Energy Finance and Trade Credit: Evidence From China's Shanghai Crude Oil Futures
研究上海原油期货上市如何影响中国油企的商业信用融资，发现其通过改善信用风险和信息环境增加了供应商提供的信用，进而促进企业投资和创新。
ABSTRACT This study explores the impact of the Shanghai crude oil futures (SC) market on corporate trade credit financing in China. Using data on listed firms from 2012 to 2023 and a difference‐in‐differences model, we find the launch of SC significantly increased trade credit financing for oil‐dependent firms. Mechanism evidence suggests that SC is associated with improvements in credit risk and market information environment, which are economically consistent with suppliers' trade credit decisions. Cross‐sectional analysis reveals stronger effects among firms with higher investment capacity, higher production costs, and lower transparency. Economic consequences analysis suggests the effect further stimulates corporate capital investment and technological innovation. The results demonstrate how innovations in energy finance may support the real economy and contribute to the stability of China's energy industries.