Evolutionary Game Analysis of Debt Restructuring Involved by Asset Management Companies

Table 2

Analysis of the gradual stability of the equilibrium point of the replication dynamic system under the hard work of the enterprises.

Point of equilibrium	Eigenvalue	Sign	Stability
(1, 1, 1, 1)	C1+H1+M1-T1, B2+C2+C3–C4–S2+S3+W1,	（+ + \ +）	×
	B4–B3+C5–C6+D2-S4, C7+C8-L5-M1
(1, 0, 0, 1)	C1–H2–H3+M1-T1, C4–C2–C3–B2+S2–S3, B3–B4– C5+C6-D2+S4, C7+C8-G1-L5-M1	（- - \ -）	ESS when (1) is satisfied
(1, 1, 0, 1）	C1+H1–H3+M1-T1, B2+C2+C3–C4–S2+S3,	（\ - \ -）	ESS when (2) is satisfied
	B3–B4–C5+C6-D2+S4, C7+C8+2E1-G1-L5-M1
(1, 0, 1, 1)	C1–H2+M1-T1, C4–C2–C3–B2+S2–S3–W1,	（\ - \ +）	×
	B4–B3+C5–C6+D2-S4, C7+C8-L5-M1
(0, 1, 1, 1)	T1-H1-M1-C1, C2–C4–S2+S3+W1, C5–C6+D2-S4, C7+C8-L5	（\ - + -）	Unstable
(0, 1, 0, 1)	H3–H1–C1-M1+T1, C2–C4–S2+S3, C6–C5-D2+S4, C7+C8+2E1-G1-L5	（\ - + -）	Unstable
(0, 0, 1, 1)	H2–C1-M1+T1, C4–C2+S2–S3–W1, C5–C6+D2-S4, C7+C8-L5	（\ - + +）	×
(0, 0, 0, 1)	H2–C1+H3-M1+T1, C4–C2+S2–S3, C6–C5-D2+S4, C7+C8-G1-L5	（- + + +）	×

Note. \ means that the positive and negative are uncertain; × means that the condition is not met; ESS means the evolutionary stability strategy; if condition (1) is not met, it is an unstable point. Condition (1) B₃–C₅+C₆+S₄–B₄-D₂＜0 (2) H3+T1-C1-H1-M1＜0.