全国统一票据市场建设与企业高质量发展——来自上市公司的经验证据  

Construction of a Unified National Commercial Paper Market and High-quality Development of Enterprises:Empirical Evidence from Listed Companies

作　　者：贾凡胜 张文瑞 JIA Fansheng;ZHANG Wenrui(Management College,Ocean University of China;China Business Working Capital Management Research Center;Sanya Oceanographic Institution,Ocean University of China)

机构地区：[1]中国海洋大学管理学院 [2]中国企业营运资金管理研究中心 [3]中国海洋大学三亚海洋研究院

出　　处：《数量经济技术经济研究》2025年第4期91-112,共22页Journal of Quantitative & Technological Economics

基　　金：国家自然科学基金面上项目(72472144);山东省泰山学者青年专家计划项目(tsqn202306097);国家社会科学基金重大项目(21&ZD144);山东省哲学社会科学青年人才团队暨2023年省社科联人文社科课题(2023-zkzd-056);中央高校基本科研业务费专项资金资助项目(202461080);中国海洋大学研究生教育质量提升计划建设项目(SOIYA007,SOIYK018)的资助。

摘　　要：全国统一票据市场建设是多层次金融市场建设的重要实践。本文以上海票据交易所成立为准自然实验,以2013~2021年中国A股上市公司为样本,考察票据市场的建设对企业全要素生产率的影响及相应机制。研究发现,上海票据交易所成立后,相比于票据依赖性较低的企业,票据依赖性较高企业的全要素生产率有更大提升,表明全国统一票据市场建设可以有效助推中国企业的高质量发展。作用机制研究发现,全国统一票据市场建设提高了票据的可接受性,使企业能够更充分地运用票据提升营运能力和融资能力,提高企业创新水平与缓解融资约束,进而实现全要素生产率的增长。异质性分析发现,在商业信用环境较差的地区、面临激烈市场竞争和缺乏金融背景高管的企业中,全国统一票据市场建设对企业全要素生产率的提升作用更强。本文研究为票据市场建设的经济后果及机制提供了证据,对于推动中国多层次金融体系和科技创新体系建设,实现经济高质量发展具有借鉴意义。High-quality development is primarily building a modern socialist country comprehensively,with the improvement of total factor productivity(TFP)being key and innovation being the core driving force.Under the premise that innovation leads to development,the sustained growth of enterprise TFP cannot be achieved without the effective support of the financial system.The soundness of the financial system is not achieved overnight.In addition to improving the vertical fund transmission mechanism,represented by capital markets,the impact of the horizontal fund transmission mechanism,led by trade credit,on enterprise TFP should be recognized and valued.As a formal trade credit tool,the commercial paper market formed by the issuance,transfer,acceptance,and discounting of commercial paper plays an important role in the Chinese financial system.The establishment of the Shanghai Commercial Paper Exchange Corporation Ltd(SCPCL)marked the formation of a unified national commercial paper market in China and is a milestone event in the history of Chinese commercial paper.It provides a quasi-natural experiment for this study to investigate whether improving the acceptability of commercial paper as a trade credit tool can enhance the TFP of enterprises.Based on the above analysis,this study takes A-share listed companies as the research sample and uses the difference-in-differences(DID)method to investigate the impact and mechanism of the establishment of the SCPCL on the TFP of enterprises.Research has found that compared with enterprises with lower dependence on commercial paper,the TFP of enterprises with higher dependence on commercial paper has significantly increased after the establishment of the SCPCL.Research on the mechanism of action has found that the construction of a unified national commercial paper market has improved the acceptability of commercial paper,enabling enterprises to more fully utilize commercial paper to enhance their operational and financing capabilities,improve their innovation level,and alleviate f

关 键 词：票据市场 营运能力 融资能力 高质量发展 

分 类 号：F830.9[经济管理—金融学]