财经理论与实践2025，Vol.46Issue(5)：52-60,9.DOI:10.16339/j.cnki.hdxbcjb.2025.05.007
统一票据市场对企业投融资期限错配的影响研究
The Impact of the Establishment of a Unified Commercial Paper Market on Corporate Investment-Financing Maturity Mismatch
摘要
Abstract
This paper uses the establishment of the Shanghai Commercial Paper Exchange Corporation Ltd as a quasi-natural experiment to examine its impact on corporate debt maturity structure and the mismatch between corporate investment and financing maturities.The results indicate that the establishment of the exchange significantly extends the debt maturity of firms with higher commercial paper holdings,providing evidence consistent with credit constraint theo-ry.Furthermore,it helps mitigate the maturity mismatch between corporate investments and their financing sources.Heterogeneity analysis reveals that these effects are more pronounced a-mong firms operating in regions with lower marketization,insufficient information disclosure,higher perceived uncertainty,and more intense industry competition.Mechanism analysis shows that the exchange improves maturity matching by both lengthening debt maturity and constrai-ning excessive investment.Taken together,these findings suggest that deepening reforms in the commercial paper market,enhancing credit information sharing,and fostering linkages with multi-tier capital markets are essential to jointly alleviating the mismatch between corporate in-vestment and financing terms and promoting high-quality economic development.关键词
统一票据市场/债务期限选择/外部关注/投融资期限错配Key words
unified bill market/debt maturity structure/external attention/investment-fi-nancing maturity mismatch分类
管理科学引用本文复制引用
马勇,王宇,曾云鹤..统一票据市场对企业投融资期限错配的影响研究[J].财经理论与实践,2025,46(5):52-60,9.基金项目
国家自然科学基金面上项目(72371098) （72371098）
湖南省哲学社会科学基金(22YBA026) （22YBA026）
