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  • CN 31-2074/F
Volume 38 Issue 5
Sep.  2024
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Article Navigation >  Accounting and Economic Research  > 2024  >  38(5): 85-106
Tong Yan, Li Xin, Peng Wen, Ji Mingyu. 2024. “When the City Gate Catches Fire, The Fish in the Moat Suffer”: Research on the Contagion Effect of Bond Credit Risk within Business Groups. Accounting and Economic Research, 38(5): 85-106.
Citation: Tong Yan, Li Xin, Peng Wen, Ji Mingyu. 2024. “When the City Gate Catches Fire, The Fish in the Moat Suffer”: Research on the Contagion Effect of Bond Credit Risk within Business Groups. Accounting and Economic Research, 38(5): 85-106.
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“When the City Gate Catches Fire, The Fish in the Moat Suffer”: Research on the Contagion Effect of Bond Credit Risk within Business Groups

  • 1.

    School of Management, Beijing Institute of Technology, Beijing 100081, China

  • 2.

    School of Accounting, South Western University of Finance and Economics, Chengdu Sichuan 611130, China

  • 3.

    Big Data Laboratory on Financial Security and Behavior, South Western University of Finance and Economics, Chengdu Sichuan 611130, China

  • 4.

    Business School, Beijing Technology and Business University, Beijing 102488, China

  • Received Date: 2022-06-02
    Available Online: 2025-10-22
  • Publish Date: 2024-09-25
    Abstract
  • Using the data of listed companies controlled by the business groups in Shanghai and Shenzhen stock exchanges from 2008 to 2020, this paper examines whether contagion effect of bond credit risk exists among business group members. We find that: When the bond credit risk of a company controlled by a business group increases sharply, the credit spreads of other companies in the same group will increase significantly in the next year. In other words, the bond credit risk has a contagion effect within the business groups. The mechanism test shows that the correlation effect, reputation effect and resource effect can explain this contagion effect. Further analysis finds that for firms with risk management committee, firms audited by the “big four” accounting firms, bond rating agency with a good reputation, and bonds with multiple ratings, the contagion effect is weaker. Besides, the contagion effect is weaker for firms that are in the regions with higher levels of marketization and social trust. The research findings of this paper expand the perspective of contagion effect, enriches the influencing factors of bond credit risk, and provides a policy reference for the business groups in emerging markets to strengthen risk prevention and control.

     

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