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Abstract In this paper, the actual bond default sample of listed enterprises is used to comprehensively discuss the existing operation and management problems from the aspects of the company’s operation status, internal governance status and investment and financing status, and the “joint effect” of internal characteristics and external economic environment on corporate bond default are also considered. Using the method of fsQCA, this paper obtains the necessary conditions and default paths of enterprise defaults under different performance levels from a holistic perspective. According to the different core conditions of configuration, the default types of bonds are divided into insufficient turnover type, internal control failure type, multiple factors concurrency type and investment-financing imbalance type.
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Received: 25 May 2020
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