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

中国管理科学 ›› 2022, Vol. 30 ›› Issue (8): 12-20.doi: 10.16381/j.cnki.issn1003-207x.2020.0715cstr: 32146.14.j.cnki.issn1003-207x.2020.0715

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

罗鹏飞¹, 陈银银¹, 陈彪², 陈黎明¹

1.湖南大学金融与统计学院，湖南长沙410079； 2.西南财经大学金融学院，四川成都611130

收稿日期:2020-04-21 修回日期:2020-07-03 出版日期:2022-08-20 发布日期:2022-08-18
通讯作者: 陈彪(1995-)，男(汉族)，湖南娄底人，西南财经大学金融学院，讲师，博士，研究方向：资产定价与公司金融, Email:biaochen8924@163.com. E-mail:biaochen8924@163.com
基金资助:
国家自然科学基金资助项目(71601075，72001074，72101212)；湖南省自然科学基金资助项目(2021JJ40132)

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

LUO Peng-fei¹, CHEN Yin-yin¹, CHEN Biao², CHEN Li-ming¹

1. School of Finance and Statistics, Hunan University, Changsha 410079, China；2. School of Finance，Southwestern University of Finance and Economics, Chengdu 611130, China

Received:2020-04-21 Revised:2020-07-03 Online:2022-08-20 Published:2022-08-18
Contact: 陈彪 E-mail:biaochen8924@163.com

摘要/Abstract

摘要： 银税互动是中国解决中小微企业融资问题的金融创新。文章在政府刺激投资政策(财政补贴和税收减免)下研究银税互动设计与中小微企业投融资问题，采用实物期权方法，并运用资产定价理论和动态规划理论解析地得到了企业各未定权益价值以及企业决策结果。通过静态比较分析，文章发现与税收减免政策相比较，财政补贴的企业投资加速，破产风险较低，企业价值较高，对应银行紧缩的信贷政策。在债务融资结构方面，企业一般选择银税互动融资。但是，对于财政补贴政策而言，在较稳定的金融环境下，企业会选择银税互动和民间借贷混合的融资方式。此外，文章从企业基本面角度发现，对于波动率较低的企业，银行应采取宽松的信贷政策；对于波动率较高的企业，银行应采取紧缩的信贷政策。最后，从企业和政府角度均发现，在政府政策中财政补贴可能占优。

关键词: 银税互动；中小微企业；投融资；财政补贴；税收减免

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

中图分类号:

F830

罗鹏飞,陈银银,陈彪, 等. 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[J]. 中国管理科学, 2022, 30(8): 12-20.

LUO Peng-fei,CHEN Yin-yin,CHEN Biao, et al. 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.

参考文献

［1］陈果,陈文裕.协同治理视角下的银税互动［J］.税务研究,2017,385(2):117-120.Chen Guo, Chen Wenyu. Bank-tax interaction from the perspective of collaborative governance［J］. Taxation Research,2017,385(2):117-120.
［2］ Mauer D C, Sarkar S. Real options, agency conflicts, and optimal capital structure［J］. Journal of Banking & Finance, 2005, 29(6): 1405-1428.
［3］ Hackbarth D, Mauer D C. Optimal priority structure, capital structure, and investment［J］. Review of Financial Studies, 2012, 25(3): 747-796.
［4］ Wang Huamao, Xu Qing, Yang Jinqiang. Investment timing and optimal capital structure under liquidity risk［J］. The European Journal of Finance, 2018, 24(11): 889-908.
［5］ Nishihara M, Shibata T. Asset sale, debt restructuring, and liquidation［J］. Journal of Economic Dynamics and Control, 2016, 67: 73-92.
［6］ Silaghi F. The use of equity financing in debt renegotiation［J］. Journal of Economic Dynamics and Control, 2018, 86: 123-143.
［7］周远祺,杨金强,刘洋.高能耗企业绿色转型技术的实物期权选择路线［J］.系统工程理论与实践,2019,39(1):19-35.Zhou Yuanqi, Yang Jinqiang, Liu Yang. Selecting route of green transformation technologies of energy intensive enterprise with real options［J］. Systems Engineering-Theory & Practice，2019,39(1):19-35.
［8］谭英贤,杨招军,罗鹏飞.二级资本债与薪酬设计［J］.中国管理科学,2017,25(3):30-38.Tan Yingxian, Yang Zhaojun, Luo Pengfei. Write-down contingent capital and managerial compensation design［J］. Chinese Journal of Management Science, 2017,25(3):30-38.
［9］ Yang Zhaojun, Zhang Hai. Optimal capital structure with an equity-for-guarantee swap［J］. Economics Letters, 2013, 118(2):355-359.
［10］ Luo Pengfei, Wang Huamao, Yang Zhaojun. Investment and financing for SMEs with a partial guarantee and jump risk［J］. European Journal of Operational Research, 2016, 249(3):1161-1168.
［11］杨招军,罗鹏飞.信用担保下的企业最优投资和融资［J］.系统工程学报,2017,32(2): 233-240.Yang Zhaojun, Luo Pengfei. Optimal investment and financing with credit guarantee［J］. Journal of Systems Engineering, 2017,32(2):233-240.
［12］ Chen Biao, Yang Jinqiang. Optimal investment and financing with a bank-tax-interaction［J］. Finance Research Letters, 2020, 35:101282.
［13］ Luo Pengfei, Song Dandan, Chen Biao. Investment and financing for SMEs with bank-tax interaction and public-private partnerships［J］. International Review of Economics & Finance, 2020, 65:163-172.
［14］ Luo Pengfei, Chen Biao, Liu Fengjun. Growth option, debt maturity and cash reserves with bank-tax-interaction［J］. North American Journal of Economics and Finance, 2020, 52:101144.
［15］ Sarkar S. Attracting private investment: Tax reduction, investment subsidy, or both［J］. Economic Modelling, 2012, 29(5):1780-1785.
［16］ Lukas E, Thiergart S. The interaction of debt financing, cash grants and the optimal investment policy under uncertainty［J］. European Journal of Operational Research, 2019, 276(1): 284-299.
［17］ Décamps J P, Mariotti T, Villeneuve S. Investment timing under incomplete information［J］. Mathematics of Operations Research, 2005, 30(2): 472-500.
［18］赵志明,杨招军.或有可转换债券的定价和公司资本结构［J］.管理科学学报,2015,18(12):27-35+46.Zhao Zhiming, Yang Zhaojun. Pricing of contingent convertible bonds and capital structure［J］. Journal of Management Sciences in China,2015,18(12):27-35+46.

[1]	罗鹏飞, 姚彦铭, 谭英贤. 突发公共卫生事件下企业委托代理问题与最优资本结构[J]. 中国管理科学, 2025, 33(10): 47-56.
[2]	叶彦艺, 杨晓光. 股票市场知情交易如何影响信用债利差[J]. 中国管理科学, 2025, 33(9): 1-10.
[3]	甘柳, 蔡颖俐, 徐明玉, 谭英贤. 二级债券市场信息获取与可转债融资[J]. 中国管理科学, 2025, 33(9): 22-32.
[4]	姚银红, 王晓旭, 陈炜, 陈振松. 基于Transformer-LSTM分位数回归的全球股市极端风险溢出研究[J]. 中国管理科学, 2025, 33(8): 1-13.
[5]	吴伟平, 林雨, 金成能, 唐振鹏. 随机市场深度下基于风险管理和交易约束的最优执行问题[J]. 中国管理科学, 2025, 33(8): 14-25.
[6]	颜镜洲, 李仲飞, 毛杰, 李星毅. 模糊波动下的策略交易和市场质量[J]. 中国管理科学, 2025, 33(8): 26-36.
[7]	张维, 陈卓, 冯绪, 熊熊, 张永杰. 金融系统工程在中国：2010－2024[J]. 中国管理科学, 2025, 33(7): 11-23.
[8]	田军, 董赞强, 李雅丽. 基于预付账款融资模式的供应链融资策略研究[J]. 中国管理科学, 2025, 33(7): 272-283.
[9]	罗鹏飞, 刘新乐, 陆婷, 张勇. 碳减排下的企业并购决策[J]. 中国管理科学, 2025, 33(7): 337-345.
[10]	杨科, 刘鑫, 田凤平. 中国与其他主要新兴市场国家间股市极端风险的跨市场传染[J]. 中国管理科学, 2025, 33(7): 44-53.
[11]	文璐, 冯玲. 动态政府干预下银行风险传染与最优救助决策研究[J]. 中国管理科学, 2025, 33(6): 37-48.
[12]	欧阳资生, 周学伟. 中国金融机构系统性风险回测与关联研究[J]. 中国管理科学, 2025, 33(6): 14-26.
[13]	赵志明, 潘琼. 债权激励对公司再融资的影响研究[J]. 中国管理科学, 2025, 33(6): 27-36.
[14]	谭春萍, 秦学志, 尚勤, 王文华, 林先伟. 企业财务困境的激励相容式组合纾解策略[J]. 中国管理科学, 2025, 33(5): 13-25.
[15]	于辉, 王霜. 供应链金融：企业如何实现“鱼与熊掌”兼得？[J]. 中国管理科学, 2025, 33(5): 280-289.

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

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

PDF (PC)

可视化

摘要/Abstract

引用本文

使用本文

参考文献

相关文章 15

Metrics

本文评价

推荐阅读 0