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...