Research On The Impact Of Private Enterprise Rescue Policy On Private Enterprise Debt Default Risk

In the stage of rapid economic growth,private enterprises have developed rapidly,the expansion is too fierce,and the scale of debt accumulation is huge.In recent years,due to the dual impact of economic downward pressure and tightening of regulatory financing policies,the operation and management of private enterprises have been impacted,operating performance has declined,profitability has declined,financing channels have narrowed,financing costs have increased,external debt financing has declined,and the high amount of debt accumulated at the stage of rapid economic growth makes the liquidity of private enterprises difficult,a large number of private enterprises cannot pay their due debts,and the defaults of private enterprise debts broke out in a concentrated manner.In order to alleviate the liquidity difficulties of private enterprises,solve the financing problems of private enterprises,and reduce the risk of private enterprise debt defaults,private enterprise rescue policies came into being.A series of private enterprise rescue policies such as private enterprise bond financing support tools and rescue funds have been implemented.Now that the bail-out of private enterprises has been more than a year,whether the bail-out policy of private enterprises has effectively reduced the risk of debt default of private enterprises is a matter of concern.In this paper,by selecting corporate debt data of private enterprises and drawing on the methods of Wang Yongqin et al.(2016),the default premium of corporate debt of private enterprises is separated from the yield to maturity,and the debt default risk of private enterprises is measured by this.Regression analysis of the default premium of corporate debt of private enterprises,the bailout policy of private enterprises and related control variables,draws the conclusion that the bail-out policy of private enterprises significantly reduces the risk of debt default of private enterprises.Further,this paper adds the industry dummy variables and the interaction items of private enterprise bail-out policies and industry dummy variables to the empirical model of private enterprise default premium and private enterprise bail-out policies,and attempts to study whether private enterprise bail-out policies have industry heterogeneity.The regression results show that there are certain industry heterogeneities in the implementation of the bail-out policy of private enterprises.That is,during the implementation of the bail-out policy of private enterprises,the risk of debt default in some industries has decreased more significantly.The research results of this paper show that in implementing the bail-out policy of private enterprises,we should pay attention to the characteristics of the industry and target bail-out of private enterprises.