信用制度变迁下的票据市场功能演进与中小企业融资模式选择

Evolution of Commercial Bill Market Functions and SMEs' Choice of Financing Methods Under a Changing Credit System

商业信用是信用制度的基础,票据则是在商业信用基础上所产生的最有代表性的信用工具。随着信用制度的发展变迁,票据发展出汇兑、支付、结算、融资等功能。在发达市场经济条件下,票据的核心功能最终演化为融资。中国票据市场服务于中国经济市场化转型的需要,在解决中小企业融资方面发挥了重要作用,但票据市场制度体系也需要与时俱进进行修复调整。票交所作为票据市场重要的制度创新,推动票据市场从区域分割、信息不透明、以纸质票据和线下操作为主的传统市场向全国统一、安全高效、电子化的现代市场转型。在我国经济从高速增长阶段转向高质量发展阶段,需要进一步加强票据市场基础设施建设和制度建设,深化票据市场为实体经济服务的功能,尤其是发挥好为中小企业融资的作用。

Commercial credit is the foundation of credit system. Commercial bill is the most representative credit instrument invented on the basis of commercial credit. As credit system evolves, commercial bill has gradually developed such functions as exchange, payment, settlement and fund -raising. Under the conditions of an advanced market economy, the core function of commercial bills eventually evolves into fund - raising. The Chinese commercial bill market looks at the needs of the market - oriented transformation of China＇s economy. With unique advantages, commercial bill has become an important tool for SME financing. Yet the lagged and insufficient development of the market system should be adjusted with the times. Shanghai Commercial Paper Exchange, as an important institutional innovation, is a driving force of transforming the commercial bill market from a segmented, opaque, paper - based and offline traditional market to a national, secure and efficient electronic market. With the Chinese economy shifting from high - speed growth to high - quality development, it is necessary to further improve the commercial bill market infrastructure and system construction, and to strengthen its functions to serve the real economy, especially the fund - raising function for the SMEs.