ABSTRACT

In order to further alleviate the financing constraints on SMEs and to reduce financing costs incurred following the outbreak of COVID-19, this article introduces an innovative financial arrangement called equity for guarantee swaps (EGS), which are based on widely used credit guarantee schemes (CGS). EGS can reduce information asymmetry and increase credit to SMEs, so that they can obtain more favorable financing conditions and alleviate liquidity difficulties. This helps to reverse the adverse impact of the pandemic. More importantly, from an academic perspective EGS demonstrate Pareto improvement over CGS.

中文翻译：

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COVID-19 爆发和股权担保互换的财务约束

摘要

为了进一步缓解中小企业的融资约束并降低 COVID-19 爆发后产生的融资成本，本文介绍了一种称为股权换担保（EGS）的创新金融安排，该安排基于广泛使用的信用担保计划。 CGS）。EGS可以减少信息不对称，增加对中小企业的信贷，使其获得更优惠的融资条件，缓解流动性困难。这有助于扭转大流行的不利影响。更重要的是，从学术角度来看，EGS 证明了对 CGS 的帕累托改进。