Abstract
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.
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