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Growth option, debt maturity and cash reserves with bank-tax- interaction

机译:增长期权,债务成熟度和现金储备与银行税收 - 互动

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In this paper, we assume a small and micro enterprise(SME, henceforth) invests in a project, of which the investment cost is funded by the private lending and the bank-tax-interaction (BTI, henceforth). We build a tractable model of optimal investment, liquidity and default decisions based on cash flows with liquidity shocks and profitability uncertainty. In contrast to the case with pure private lending, we discover that BTI delays investment and increases the firm value. Furthermore, BTI causes the SME to retain more cash reserves. We also find that the SME prefers to select the BTI as the main financing policy under the higher liquidity risk and small profitability uncertainty. Besides, the impact of debt maturity on financial policies with BTI depends on liquidity shock.
机译:在本文中,我们假设一个小企业(中小企业,从此)投资于项目,其中投资成本由私人贷款和银行 - 税收互动(BTI,Hustheforth)资助。根据具有流动性冲击和盈利不确定性的现金流动,我们建立了最佳投资,流动性和默认决定的易旧模型。与纯粹私人贷款的情况相比,我们发现BTI延迟投资并增加了公司价值。此外,BTI导致中小企业保留更多现金储备。我们还发现,在流动性风险较高和小盈利不确定性下,中小企业更喜欢选择BTI作为主要融资政策。此外,债务成熟度对BTI的金融政策的影响取决于流动性休克。

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