Evolution of Financial Ecosystem from the CAS and EGT Perspective

In recent years, there is a large amount of literature that studies the theory of business ecosystem, but there is rarely literature on the financial system which plays a critical role in the good running of the enterprise. To fill this gap, the purpose of this paper is to address the evolution of financial ecosystem from an ecological and dynamic perspective. In order to provide a better presentation of the evolutionary process, based on complex adaptive system (CAS) theory and evolutionary game theory (EGT), this paper analyzed the adaptability of financial ecosystem and built an evolutionary game model of financial ecosystem to confirm the point of the view. The results show that the evolution of financial ecosystem is a dynamic adaptive process. Under the assumption of limited rationality, the financial ecosystem gradually finds the optimal strategy through adaptive learning, and finally the evolution reaches an equilibrium stage.