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Debt Financing,Technology Innovation and Oligopoly Competition

Keywords: debt financing,technology innovation,cournot competition,demand uncertainty

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In a three-stage complete information dynamic game model,the article studies that enterprise's debt financing strategy imposes strategic effect on technology innovation with spillover and quantity decision under demand uncertainty,at the same time,we compare the two competition equilibrium outcomes between being debt financing and not being debt financing.The research show that in addition to being affected by the spillover effect of technology innovation,debt-financing decision has important effect on enterprise's technology innovation action;the enterprise's quantity decision is affected by both debt financing and technology innovation.


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