Effect of Risk Information Disclosure in SMBs: Based on Game Theory

摘要

The infringements of risk informations disclosure are conspicuous in Chinese small and medium-sized business (SMB), which has seriously impeded the healthy development of the capital market in the recent years. In this paper, we analyze the results of regulations of the infringements on risk informations disclosure by means of the game theory. The paper attempts to use game theory to construct two-period dynamic game model and infinite repetition game model of risk information disclosure of SMB and the government sector supervision on SMB. Then the Jie of the game models provides a possible explanation on how to improve the effectiveness of supervision of the infringements of SMB's information disclosure. And our findings suggest that we would witness less cases of violations when we intensify own efforts to check up and punish those violations and lower the return of the infringement on risk informations disclosure.