Abstract: On the circumstance of that banks generally adopt "credit crunch" strategy, in this paper financing game between banks and enterprises is investigated to solve financing problem by conducting Stackelberg differential game model. Through establishing bank and enterprises' on-target function respectively, banks' optimal dynamic loan supply and interest rate strategies, enterprises' dynamic loan use strategy are discussed in the case of that with and without local banks cooperation, and the problem of alliance in local banks is studied with purpose of achieving benefit-sharing. The result has demonstrated that in the case of that without local banks cooperation, banks' loan supply increase, upward trend in credit interest rate is suppressed, probability of enterprises default increases, and optimal interest rate strategy is that credit interest rate and credit funds supply are negatively correlated. In the case of that with local banks cooperation, upward trend in enterprises default probability is suppressed, penalty costs of enterprises default decrease, the enterprises will more willing to exercising the obligation. Simultaneously, benefit-sharing mechanism establish optimal financing strategies for both superior and inferior players to solve the problem related to banks cooperation stability, and also provide a efficient path to solve financing dilemma, ensuring credit market healthy and prosperous.

Key words: Stackelberg differential game, cooperation game, credit financing, interest rate strategy, benefit-sharing