Financial Support for the High-Quality Development of the Real Economy: A Multi-Agent Evolutionary Game and Simulation Analysis

DOI

10.2991/978-94-6239-830-6_21How to use a DOI?

Keywords

financial support; real economy; high-quality development; multi-agent evolutionary game; financial risk governance; path dependence; numerical simulation

Abstract

Financial support for the real economy depends not only on the availability of financial resources but also on effective strategic coordination among government regulators, financial institutions, and enterprises. This study develops a multi-agent evolutionary game model to examine how policy guidance, financial allocation, enterprise fund use, and risk governance jointly shape the high-quality development of the real economy. The government chooses between active guidance and limited intervention, financial institutions between supportive financing and conservative allocation, and enterprises between productive operation and opportunistic behavior. Replicator dynamic equations are established to derive the stability conditions of alternative evolutionary equilibria, and numerical simulations are conducted to investigate evolutionary trajectories, path dependence, and parameter sensitivity. The results show that the coordinated equilibrium characterized by active guidance, supportive financing, and productive operation is locally asymptotically stable when the public benefits of intervention exceed policy costs, supportive financing yields sufficient risk-adjusted returns, and productive operation generates higher expected payoffs than opportunistic behavior. Conversely, the system may become locked into a low-support equilibrium when intervention costs, returns from conservative allocation, and opportunistic gains are relatively high. The simulations further reveal pronounced threshold effects and path dependence, with productive enterprise behavior initiating positive feedback and initial strategy distributions shaping the final evolutionary outcome. Within the simulated parameter ranges, credible penalties, lower monitoring costs, and effective risk control exert stronger effects on convergence than increases in subsidies. These findings provide a unified theoretical framework for understanding financial support, risk prevention, and the productive allocation of financial resources.

Copyright

© 2026 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Yuanlin Wu
AU  - Yan Yuan
PY  - 2026
DA  - 2026/11/14
TI  - Financial Support for the High-Quality Development of the Real Economy: A Multi-Agent Evolutionary Game and Simulation Analysis
BT  - Proceedings of the 6th International Conference on Internet Finance and Digital Economy (ICIFDE 2026)
PB  - Atlantis Press
SP  - 252
EP  - 269
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-830-6_21
DO  - 10.2991/978-94-6239-830-6_21
ID  - Wu2026
ER  -