全国统一票据市场建设与企业供应链韧性

——来自上海票据交易所的证据

白俊　任超　黄纪晨

（石河子大学）

摘要：全国统一票据市场建设作为构建多层次金融市场的重要实践，是激活票据市场、赋能供应链高质量发展的关键举措。本文选取2013—2023年沪深A股制造业上市公司数据，以上海票据交易所成立为准自然实验，采用连续双重差分模型考察全国统一票据市场建设对企业供应链韧性的影响。研究发现，上海票据交易所成立提升了事前票据依赖度较高的企业的供应链韧性，表明全国统一票据市场建设对供应链韧性具有积极作用。这一影响主要通过缓解企业流动性约束、提高企业信息透明度和推动供应链多元化配置实现。进一步研究发现，上海票据交易所成立能够更为明显地提升数字化转型程度较高、供应链风险感知较强的企业的供应链韧性；且通过打破票据市场分割，有效缓解了区域市场环境的不均衡，对市场分割程度较高、营商环境欠佳的地区的供应链韧性提升具有突出作用。此外，该政策还具有溢出效应，这一效应主要沿供应链向上游企业外溢。本文为检验全国统一票据市场建设的经济后果提供了新证据，对推动供应链高质量发展、加快推进全国统一大市场建设具有重要启示。

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

作者简介：白俊，石河子大学经济与管理学院/公司治理与管理创新研究中心教授、博士生导师，石河子，832003；任超，石河子大学经济与管理学院博士研究生；黄纪晨，石河子大学经济与管理学院博士研究生，通信作者。

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）；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）；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）

引用格式：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——来自上海票据交易所的证据[J].经济与管理研究,2026,47(5):66-81.

Construction of a Unified National Commercial Paper Market and Corporate Supply Chain Resilience

—Evidence from the Establishment of Shanghai Commercial Paper Exchange

BAI Jun, REN Chao, HUANG Jichen

(Shihezi University, Shihezi 832003)

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.

Keywords: a unified national commercial paper market; supply chain resilience; commercial credit; market segmentation; high-quality development

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