本项目旨在深化博弈论前沿模型在实证产业组织中的运用，并促进博弈论和产业组织的理论与方法在公司金融与资产定价中的应用。基于这些前沿理论模型与实证方法，我们将使用我国的产业数据和金融数据分析我国经济社会发展过程中的经济现象，并尝试解决相关经济问题。本项目的研究主题主要包括以下三方面：第一，先构建包含内生并购过程的动态博弈结构模型，再提出估计该模型的计量方法、分析现实数据，最后模拟并购案例的长期影响；第二，在博弈论的框架下讨论财务杠杆率，分析R&D投资与公司资本结构的关系，并用数据验证我们的理论猜测；第三，把异质投资者引入基于生产的资本资产定价模型，用动态一般均衡模型分析资产回报率与企业特征之间的关系。

This project pushes the use of game theory in industrial organization and facilitates application of game theory and industrial organization in corporate finance and asset pricing. Based on the structural models and empirical methods, we will analyze data from Chinese manufacturing and financial sectors to study important questions about the development of Chinese economy and try to solve problems of Chinese economic growth. This project will study the following three topics. Firstly, we simulate the long-term effect of mergers using dynamic models with endogenous mergers and econometric methods on estimating the dynamic merger model. Secondly, we analyze the relationship between R&D investments and capital structure in the framework of game theory and use data to test our conjecture. Finally, we use a dynamic general equilibrium model to investigate the relationship between asset returns and firm characteristics by introducing heterogeneous investors into production-based capital asset pricing model (CAPM).