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Author

Pengcheng Liu

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Open access Jul 2026

Capital Market Liberalization as a Systemic Stabilizer of Corporate Default Risk: A Structural-Coupling Model with Quasi-Experimental Evidence from China

We re-conceptualize corporate debt default risk (EDF) as an emergent state variable of a coupled financial system and ask how capital-market opening reshapes its equilibrium. Extending the structural credit-risk framework with three interacting subsystem channels—external financing, investment efficiency, and informati...

Xinqi Li, Peng-Cheng Liu · 0 citations

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