摘要
通过应用扩展式博弈分析方法,研究市场流动性与股东积极主义之间的关系,并探讨不同股东积极主义形式间的选择。研究发现:市场流动性与股东积极性之间并不存在简单的线性关系。而在不同的股东积极主义形式的选取上,单位成功几率成本低的股东积极主义形式更有可能被大股东所采用,但市场流动性的提高会减弱大股东对单位成功几率成本低的策略的偏好。
This paper analyzes the relationship of liquidity and shareholder＇s activism and the selection of different types of shareholder＇ s activism by using the extend game theory. It is founded that there is no simple monotonic relationship between liquidity and shareholder＇s activism. As to different shareholder activism styles, large shareholders prefer the strategy with low cost of per unit success probability. However, this preference of the large shareholders can be stopped by increase of liquidity.
出处
《财经理论与实践》
CSSCI
北大核心
2009年第1期46-50,共5页
The Theory and Practice of Finance and Economics
关键词
流动性
股东积极主义
扩展式博弈
Liquidity
Shareholder Activism
The Extend Game Theory
作者简介
姚靠华（1962-），男，湖南益阳人，湖南大学会计学院副教授，研究方向：资本市场、会计信息系统。
