Research On The Investment And Financing Of Small And Medium-sized Enterprises Based On The "BTI+EGS" Hybrid Loan Model

Micro,Small and Medium Enterprises(MSMEs)are the most active subjects in the market economy.It is not only the main starting point for stabilizing employment and ensuring people’s livelihood,but also strong support for building a new development pattern.However,the problem of difficult and expensive financing faced by small,medium-sized and micro enterprises can’t be ignored.It is urgent for all government departments and financial institutions to jointly make a good policy combination to diversify the financing channels of small,medium-sized and micro enterprises,standardize the business environment and simplify the docking and cooperation platforms.In view of the "urgent and anxious" problem of small,medium and micro enterprises,a variety of financial instruments emerged.As an innovative financing policy jointly issued by the State Administration of Taxation and the China Banking and Insurance Regulatory Commission,bank tax interaction(BTI)is to build a bridge between banks and enterprises through the tax department,that is,enterprises can obtain loans without collateral.However,the product innovation under the bank tax interaction mode is limited,resulting in its insufficient financial utility.In order to make the product more popular,more widely applicable,and more distinctive and personalized data for each subject,this paper adopts the "bank-tax interaction +" mode to achieve both the coverage and convenience of the financing tool.Based on BTI,it combines another financing tool--Equity-for-guarantee Swap(EGS),the hybrid mode of "BTI+EGS" is constructed to solve the financing problems of small,medium and micro enterprises.The advantage of the hybrid mode is that it can both make full use of the tax enhancement effect of tax authorities and also make use of the compensation payment function of guarantee companies to break the financing constraints of small,medium and micro enterprises.All in all,the "BTI+EGS" mode is a financial innovation tool that makes the two complement each other and achieves the effect of "1+1>2".To solve the difficulties in the practical application of "BTI+EGS",the specific research contents of this paper are as follows.First,qualitatively analyze the advantages and limitations of a single BTI and EGS financing mode to design the basic framework of a new "BTI+EGS" hybrid financing mode by combining the two modes.It is found that compared with the single model,it is more helpful for commercial banks to increase their willingness to lend,but the hybrid agreement involves issues such as credit limit,debt repayment sequence after default,and the proportion of bank risk sharing.Based on this,this paper adheres to the principle that creditors give priority to the value of bankruptcy in the design of loan contracts,and designs a more practical and universal "BTI+EGS" hybrid financing mode according to the balance of payments of each subject.Second,under the "BTI+EGS" hybrid financing mode,by constructing an equilibrium pricing model,the value of each securities product of small,medium and micro enterprises before project investment is deduced,and the static game method is used to solve the range of the risk-sharing ratio between the bank and the bear.With reference to classical literature and parameter selection in financial practice,numerical simulation and economic meaning analysis are carried out on guarantee cost,credit limit,and optimal coupon of small,medium and micro-enterprises.The results show that the guarantee cost paid by MSMEs is positively correlated with the risk-sharing ratio of guarantee companies under the mode of "BTI+EGS".The hybrid mode has higher credit lines and lower coupon payments than a single BTI.Thirdly,study the investment time and scale of small,medium-sized and micro enterprises under the "BTI+EGS" hybrid financing mode.Taking the single financing mode as a reference,this paper highlights the advantages of the mixed mode.Through the comparative analysis of numerical simulation,it is concluded that compared with the single BTI and EGS financing mode,the investment opportunity of small,medium-sized and micro enterprises under the "BTI+EGS" mixed financing mode is significantly earlier,the investment scale is significantly expanded,the total residual value of enterprises is higher in the low-risk range,and the bankruptcy level of small,medium-sized and micro enterprises is significantly reduced.Finally,based on the previous research and analysis of economic implications,this paper puts forward relevant suggestions for the investment and financing behavior of small,medium-sized and micro-enterprises.Small,medium-sized and micro enterprises need to dynamically monitor the investment market and select the optimal investment opportunity to maximize the value of enterprise assets.Therefore,in the middle and low-risk range,enterprise decision-makers should adopt the bold investment strategy of "highly profitable",and strive for profit maximization based on the principle of high investment level;In the high-risk range,enterprise decision-makers should adopt the conservative investment behavior of "stopping profit and loss" to avoid expanding the enterprise scale in the high-risk range,that is,to avoid risk and strive for early investment and early return.