关于票据融资支持实体经济的研究

票据作为融资工具有成本低、融资便利等优势,有利于缓解企业面临的融资难、融资贵问题。在特殊的金融环境下,企业可以通过使用票据支付实现应收/应付账款票据化并获得额外收益。但是,由于票据贴现的贷款属性、票据的“非标准化”债权资产性质以及票据市场受政策影响较大等因素的存在,我国票据市场在发挥融资功能时仍受到制约。所以,在鼓励企业使用票据融资的同时,亟待在宏观审慎评估狭义信贷规模中为票据贴现单独创设信贷规模管理体系,推动票据“标准化”的良性发展以及打造票据市场稳定发展的综合体系。

Research on Commercial Notes Financing Supporting Real Economy

As a financing instrument,notes has advantages such as low-cost and high-efficiency,which helps to alleviate the problems of"financing difficulty"and"expensive financing"faced by enterprises.In the special financial environment,enterprises can gain additional income by using receivable notes or accounts payable into commercial papers.However,due to the factors such as the loaning nature of notes discounted,the nature of"non-standardized"and the great influence exercised by policies,the notes market in China is still constrained while exerting its financing function.Therefore,at the same time when we encourage enterprises to use notes for financing,it is urgent to create a separate credit scale management system for notes discounted in the macro-prudential credit scale of narrow sense.And it's also imperative to promote the sound development of"standardized"notes and build a comprehensive system for stable development of the notes market.