Game Equilibrium of the creditor and stockholder under the incomplete information

This paper researches the decision of the outer-investors and stockholder on the assumption that the firm's information revelation is uncertain, however, if the information is exposed to the public, the outer-investors/creditors are able to realize the exact value of a company. Following the game theory, we get the investor's best choice of threshold of the debt Safety Covenant and also the stockholder's optimal control of the information revelation. Rational stockholder should choose complete information revelation according to the result.