所属栏目:资本市场/固定收益证券

Corporate Bond Defaults and Cross-Regional Investment: Evidence from China
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发布日期:2024年07月08日 上次修订日期:2024年07月08日

摘要

In China, inadequate levels of cross-regional investment represent a challenge. Our study uses the bailout reform initiated in China in 2014 to test whether market-oriented reforms of this type can help stimulate national economic integration. We observed that following a bond default event, nonlocal listed firms tend to establish a higher proportion of subsidiaries in the province where the default occurred. This phenomenon can be attributed to China’s bailout reform signaling a reduction in local protectionism in financial and product markets. Meanwhile, we found that the effects of bond defaults on cross-regional investment are more pronounced under the following conditions: when the impact of the bond default is greater; when the economic and fiscal conditions of the province where default occurs are better; when local protectionism in the home province is higher; and when the degree of asset specificity of the listed firms is lower. Finally, we found that China’s bailout reform has led to positive economic consequences, including reduced operational risks and improved total factor productivity (TFP) of firms. Overall, our paper supplements the literature on bond defaults and cross-regional investment.
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Xun Hu; Cheng Xue Corporate Bond Defaults and Cross-Regional Investment: Evidence from China (2024年07月08日) http://www.cfrn.com.cn/lw/15749.html

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