经济与管理研究2026，Vol.47Issue(5)：66-81,16.DOI:10.13502/j.cnki.issn1000-7636.2026.05.005
全国统一票据市场建设与企业供应链韧性
Construction of a Unified National Commercial Paper Market and Corporate Supply Chain Resilience
摘要
Abstract
China's commercial paper market has long faced challenges such as regional and sectoral fragmentation and inefficient circulation of paper-based instruments,limiting its ability to fulfill functions like payment settlement and financing support.To address these challenges,the Shanghai Commercial Paper Exchange(SHCPE)was established on December 8,2016,aiming to strengthen the market's role in supporting the real economy by building a highly centralized and unified commercial paper market.Nevertheless,the actual effectiveness of this initiative requires further evaluation.Therefore,a systematic study of the impact of the SHCPE on corporate supply chain resilience holds significance for improving the multi-tiered financial market system and promoting high-quality development of supply chains. Using data from A-share listed manufacturing firms from 2013 to 2023 and treating the establishment of the SHCPE as a quasi-natural experiment,this paper applies a continuous difference-in-differences(DID)model to investigate how the construction of a unified national commercial paper market affects supply chain resilience.Results show that the establishment of the SHCPE enhances supply chain resilience for firms with higher ex-ante commercial paper dependence.This effect primarily operates through three mechanisms:alleviating corporate liquidity constraints,improving information transparency,and promoting supply chain diversification.Further research reveals that the establishment of the SHCPE more significantly enhances supply chain resilience in firms with advanced digital transformation and strong supply chain risk awareness.Additionally,by addressing market fragmentation,this institutional reform effectively mitigates regional disparities in market conditions,leading to a pronounced improvement in supply chain resilience in regions with higher market segmentation and a less favorable business environment.Moreover,the enhancement of supply chain resilience driven by the unified national commercial paper market exhibits spillover effects,primarily spreading upstream along the supply chain. The main contributions are as follows.First,based on the close integration of commercial paper applications and supply chain operations,it examines the impact of the establishment of SHCPE on supply chain resilience from an inter-firm perspective.This provides new evidence on how a unified national commercial paper market serves the real economy and offers a theoretical basis for deepening market reforms and improving the multi-tiered financial market system.Second,from the perspective of commercial paper market development,it enriches research on how commercial credit affects supply chain resilience,holding practical significance for building a more robust economic ecosystem.Third,by focusing on paper market fragmentation,it expands the research framework on the interaction between financial market integration and the development of a unified national market,providing theoretical support for advancing the construction of a unified national market.关键词
全国统一票据市场/供应链韧性/商业信用/市场分割/高质量发展Key words
a unified national commercial paper market/supply chain resilience/commercial credit/market segmentation/high-quality development分类
管理科学引用本文复制引用
白俊,任超,黄纪晨..全国统一票据市场建设与企业供应链韧性[J].经济与管理研究,2026,47(5):66-81,16.基金项目
国家社会科学基金重大项目"构筑国有和民营企业高质量协同发展新格局新机制"(24&ZD083) （24&ZD083）
国家自然科学基金地区科学基金项目"债券市场化改革与实体经济财务稳定性研究:市场化风险分担视角"(72562029) （72562029）
国家自然科学基金地区科学基金项目"企业'类信贷'与金融稳定性研究"(72162030) （72162030）
