This paper explores the impact of the financial asset investment in non-financial enterprises based on the debt default risk based on data of A-share listed companies from 2007 to 2022.The conclusion shows that increasing financial asset investment will effectively reduce the risk of corporate debt default when the financial asset investment of a non-financial enterprise is below the optimal level.It will aggravate the risk of corporate debt default through damaging internal finance from exacerbating surplus volatility and harming external finance from increasing the cost of debt financing when the financial asset investment of a non-financial enterprise is above the optimal level.The conclusion of this paper provides theoretical support and empirical evidence for non-financial enterprises on the rational financial asset allocation and the mitigating of debt default risks.
关键词
实体企业/金融资产投资不足/金融资产过度投资/债务违约风险
Key words
non-financial enterprises/under-investment in financial asset/over-investment in financial asset/debt default risk
维普
万方数据