中国票据创新指数构建及其对实体经济支持效应研究OA

As a fundamental component of China's financial system dedicated to serving the real economy,the bill market has achieved remarkable breakthroughs in product,technological,business model and institutional innovations in recent years.Referencing the analytical framework of the Peking University Digital Inclusive Fi-nance Index and the three-dimensional"innovation input-output-efficiency"model for listed companies,this paper selects 12 publicly available indicators from three dimensions,namely innovation coverage breadth,innovation input intensity and in-novation output performance.The China Bill Innovation Index(BII)is established by adopting the extreme value standardization and entropy weight methods.This paper also conducts an empirical analysis to explore the impacts of bill innovation on corporate financing costs and economic growth.The empirical results reveal that the BII maintained a significant upward trend throughout the period from 2018 to 2023 and reached its peak at 549.48 in 2022.Innovation coverage breadth has the largest weight of 36.78％,whose core driving indicators are the growth rate of bill discount volume,bill-to-loan ratio and growth rate of outstanding bills.There exists a high level of coupling and coordination between bill innovation and digital inclu-sive finance,with the coordination degree evolving gradually from primary coordi-nation to high-quality coordination.Correlation and regression analyses demonstrate that the BII is significantly negatively correlated with bill financing rates and signif-icantly positively correlated with macroeconomic growth.This evidence indicates that continuous innovation in the bill market can effectively reduce corporate finan-cing costs and bolster the development of the real economy.This study develops a sustainable bill innovation index system entirely based on public data for long-term release.It fills the gap that no independent innovation sub-index has been included in the existing China's bill development index system,and verifies the inherent in-teractive relationships among bill innovation,digital inclusive finance and real econ-omy innovation.The proposed index serves as a stable and reliable quantitative tool for regulators to monitor market performance,commercial banks to formulate op-erational strategies,and research institutions to carry out academic research.