政府刺激性投资政策下中小微企业银税互动设计及其投融资决策

doi:10.16381/j.cnki.issn1003-207x.2020.0715

Abstract

Abstract: Bank-tax interaction (BTI, henceforth) is a financial innovation to solve the financing of Small- and Medium-sized enterprises (SMEs, henceforth) in China. In recent years, BTI is popular, and then, according to statistics, China’s banking financial institutions had issued 1.609 million loans to trustworthy SMEs, totaling 1.57 trillion yuan via BTI by the end of September 2019. Specially, after the COVID-19 epidemic, the State Administration of Taxation, together with the China Banking and Insurance Regulatory Commission, issued a notice that banking financial institutions should make good use of BTI to help SMEs resume production, thereby promote stable economic development. Besides, government also adopts investment subsidy and tax reduction to support SMEs’ development. In order to explore the impact of BTI on SMEs’ investment and financing polices under investment subsidy and tax reduction, respectively, the real-options approach is utilized to study these problems.

Key words: bank-tax interaction; small- and medium-sized enterprises; investment and financing; investment subsidy; tax reduction

CLC Number:

F830

LUO Peng-fei, CHEN Yin-yin, CHEN Biao, CHEN Li-ming. The Design of Bank-Tax Interaction and Investment and Financing Decisions for SMEs under the Government’s Policies of Stimulating Investment[J]. Chinese Journal of Management Science, 2022, 30(8): 12-20.

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The Design of Bank-Tax Interaction and Investment and Financing Decisions for SMEs under the Government’s Policies of Stimulating Investment

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