219 
180企业风险的形成和集聚是宏观风险的重要来源，探讨企业债务违约风险的缓解机制对于防范化解宏观经济风险具有重要意义。文章在非正式规则治理功能的框架下，探讨了社会信任对企业债务违约风险的影响及其机制。研究发现，以预期违约概率度量的企业债务违约风险与其所在城市的社会信任程度显著负相关，这一结论在经过多种内生性处理和稳健性检验后依然成立。债务融资过程中信息成本、代理成本和资本成本降低，是社会信任抑制企业债务违约风险的重要机制。此外，社会信任对企业债务违约风险的抑制作用在国有上市公司、市场化程度较低的地区以及经济收缩期更加显著。文章的研究不仅丰富了企业债务违约风险影响因素和缓解机制以及社会信任经济后果的相关文献，而且为有效发挥社会信任缓解宏观经济风险的积极作用提供了微观证据和政策启示。
社会信任与风险防范——基于企业债务违约风险的视角
摘要
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引用本文
徐寿福, 李欣婷. 社会信任与风险防范——基于企业债务违约风险的视角[J]. 财经研究, 2024, 50(11): 34-49.
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