Impact of Nonstandard Default Risk of the Urban Investment and Development Companies on the Urban Investment Bond Market

被引：5
作者：
Yan, Xue [1 ]
Li, Yuke [2 ]
Ming, Meng [1 ]
Chong, Heap-Yih [3 ,4 ]
机构：
[1] Nanjing Audit Univ, Sch Finance, Nanjing 210093, Peoples R China
[2] Univ Bristol, Fac Social Sci & Law, Bristol BS8 1QU, England
[3] Nanjing Audit Univ, Sch Engn Audit, Nanjing 211815, Peoples R China
[4] Curtin Univ, Sch Design & Built Environm, Perth, WA 6845, Australia
来源：
SYSTEMS | 2023年 / 11卷 / 02期
基金：
中国国家自然科学基金;
关键词：
investment and development companies; urban investment bond; nonstandard default events; event study; sustainable development; FINANCING VEHICLES; INTEREST-RATES; EVENT; BEHAVIOR; RETURNS; DEBT;
D O I：
10.3390/systems11020068
中图分类号：
C [社会科学总论];
学科分类号：
03 ; 0303 ;
摘要：
Under the general trend of reducing leverage and strictly controlling new implicit debts of local governments, the risk of nonstandard defaults by urban investment and development companies (UIDCs) continues to be released, which will increase the credit risk of UIDCs. This paper examines the impact of nonstandard default events of municipal investment platform companies on the urban investment bond (UIB) market through event analysis using 252 nonstandard default events of 32 municipal investment companies from 2018 to 2021 as sample data. The findings show that the UIB market is ineffective and affected by nonstandard defaults and that bond returns show abnormal short-term significant negative fluctuations. This study has important implications regarding the early warning of UIB default risk and the improvement of the sustainable development of urban investment enterprise financing.
引用
收藏
页数：21
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