Evolutionary Game Analysis of Leverage Manipulation of State-owned Enterprises

Under the background of the steady progress of China's "deleveraging policy", based on the "bounded rationality" hypothesis, this paper analyzes the leverage manipulation of state-owned enterprises and the audit behavior of CPAs, and constructs a two-party evolutionary game model between state-owned enterprises and CPAs.The result shows that enterprises do not implement leverage manipulation and strict audit by CPAs are the choices to maximize the interests of both parties.