Impact of Diversified Mergers and Acquisitions on Corporate Debt Default Risk
This paper takes A-share listed companies from 2009 to 2021 as research samples to systematically investigate the impact of diversified mergers and acquisitions(M&A)on debt default risks.The results show that diversified mergers and acquisitions can significantly reduce the risk of debt default.Compared with state-owned enterprises,diversified mergers and acquisitions have a more significant inhibitory effect on the debt default risk of non-state-owned enterprises.Further testing of the impact mechanism shows that operational ability plays an intermediary role in the relationship between diversified mergers and acquisitions and debt default risk.The heterogeneity analysis of internal and external environments of enterprises found that the impact of diversified mergers and acquisitions in corporate debt default is more significant in enterprises with higher internal control quality and enterprises in eastern regions with higher levels of regional economic development.The research conclusion is of important theoretical and policy implications for a deeper understanding of the economic consequences of corporate diversification and the effective suppression of debt default risk.
diversified mergers and acquisitionsdebt default riskgovernment implicit guarantee
万方数据
维普
