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Does bond market liberalization mitigate corporate risk-taking? Evidence from China

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  • Si, Deng-Kui
  • Li, Hong-Xue
  • Pei, Tianyue

Abstract

Bond market liberalization plays an important role in enhancing the stable operation of firms and promoting the healthy development of financial markets. This paper investigates the impact of bond market liberalization on corporate risk-taking, addressing a critical gap in the financial liberalization literature that has predominantly focused on equity markets. Using the Bond Connect program in China as an exogenous shock, this paper finds that bond market liberalization can significantly mitigate corporate risk-taking. Our analysis reveals that alleviating financing constraints, mitigating the maturity mismatch of financing and investment, and improving information disclosure quality are three key channels. Further analysis shows that this effect exhibits significant differences in firms with different external regulatory intensity and asset characteristics. Our findings contribute new insights about the real economic effects of bond market liberalization and necessary policy suggestions towards ordering business development and optimizing structural improvement in China's bond market.

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  • Si, Deng-Kui & Li, Hong-Xue & Pei, Tianyue, 2026. "Does bond market liberalization mitigate corporate risk-taking? Evidence from China," Economic Modelling, Elsevier, vol. 155(C).
    • Handle: RePEc:eee:ecmode:v:155:y:2026:i:c:s0264999325004225
    DOI: 10.1016/j.econmod.2025.107427
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