This paper constructs accounts receivable commercial paper indicators based on the choice of payment instruments when enterprises sell on credit and selects listed manufacturing enterprises from 2015 to 2022 as data samples for the study. It is found that increasing the proportion of commercial paper payments in credit sales can effectively mitigate the risk-taking of enterprises; the establishment of the Shanghai commercial papers Exchange has effectively standardized the commercial paper market, which further improves the efficiency of financing and effectively enhances the mitigation effect on the risk-taking of enterprises.

中文翻译：

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商业票据普及与企业风险承担

本文基于企业赊销时支付工具的选择构建了应收账款商业票据指标，并选取2015年至2022年上市制造企业作为数据样本进行研究。研究发现，提高商业票据支付在赊销中的比重可以有效降低企业的风险承担；上海票据交易所的成立，有效规范了票据市场，进一步提高了融资效率，有效增强了企业风险承担的缓释效果。