风险还是机会?公司债券违约对地区同伴企业创新的溢出效应

Risk or Opportunity?The Spillover Effects of Corporate Bond Defaults on the Local Peer Companies'Innovation

公司债券违约后地区同伴企业如何应对会影响地区经济金融稳定。本文利用A股上市公司数据,探究公司债券违约对地区同伴企业创新投入的影响。结果发现,公司债券违约后,地区同伴企业显著增加研发支出,市场竞争机制可以解释这一地区溢出效应。低内部融资约束和高专利保护程度会增强溢出效应,在经济较发达的经济圈和南方地区存在正向溢出效应。研究表明,维护公平竞争营商环境、加强区域协作有助于应对违约冲击和实现高质量发展。

How local peer companies respond after corporate bond defaults affects regional economic and financial stability.We use the data of Chinese A-share listed companies to examine the impact of corporate bond defaults on the innovation investment of local peer companies.We found that local peer companies significantly increased R&D expenditures after corporate bonds defaults.The market competition mechanism could explain the local spillover effects of corporate bond defaults.Low internal financing constraints and high patent protection can strengthen the spillover effects.Corporate bond defaults have positive spillover effects on the innovation of local peers in the developed regions such as economic circles and southern regions.We showed that maintaining a fair,competitive business environment and strengthening regional cooperation are helpful to cope with the impact of default and achieve high-quality development.