关键词: 网络基础设施, 债务违约风险, 信息透明度, 治理效率, 权益性融资

Abstract: Compared with traditional infrastructure such as highways and high-speed railways, network infrastructure represented by “Broadband China” is a new type of infrastructure in the digital economy. Its convenience and sharing make it a sharp tool for enterprises to prevent risks and promote high-quality development. Taking non-financial companies listed in Shanghai and Shenzhen A-shares from 2009 to 2021 as samples, this paper investigates how network infrastructure affects corporate debt default risk. The results show that network infrastructure can reduce the risk of corporate debt default. In terms of the influence mechanism and path, improving information transparency and governance efficiency are the mechanism of network infrastructure to reduce debt default risk, and the specific path of network infrastructure to reduce debt default risk is to enhance competitive advantage and broaden equity financing channels. The extended analysis shows that network infrastructure plays a more significant role in debt risk governance in the samples with high default risk, high network supervision level and those in underdeveloped regions. Moreover, the governance effect of network infrastructure on debt default risk can improve future performance. The conclusion not only enriches the research on the micro-economic consequences of network infrastructure and the governance path of corporate debt default, but also provides references for the construction of network infrastructure and the governance of debt default risk.

Key words: Network Infrastructure, Risk of Debt Default, Transparency of Information, Efficiency of Governance, Equity Financing