Research On The Influencing Factors Of Bond Default And The Prevention And Control Countermeasures Of Listed Companies

Bond financing is an important financing channel for listed companies.The stability of bond market is crucial for enterprises to carry out bond financing.Since the first substantial default occurred in 2014,bond defaults have been on the rise.Frequent bond defaults have a serious adverse impact on enterprises’ external financing,which disturbs the stability of market economy on the macro level and damages the legitimate rights and interests of creditors on the micro level.Therefore,to explore the factors affecting the bond default of listed companies is an urgent problem to be solved.This paper first analyzes the related aspects of bond default,clarifies the related concepts of bond default,and analyzes the enterprise bond default from the aspects of incomplete contract theory,broken window theory,principal-agent theory and so on.At the same time,it also analyzes the status quo of bond issuance and default.Then,A-share listed companies with bond defaults from 2014 to 2022 are taken as default group,and the default group is 1 according to asset scale and industry: In addition,Logit model was used to conduct regression analysis on the samples.From the perspective of operation control,overconfidence of managers and maturity mismatch of investment and financing were selected as core explanatory variables,and research hypotheses were made.Then select control variables from three perspectives of corporate governance,corporate main body characteristics and financial status to explore its impact on bond default.The empirical results show that:(1)Overconfidence of managers and mismatching of investment and financing terms have significant positive effects on the default probability of listed corporate bonds;(2)Compared with non-state-owned enterprises,the default probability of listed corporate bonds is lower;The higher the current ratio,the less the possibility of bond default.The higher the revenue growth rate,the less likely the listed company will default on its bonds.The higher the GDP growth rate,the less the possibility of bond default;The higher the level of risk-taking,the less likely it is that the listed company’s bonds will default;(3)From the perspective of adjustment effect analysis,it is found that the combination of two positions has a significant positive strengthening effect on the bond default risk caused by maturity mismatch of investment and financing.Then,this paper combined with the default status research analysis,empirical results,respectively,from the government level,the company level,intermediary level three angles put forward the corresponding policy Suggestions,first from the government level to strengthen the bond issuer constraints,strengthen the creditor protection mechanism and put forward relevant Suggestions,second from the company level to improve corporate governance,strengthen the internal control of enterprise,strengthen the use of funds management planning,strengthen the supervision of bond funds use,establish agent incentive constraint mechanism,finally from the intermediary level put forward the lead underwriters function,rating agencies keep objective and fair Suggestions.