票据承兑和贴现业务差异化发展的特征、影响与政策建议

进入新世纪以来，人民银行货币政策调控的有效性、针对性和前瞻性不断增强，我国票据市场整体保持稳健发展，但票据承兑和贴现业务发展存在差异化现象，表现为票据承兑业务稳步增长，而贴现业务受金融调控影响显著。文章分析了其中的原因，探讨了两者差异化发展对市场运行的影响，并就票据市场的协调健康发展提出相关政策建议。

The dmerentiated characters developments in bill acceptance and bill discounting business

Since the turn of the new century, the monetary policy adjustment of the People＇s Bank of China has been increasingly effective, specific and forward-looking, and China＇s bills market has maintained a steady growth on the whole. However, the development differences between acceptance of bills and discounting business are presented as a gradual growth in the acceptance business while the discounting business was subject to the significant impacts of financial regulation. The article analyzes its underlying reasons and examines its implications on market operations, and makes policy suggestions in respect of the coordinated and healthy development of the bills market.