| مستخلص: |
This paper assumes a small- and micro-sized enterprise (SME, henceforth) invests in a project, of which the investment cost is funded by the bank-tax-guarantee (BTG, henceforth), a financial innovation instrument that combines bank-tax-interaction (BTI, henceforth) and credit guarantee (EGS, henceforth). We find that compared with BTI and EGS, BTG can increase firm value, and the advantage of BTG over BTI (EGS) increases as the credit multiplier decreases (increases). The guarantee cost under BTG is lower than that under EGS, and an increase in the credit multiplier can reduce the bankruptcy risk of the insurer |
