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Can commercial paper exchange promote corporate green innovation? Quasi-natural experimental evidence from China

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  • Lai, Peide
  • Xu, Shuaiqi

Abstract

The Shanghai Commercial Paper Exchange (SHCPE) provides a platform for enterprises to utilize commercial papers in supporting green innovation. Using a sample of manufacturing companies listed on China’s A-share market, this study demonstrates that the establishment of SHCPE enhances corporate green innovation, whether segmented by patent type or knowledge dimension. The underlying mechanisms include mitigating financing constraints, enhancing environmental information transparency, and increasing R&D investment. Heterogeneity analysis indicates that SHCPE significantly affects firms that are state-owned, subject to high environmental and market pressure, and located in financially underdeveloped regions. This study provides empirical evidence and policy insights for developing countries seeking to enhance commercial paper market infrastructure and promote sustainable development.

Suggested Citation

  • Lai, Peide & Xu, Shuaiqi, 2026. "Can commercial paper exchange promote corporate green innovation? Quasi-natural experimental evidence from China," Finance Research Letters, Elsevier, vol. 93(C).
    • Handle: RePEc:eee:finlet:v:93:y:2026:i:c:s1544612326001480
    DOI: 10.1016/j.frl.2026.109617
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