M & A of Listed Real Estate Companies and Default Risk of Credit Bonds under the Counter-Cyclical Background

Based on the credit bond data issued by listed real estate companies under industry classification standard of China Securities Regulatory Commission from 2018 to 2020, impact mergers and acquisitions (M & A) their default risk is empirically studied counter-cyclical background. The empirical results show that M A strategies will not have a significant bonds alone; pressure slowing economic growth in context, however, implementation aggressive expansion increase bonds. For other factors affect companies, at external level, GDP negatively related companies; internal level leverage positively bonds, while asset size, profitability, solvency are bonds; maturity liquidity risk.