金融科技抑制了债券违约风险吗?

Does Fintech Inhibit the Risk of Bond Default?

以2015-2021年沪深A股上市公司为样本,探讨金融科技对企业债券违约风险的影响及其机制。研究发现,金融科技显著降低了企业债券违约风险;金融科技通过资源配置效应以及监督治理效应缓解了企业债券违约风险;在经济政策不确定性较高的时期、金融监管强度更高的地区以及内部治理水平较差的企业中,金融科技对债券违约风险的影响更为显著。因此,应充分认识金融科技发挥作用的条件,根据不同的宏微观环境实施差异化发展战略,推动金融科技的创新和应用,增强金融监管和风险管理能力。同时,企业应积极顺应金融科技发展趋势,提高经营效率和发展质量,降低债券违约风险。

This paper takes A-share listed companies in Shanghai and Shenzhen from 2015 to 2021 as a sample to explore the impact of fintech on corporate bond default risk.Empirical research finds that fintech significantly reduces corporate bond default risk.Mechanism tests show that fintech alleviates corporate bond default risk through resource allocation effects and supervisory governance effects.Heterogeneity analysis shows that fintech has a more significant impact on bond default risk in regions with higher economic policy uncertainty and stronger financial regulation as well as in companies with weaker internal governance.Therefore,it is essential to actively develop fintech to mitigate bond default risks.Additionally,it is crucial to have a comprehensive understanding of the conditions under which fintech can be effective and implement differentiated development strategies based on different macro and micro environments.Simultaneously,enterprises should actively embrace the trends in fintech development and utilize fintech to improve the operating efficiency and the development quality,to reduce bond default risk.