The Research On The Influence Of Financial Geographical Structure On The Default Of Credit Debt

In recent years,our financing market has been developing continuously,and its development is gradually moving in a deeper and more diversified path.The development of direct financing channel in our country has been relatively short.Within our economic structure at the critical moment of transformation,Chinese bond market defaults have frequently occurred,and the researches in related fields have gradually reflected the trend of diversification.This paper mainly focuses on the financial geographical structure extended by financial geography,whose specific meaning is the geographical structure of financial resource supply.The geographical structure focuses on the absolute geographical distance between enterprises and financial institutions,and its microscopic evidence is the number of bank outlets within a certain distance of the bond issuing enterprises,which is also an important empirical data of this paper.From a more diversified perspective to observe its impact on credit debt default.In this paper,the default situation of maturing corporate bonds and corporate bonds from 2007 to 2020 is selected as the explained variable,the number of branches is taken as the index variable of financial geographic structure,the geographic location information of enterprises and banks would be captured,and the number of bank branches within a certain range of the registration place of the corresponding bond issuing enterprises would be calculated as followed.Taking the number of bond issuing enterprises and commercial bank branches covered within a certain radius as the core explanatory variable,empirical analysis and research would carried out on the above two.The conclusion of this paper is as follows: the dense financial geographic structure and the loose credit resource environment will affect the behavior of management and shareholders,thus increasing the potential default risk;The property rights characteristics,location and industry category of different issuers have significant heterogeneity on the possibility of bond default under the research background.External passive supervision is more binding than internal active management on related breach.