed-10079094 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2023 |
publisher | Public Library of Science |
record_format | MEDLINE/PubMed |
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 |
work_keys_str_mv | AT zhaodanyu researchondifferentialgamestrategyofdebtrestructuringsupportedbygovernment AT songli researchondifferentialgamestrategyofdebtrestructuringsupportedbygovernment AT hanliangliang researchondifferentialgamestrategyofdebtrestructuringsupportedbygovernment |