Based on the data from A-share listed companies in Shanghai and Shenzhen be-tween 2010 and 2022,this article studies the impacts and mechanisms of social dishonesty envi-ronment on enterprise default risk.The research shows that social dishonesty environment has a significant positive effect on the default risk of enterprises.Mechanism test has found that social dishonesty environment increases enterprise default risk through increasing agency costs,intensif-ying financing constraints,and increasing operational risks.Heterogeneity analysis shows that the positive impact of social dishonesty environment on enterprise default risk is more significant in sit-uations when management incentives,analyst attention and the level of digital financial develop-ment are low,and the economic policy uncertainty is high.The article discusses the influencing factors of enterprise default risk from the perspective of social dishonesty environment,enriches the microeconomic consequences of social dishonesty environment,and provides empirical evidence for government departments to further deepen the construction of social credit system,prevent and re-solve enterprise default risk.
关键词
社会失信环境/违约风险/代理成本/融资约束/经营风险
Key words
Social Dishonesty Environment/Default Risk/Agency Costs/Financing Con-straints/Business Risk
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