| 统一票据市场对企业投融资期限错配的影响研究 |
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| 引用本文：马勇1，王宇1，曾云鹤2.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,(5):52-60 |
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| 中文摘要:利用上海票据交易所成立这一准自然实验，考察统一票据市场发展对企业债务期限选择及投融资期限匹配的影响。结果显示：上海票据交易所的成立显著延长了应付票据持有水平较高企业的债务期限，进而验证了信贷约束理论；此外，该交易所的成立在一定程度上缓解了企业投融资期限错配问题。异质性分析表明，上述发现在市场化程度较低、信息披露不足、不确定性感知较高及行业竞争激烈的企业中表现更为明显。机制检验显示，上海票据交易所的成立通过延长企业债务期限以及约束企业过度投资，有效改善投融资期限匹配状况。鉴于此，应通过深化票据市场改革、完善信用信息共享、推动多层次资本市场联动发展等措施，协同缓解企业投融资期限错配，从而促进经济高质量发展。 |
| 中文关键词:统一票据市场 债务期限选择 外部关注 投融资期限错配 |
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| The Impact of the Establishment of a Unified Commercial Paper Market on Corporate Investment-Financing Maturity Mismatch |
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| 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 theory. Furthermore, it helps mitigate the maturity mismatch between corporate investments and their financing sources. Heterogeneity analysis reveals that these effects are more pronounced among 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 constraining 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 investment and financing terms and promoting high-quality economic development. |
| keywords:unified bill market debt maturity structure external attention investment-financing maturity mismatch |
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