This study investigates the influence of corporate mergers and acquisitions on debt default risk by analyzing a dataset of 14,990 A-share listed companies from 2010 to 2021. The results demonstrate that corporate mergers and acquisitions effectively mitigate expected default frequency, a conclusion that withstands a variety of robustness checks. Through mechanism testing, it's found that mergers and acquisitions alleviate corporate financing constraints and boost information transparency, subsequently lowering debt default risk. The heterogeneity analysis further reveals that this mitigating effect is particularly pronounced in younger companies, those with weaker internal governance, and companies situated in less marketized regions.

中文翻译：

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企业并购：降低预期违约频率的战略方法

本研究通过分析 2010 年至 2021 年 14,990 家 A 股上市公司的数据集，探讨企业并购对债务违约风险的影响。结果表明，企业并购有效降低了预期违约频率，这一结论经受住了各种因素的检验。的稳健性检查。通过机制测试发现，并购缓解了企业融资约束，提高了信息透明度，从而降低了债务违约风险。异质性分析进一步表明，这种缓解效应在较年轻的公司、内部治理较弱的公司以及位于市场化程度较低地区的公司中尤其明显。