关于真实票据融资与宏观经济运行顺循环关系的数学模型分析

Mathematical Model Analysis on the Positive Circulating Relationship Between Finance of Authentic Instruments and Running Macroeconomy

票据市场理论认为,建立在真实交易基础上的票据,由于具有自偿性特点,其贴现融资与宏观经济运行周期之间具有所谓的顺循环关系,这种关系因其可以加剧经济周期效应而受到理论界的重视。近几年来我国票据市场快速发展,一方面对货币市场的发展起到了积极的促进作用,另一方面也因真实票据占比过高、真实票据融资累计发生额激增而面临顺循环问题,尽管其中的负面影响目前还没有非常明显的显现,但从长远看,对顺循环关系的分析研究是十分必要的。

According to the theory on instrument market, the instruments based on authentic trades, usually called authentic instruments have self- fulfilling ability, so there is a special relationship, known as positive circulating relationship with the cyde of running macroeconomy, The positive circulating relationship is taken seriously by academic circles because it can enforce the effects of economic cycle. With the development of China＇s instrument market in recent years, money market has been promoted a lot with the increasingly serious problems of positive circulate are caused by the increase of authentic instruments, The negative effects of them, though slight currently will make the research rather remarding in the long run.