民间票据贴现行为的界定及对票据市场发展的启示

Discounting Private Paper and the Development of the Bills Market

2019年11月14日颁布的《全国法院民商事审判工作会议纪要》将民间票据贴现行为认定为无效,或许可以对民间票据贴现的效力和非法性问题进行盖棺定论。然而,有关民间票据贴现的否定性规定早已存在,却依旧未能阻止民间票据贴现的继续发展。由此可见,规定民间票据贴现行为的无效或许未能真正解决民间票据贴现行为可能造成的问题。真正化解民间票据贴现市场的风险仍需从其存在原因出发,通过反思其存在合理性以获知已有银行贴现系统存在的主要问题,进而探索未来票据市场的发展方向。

The discounting of private bills was declared invalid under the"Minutes of Civil and Commercial Trial Work Conference of the National Court"issued on November 14,2019.This may be seen by some as the final word on the legality of discounting private paper.However,regulations prohibiting the discounting of private paper had already been in place,but that did not stop the development of private paper discounting.It can therefore be seen that the latest provision may not really resolve the confusion over private paper discounting.In order to eliminate the risks in the discount market for private paper,it is still necessary to examine the reasons for the market’s existence.That will allow a greater appreciation of the main problems of the existing discount system and explore the future direction of the bills market.