Dr. Wu Anbing Publishes Research Findings in the Prestigious Journal *Financial Research*

Recently, the paper titled “A Study on the Impact of Local Government Debt Refinancing on Corporate Debt Default Risk,” co-authored by Dr. Wu Anbing as corresponding author and second author, was published in Issue 9, 2026, of *Financial Research*, a prestigious domestic Class A journal.

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The paper constructs a three-stage sequential game model. Based on a dual-channel framework of policy signals and credit restructuring, it utilizes data on non-financial enterprises listed on the Shanghai and Shenzhen A-share markets from 2010 to 2023 and employs methods such as multi-period DID to examine the impact of local government debt swaps on corporate default risk. The study found that debt swaps significantly reduce corporate default risk through two channels: lowering regional financial risk premiums and improving bank asset quality. Heterogeneity analysis indicates that non-state-owned enterprises, small and medium-sized enterprises (SMEs), and firms with high leverage or a high proportion of financial assets benefit more significantly. This is because such firms face tighter financing constraints; after the swap reduces risk premiums, their marginal financing costs decline more sharply, resulting in a more pronounced risk-mitigation effect. In regions with high marketization and strong fiscal capacity, credit restructuring proceeds more smoothly due to robust financial competition and solid government credit, resulting in a stronger risk-mitigating effect of the swap policy on enterprises in those regions. Furthermore, the relationship between the scale of debt swaps and corporate default risk follows a U-shaped pattern: moderate swaps mitigate risk through credit expansion, but once a threshold is exceeded, squeezed yields on the asset side of banks lead to higher credit pricing and a contraction in supply, causing diminishing marginal returns. This paper offers a new perspective on understanding the micro-level risk transmission of debt swaps and provides policy implications for optimizing debt resolution policies.

[Further Reading]

*Financial Research*, founded in 1980, is an official publication distributed both domestically and internationally. It is supervised by the People’s Bank of China, sponsored by the Chinese Society of Finance, and edited and published by the Editorial Department of *Financial Research* at the Institute of Finance of the People’s Bank of China. Over the past 40 years since its inception, it has become an authoritative academic journal that combines theoretical, policy, and practical perspectives and leads the forefront of domestic academic research. In 2005, it won the Third National Periodical Award, and in 2012, it was selected as a journal funded by the National Social Science Fund.   

School websit link：https://econ.jxufe.edu.cn/news-show-7129.html

Translated by Ying Liu