【摘要】 本文基于中国企业家调查系统报告中企业家成长轨迹的路径框架，筛选并确定了影响债券违约的三个层面6个企业家特征，建立企业家特征组合下企业债券违约风险的模糊集定性比较分析（fsQCA）模型，并以2016—2021年发行长期债券的A股非国有上市企业为样本，研究企业家特征是否影响企业债券违约风险。研究结果发现：（1）企业家特征组合存在3条债券高违约风险路径，以及三类4条债券低违约风险路径。（2）高“结果导向创新”且非高“过程导向创新”是债券低违约风险的重要特征；非高“结果导向创新”以及非高“社会责任”则是债券高违约风险的重要特征。研究结果表明：创新精神层面和责任担当层面的企业家特征因素对企业债券违约风险的影响较为显著，且存在一定对称性；而能力素质层面的企业家特征因素对企业债券违约风险的影响，并不存在显著的对称性。企业家精神作为一种稀缺资源，高“过程导向创新”、非高“结果导向创新”、非高“教育背景”、非高“经济责任”和非高“社会责任”等会导致企业家精神资源的高损耗，且损耗程度较高的企业家特征组合，企业债券违约风险更高。鉴此，降低企业家精神资源损耗对于降低债券违约风险的作用不容忽视。要做好风险防范，除了关注企业风险，还需关注企业家特征引发的“企业主风险”，而企业家提升结果导向的创新能力和提高社会责任感能够抑制债券高违约风险。这对监管机构监督和投资者规避债券违约风险，具有一定的参考意义。更多还原

【Abstract】 Based on the path framework of the growth trajectory of entrepreneurs in the China Entrepreneur Survey System report, this paper selects and determines six entrepreneurial characteristics at three levels that affect bond defaults, establishes a fuzzy set qualitative comparative analysis(fsQCA) model of bond default risk under the combination of entrepreneurial characteristics, and uses A-share non-state-owned listed companies that issued long-term bonds from 2016 to 2021 as samples to study whether entrepreneurial characteristics affect bond default risk. The research results show that:(1) There are three paths with high bond default risk and four paths with low bond default risk in three categories of entrepreneurial characteristic combinations.(2) High "result-oriented innovation" and non-high "process-oriented innovation" are important characteristics of low bond default risk,while non-high "result-oriented innovation" and non-high "social responsibility" are important characteristics of high bond default risk. The research results show that the impact of entrepreneurial characteristic factors on bond default risk is more significant in the aspects of innovation spirit and responsibility, and there is a certain symmetry.However, the impact of entrepreneurial characteristic factors on bond default risk in the ability level is not significantly symmetrical. Entrepreneurial spirit as a scarce resource, high "process-oriented innovation", non-high "result-oriented innovation", non-high "educational background", non-high "economic responsibility", and nonhigh "social responsibility" will lead to high consumption of entrepreneurial spirit resources, and the combination of entrepreneurial characteristics with high consumption will have a higher bond default risk. Therefore, reducing the consumption of entrepreneurial spirit resources is essential to reduce bond default risk. To prevent risks, in addition to paying attention to corporate risks, attentions should also be paid to the "entrepreneurial risks" caused by entrepreneurial characteristics. Improving the result-oriented innovation ability and social responsibility of entrepreneurs can suppress high bond default risk, which has certain reference significance for regulatory agencies to supervise and investors to avoid bond default risk.更多还原