关键词： 信息不对称, 企业质量, 投资时机, 信号传递

Abstract: From the perspective of information asymmetry,we constructe a multi-enterprise real option signaling model.Numerical simulation analysis shows that:there is an investment critical value interval in which good enterprises can be separated from poor enterprises and medium-sized enterprises at the same time.The value of interval width is positively correlated with the growth potential of good enterprises,volatility and the total operating cost.The interval boundary value is  negatively correlated with the growth potential of good enterprises,and is  positively correlated with volatility and total operating costs.The increase in the types of enterprises in the market will lead to the early investment time of good enterprises.The results show that in the multi-enterprise market,the investment time of two enterprises will not  transmit the signal of enterprise type,and it will be more difficult for multi-enterprises to achieve separation equilibrium,which makes it more difficult to identify enterprises quality.

Key words: information asymmetry, enterprise quality, timing of investment, signal transmission