Investment and financing for SMEs with bank-tax-guarantee

Biao Chen, Haoyang Yan and Nanhui Zhu

Economics Letters, 2023, vol. 231, issue C

Abstract: Considering an enterprise funding the expansion investment with the financial innovation instrument, bank-tax-guarantee (BTG), we find that BTG significantly increases the firm value and produces a lower guarantee cost, and guarantee is the main driving power in BTG.

Keywords: Investment and financing; Small- and micro-sized enterprise; Bank-tax-guarantee (search for similar items in EconPapers)
JEL-codes: G13 G31 G32 H81 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:231:y:2023:i:c:s0165176523003257

DOI: 10.1016/j.econlet.2023.111300

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