The Impact Of Bond Default Disposal In The Real Estate Industry On Corporate Financing Constraint

With the implementation of my country’s macro-control policies and the increase in real estate management and control,the real estate industry has entered the stage of speed reduction shifting.With the continuous growth of the number of housing bonds and scale,it is opposite to the frequent defaults of real estate bonds,and shows the characteristics of the transition from atypical housing companies to typical real estate companies.Corporate credit and financing constraints are easily affected by many adverse factors such as bond default.In this context,the research on the post-disposal and financing constraints of bond defaults is particularly important.This is of great significance for improving corporate credit,maintaining the legitimate rights and interests of investors in the capital market,and promoting the healthy development of the real estate bond market.This article has compiled the disposal of the current bond defaults of the real estate industry,and uses the theoretical basis of information asymmetric theory,financial predicament theory,and reputation theory.Increase information transparency and reduce corporate financing costs.Strengthen legal effect and improve risk awareness.Release positive signals and broaden financing channels.According to the above theory,the three bond default enterprises that have announced the default disposal method of breach of contract in the real estate industry are selected as research objects.The process of disposal of the breach of contract,credit risk and financing constraints.Through dual differential models,setting 2020 is the benchmark year.The impact of bond default disposal on the impact of financing constraints,analyzes the impact of the disposal of breach of contract on corporate credit,and explore the influence mechanism of the intermediary effect between corporate credit in the intermediary effect between the disposal and financing constraints.It is found that the discovery of bond default disposal and actively promoting disposal is conducive to reducing corporate credit risks and increasing corporate credit.Finally,based on corporate credit perspective,the impact of studying bond default disposal on financing constraints,and found that the three cases companies(1)separately slow the asymmetry of corporate information through to reduce the cost of corporate financing;(2)enhance investor confidence and increase financing amount;(3)enhance credit risk awareness and enrich three paths of financing channels to alleviate corporate financing constraints.According to the conclusions obtained in this article,relevant suggestions are put forward,hoping to be alert to the real estate industry alert credit risk,improve corporate credit,improve the efficiency of bond default disposal,and alleviate the degree of reference for corporate financing constraints.