摘要
中国经济进入"新常态"以来,中国经济发展开始结构性减速。提高金融市场化程度,激发中小企业活力,稳步完成供给侧结构性改革是应对我国经济增速下行的最优选项。商业汇票作为服务实体经济的重要金融产品,期限短、流动性强,既可以满足中小企业延期支付的诉求,也可以满足中小企业单笔融资金额小,融资频次高的短期融资需求。以上海市2014—2018年连续51个月商业汇票业务发展现状为例,系统分析商业汇票市场的总体发展情况、行业使用分布、票据流转现状以及票据违约情况。认为信息不对称、融资资格、融资成本与企业信用是影响商业汇票市场发展与中小企业融资的内在原因,未来可基于区块链技术优化票据管理、适时开展融资性票据业务并加速发展供应链票据融资业务从而推动票据市场发展。
Since China is in the'new normal'economy, China’s economic development has begun to slow down. Improving Financial Marketization, stimulating the vitality of small and medium-sized enterprises, and steadily completing the supply-side reform are the best choice to cope with the downward trend of China’s economic growth. As an important financial product to serve the real economy, commercial paper is full of advantages such as deferred payment, short term, strong liquidity,and meet the short term financing demand of small and medium-sized enterprises with small amount and high frequency. This paper takes the operation of commercial paper in Shanghai from 2014 to 2018 as an example, analyzes the overall condition of commercial paper market, industry distribution, the current situation of bill circulation and bill default. This paper argues that information asymmetry,financing qualifications, financing costs and corporate credit are the inherent reasons affecting the development of commercial bill market and SMEs financing. In the future, we can optimize bill management based on block chain technology, carry out financing bill business in time and accelerate the development of supply chain bill financing business so as to promote the development of bill market.
出处
《金融理论与实践》
北大核心
2019年第4期42-49,共8页
Financial Theory and Practice
关键词
金融市场
票据市场
商业汇票
中小企业
融资
区块链技术
financial market
bill market
commercial paper
small and medium-sized enterprises
financing
block chain technology
