The Impact of Sino-us Trade Frictions on Corporate Debt Default Risk
DOI:
https://doi.org/10.6981/FEM.202603_7(3).0004Keywords:
Sino-us Trade Friction; Debt Default Risk; Cash Holding Level; Financing Constraints.Abstract
In recent years, the process of globalization has not only promoted the cross-border flow of production factors and the optimal allocation of resources, but also significantly improved the sensitivity and transmission efficiency of countries' economies to external shocks. Sino-us trade frictions, which have been comprehensively escalated since 2018, have become a hot issue in the field of international economy and trade as a strategic game between the world's two largest economies. The tariff sanctions and technology blockade of the United States have directly damaged the global supply chain layout formed by Chinese enterprises for a long time, squeezed the profit margin of enterprises through both price and demand, and led to a significant tightening of financing constraints of enterprises. However, the existing research mainly focuses on the analysis of the overall impact of trade frictions on China's economy and the impact on capital market and financial risks, and lacks systematic discussion on the risk of corporate debt default. Therefore, based on the reality of the continuous escalation of Sino-US trade frictions, this paper takes the A-share listed companies in Shanghai and Shenzhen from 2006 to 2024 as the research samples, and through multi-stage industry matching, the goods in the US tax list are corresponding to the Chinese industries, so as to define the companies under sanctions in the experimental group, so as to reveal how it affects the debt default risk of enterprises. This paper provides theoretical support for the risk prevention and control of Chinese enterprises affected by trade frictions.
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