Research On The Factors Affecting The Default Risk Of Corporate Bonds

Bond financing is one of the important channels for enterprises to raise funds externally.The overall issuance scale of China's bond market is growing steadily,which has promoted the rapid development of China's economy.However,since 2014,the myth of China's bond market has been broken,and then the breach of contract has exploded.In particular,in 2018,China's bond defaults have “jumped” growth,which not only seriously damaged the interests of creditors,but also conducive to stable economic growth.Therefore,it is of theoretical and practical significance to study the influencing factors of bond default and to prevent it in time.This paper takes the listed companies of China Shanghai and Shenzhen A-share issuance bonds from 2014 to 2018 as the research sample,uses SPSS software to carry out regression analysis on samples,and uses literature research plus empirical research,qualitative research and quantitative research to combine the macroeconomic situation.The system environment,industry environment,corporate earnings management behavior,corporate governance level,and bond maturity are in-depth exploration of its impact on bond defaults.The empirical results show that earnings quality,corporate governance,and the industry environment in which the company is located have a significant negative impact on corporate bond default probability;the better the institutional environment,the lower the default probability of corporate bonds;the shorter the bond maturity,corporate bonds The greater the possibility of default;the overall economic downturn has an adverse impact on bond defaults.In addition,based on the research on influencing factors,this paper analyzes the commonality between default bonds through empirical results,and proposes corresponding policy recommendations from three perspectives,mainly to improve the information disclosure system for the government and regulatory authorities,and to improve the rating supervision system.Providing corresponding suggestions for optimizing the internal governance structure of the bond issuer and improving its own management level;proposing countermeasures for bond investors to enhance risk awareness and improve risk identification capability.Through in-depth study of external factors and internal factors affecting bond default,this paper not only theoretically enriches the research on the influencing factors of bond default,but also provides practical measures for government regulatory authorities to improve relevant laws and regulations and bond investors to make investment decisions.A certain reference basis.