Corporate strategy aggressiveness and bond credit spreads

This paper investigates the impact of corporate strategy on corporate bond credit spreads and the mechanism of action, using corporate bonds issued by A-share companies during 2004-2021 as the research sample for empirical analysis. It is found that the degree of aggressiveness of corporate strategy has a significant positive impact on bond credit spreads; corporate firms with aggressive strategies take higher levels of risk and have greater credit risk, thus making bond credit spreads more extensive; the improvement of accounting information quality can significantly mitigate the impact of aggressive strategies on credit spreads.