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<p>Taking the establishment of the Shanghai Commercial Paper Exchange (SHCPE) in 2016 as a quasi-natural experiment, this study uses a sample of A-share listed firms in China from 2012 to 2023. It employs a generalized DID model to empirically examine the impact of the establishment of the SHCPE on corporate default risk (CDR). The results indicate that the establishment of the SHCPE significantly reduces CDR. Mechanism analysis suggests that the SHCPE enhances paper liquidity and usage, thereby easing firms’ liquidity constraints and reducing debt financing costs, which ultimately lowers CDR. Heterogeneity analysis reveals that the effect of the SHCPE on CDR is more pronounced among non-state-owned enterprises, firms located in areas with fewer surrounding banks, and those operating in weaker institutional environments. This study contributes to the research on the economic consequences of the SHCPE and the factors influencing CDR, offering significant policy implications for promoting the development of a unified commercial paper market in China.</p>

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Development of the commercial paper market and corporate default risk

  • 期刊论文

  • 发表日期：

    2026年3月3日

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  • Haiwei Xu

摘要

Taking the establishment of the Shanghai Commercial Paper Exchange (SHCPE) in 2016 as a quasi-natural experiment, this study uses a sample of A-share listed firms in China from 2012 to 2023. It employs a generalized DID model to empirically examine the impact of the establishment of the SHCPE on corporate default risk (CDR). The results indicate that the establishment of the SHCPE significantly reduces CDR. Mechanism analysis suggests that the SHCPE enhances paper liquidity and usage, thereby easing firms’ liquidity constraints and reducing debt financing costs, which ultimately lowers CDR. Heterogeneity analysis reveals that the effect of the SHCPE on CDR is more pronounced among non-state-owned enterprises, firms located in areas with fewer surrounding banks, and those operating in weaker institutional environments. This study contributes to the research on the economic consequences of the SHCPE and the factors influencing CDR, offering significant policy implications for promoting the development of a unified commercial paper market in China.