China’s small and micro enterprises have always had the typical characteristics of“five,six,seven,eight,nine,”which are important supports to expand employment and improve people’s livelihood.However,the current p...China’s small and micro enterprises have always had the typical characteristics of“five,six,seven,eight,nine,”which are important supports to expand employment and improve people’s livelihood.However,the current proportion of these enterprises in obtaining bank loans does not commensurate with the proportion of small,medium,and micro enterprises in the total economic aggregate.The financing dilemma of small and micro enterprises still exists.In consideration of the financing status of small and micro enterprises,this study analyzes the constraints of small and micro enterprises in financing,such as the difficulty in mortgage,difficulty in obtaining loans,and difficulty in guaranteeing.This study sorts out Taizhou’s practical experience and links its operation mechanism of“two platforms,one fund,and one index.”Finally,by learning from its successful experience,how to utilize the environment and the trend of big data will be further discussed,so as to form a scalable and sustainable financing method and path.This will provide a reference for improving the financing environment of small and micro enterprises.展开更多
This study investigates the effect of targeted reserve requirement ratio cuts(TRRRCs)on tax avoidance among small and micro enterprises(SMEs)with operating revenues below specific cutoffs in China.Using a regression d...This study investigates the effect of targeted reserve requirement ratio cuts(TRRRCs)on tax avoidance among small and micro enterprises(SMEs)with operating revenues below specific cutoffs in China.Using a regression discontinuity design,we causally show that,by increasing loan availability,TRRRCs significantly alleviate the financial constraints and cash dependence of SMEs and consequently reduce tax avoidance.This is especially the case among firms with lower market power and higher entertainment and travel costs.Our findings provide evidence for the real effect of TRRRCs on corporate tax avoidance and show the inclusive effect of TRRRCs on SMEs.In doing so,we indirectly reveal a rent-seeking channel underlying bank lending,thus offering clear policy implications for regulators.展开更多
基金the Public Management Construction Project of Characteristic Key Discipline from Guangdong Province,China in 2016(Project Number:2020STSZD01)the Project of Finance Course Teaching and Research Section of Guangzhou Xinhua University(Project Number:2021JYS001)the Higher Education Teaching Reform Project of Guangzhou Xinhua University,“Research on Teaching Reform of Inquiry Teaching in the Course of‘Principles of Economics’”(Project Number:2020J028).
文摘China’s small and micro enterprises have always had the typical characteristics of“five,six,seven,eight,nine,”which are important supports to expand employment and improve people’s livelihood.However,the current proportion of these enterprises in obtaining bank loans does not commensurate with the proportion of small,medium,and micro enterprises in the total economic aggregate.The financing dilemma of small and micro enterprises still exists.In consideration of the financing status of small and micro enterprises,this study analyzes the constraints of small and micro enterprises in financing,such as the difficulty in mortgage,difficulty in obtaining loans,and difficulty in guaranteeing.This study sorts out Taizhou’s practical experience and links its operation mechanism of“two platforms,one fund,and one index.”Finally,by learning from its successful experience,how to utilize the environment and the trend of big data will be further discussed,so as to form a scalable and sustainable financing method and path.This will provide a reference for improving the financing environment of small and micro enterprises.
基金Funding was provided by National Natural Science Foundation of China(Grant No.71772178).
文摘This study investigates the effect of targeted reserve requirement ratio cuts(TRRRCs)on tax avoidance among small and micro enterprises(SMEs)with operating revenues below specific cutoffs in China.Using a regression discontinuity design,we causally show that,by increasing loan availability,TRRRCs significantly alleviate the financial constraints and cash dependence of SMEs and consequently reduce tax avoidance.This is especially the case among firms with lower market power and higher entertainment and travel costs.Our findings provide evidence for the real effect of TRRRCs on corporate tax avoidance and show the inclusive effect of TRRRCs on SMEs.In doing so,we indirectly reveal a rent-seeking channel underlying bank lending,thus offering clear policy implications for regulators.
