In recent years,bond market defaults have shown characteristics such as wide distribution,high amount,and significant impact,which have attracted widespread attention.This paper uses listed companies that issued bonds from 2014 to 2023 as research samples to empirically test the impact of strategic aggressiveness on the bond default risk of listed companies.Research has found a significant positive correlation between strategic aggressiveness and bond default risk,with the more aggressive the strategy,the higher the bond default risk.Mechanism research has found that strategic aggressiveness exacerbates bond default risk by reducing a company's ability to generate operating cash,increasing inefficient investment,and increasing financing constraints.Further research has found that the implementation of New Regulations on Asset Management has significantly increased the impact of strategic aggressiveness on bond default risk.This study promotes the integration of corporate strategy and finance,enriches the relevant literature on the influencing factors of bond default risk and the economic consequences of strategic aggressiveness,and helps to gain a deeper understanding of the risks that strategic aggressiveness may transmit.It provides theoretical support and empirical evidence for enterprises to comprehensively assess risks and formulate reasonable strategies,and for regulatory authorities to monitor and guide enterprises in reducing default risks in a timely manner.
NETL
NSTL
万方数据
