全国统一票据市场建设与企业供应链韧性OACHSSCD

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.