票据市场发展与稳就业:来自上海票据交易所成立的证据  

The Employment Effect of Commercial Paper Market Development:Evidence from the Establishment of SHCPE

作　　者：王帅 池雨乐 叶永卫 廖艺凡 Wang Shuai;Chi Yule;Ye Yongwei;Liao Yifan

机构地区：[1]上海财经大学公共经济与管理学院 [2]中山大学岭南学院

出　　处：《世界经济》2025年第1期153-177,共25页The Journal of World Economy

基　　金：上海财经大学研究生创新基金资助项目“全国统一票据交易大市场建设的实体经济效应——来自上海票据交易所成立的经验证据”(基金号:CXJJ-2024-345)的资助。

摘　　要：推进票据市场发展以壮大实体经济是实现稳就业目标的重要途径。本文以上海票据交易所成立为准自然实验,考察票据市场发展对企业劳动雇佣决策的影响。研究发现,与应收票据持有水平较低的企业相比,上海票据交易所成立显著提高了应收票据持有水平较高企业的劳动雇佣增长率,且主要体现在营商环境较差、劳动力供给充裕的地区和周边银行数量较少、融资约束严重的企业。机制检验表明,上海票据交易所成立通过缓解流动性约束、降低债务违约风险和扩张生产规模提高了企业劳动雇佣增长率。进一步讨论发现,上海票据交易所成立还能够促进企业人力资本积累并提高企业劳动配置效率。本文对进一步释放中国票据市场制度创新的红利具有重要启示。As a vital component of financial markets,the development of the commercial paper market plays a crucial role in stimulating the vitality of the real economy and enhancing the potential for enterprises to absorb employment.In this context,the establishment of Shanghai Commercial Paper Exchange Corporation Ltd.(SHCPE)marks the establishment of a unified national commercial paper trading market,which can significantly improve the liquidity and utilization of commercial paper,and may be of great significance for strengthening the real economy to stabilize employment.We regard the establishment of the SHCPE in 2016 as a quasi-natural experiment,and takes nonfinancial listed companies as the research sample,and examines how the development of commercial paper market affects labor force employment in enterprises.The empirical results show that,compared to enterprises with lower levels of paper receivable,the growth rate of corporate employment with higher levels of paper receivable increases significantly after the establishment of SHCPE.Heterogeneity analysis indicates that the positive effect of the establishment of SHCPE on the growth rate of corporate employment is more prominent in regions with weaker business environment and more abundant labor supply,and in firms with a lower number of nearby bank branches and higher financing constraints.The mechanism tests show that the establishment of the SHCPE significantly enhances commercial paper liquidity and utilization,thereby alleviating corporate liquidity constraints,reducing debt default risks,enabling production scale expansion,and ultimately boosting the growth rate of corporate employment.Further discussion shows that the establishment of SHCPE mainly improves the employment growth rate of undergraduate,finance and sales employees,and the establishment of SHCPE can help to promote the human capital accumulation and improve the labor allocation efficiency of firms.This paper confirms that the establishment of SHCPE is conducive to the growth rate of corporate em

关 键 词：票据市场 上海票据交易所 企业劳动雇佣 

分 类 号：F832[经济管理—金融学] F249.2