金融机构票据融资发展问题探析及建议

A study on financial institutions'bill financing developments

近几年,我国票据市场的票据签发量和贴现量均大幅增加,整体呈现快速发展趋势。但票据量及价格的大幅、频繁波动,也影响了票据融资功能的正常发挥。本文通过实证分析发现,贴现余额增量与实际信贷余额增量以及货币供应量M1余额增量均呈反向变化趋势,表明贴现量变化对货币供应量的调控产生了一定的负面影响。其主要原因在于,信贷考核指标中包含了票据贴现数量,票据贴现成为贷款数量调节器。为此,文章就如何完善金融机构票据管理,进而促进票据市场健康发展提出了相关建议。

In recent years, the issuing and discounting volumes of China＇s bills have increased markedly, and the market has developed rapidly. However, the wide and frequent fluctuations of bill volumes and prices also affect the normal functions of bill financing. This paper uses empirical analysis and finds that the growth of discounting balance has reverse trends against the growth of actual loan balance and the growth of M1 balance, which means that discounting volume moves have a negative impact on the control of money supply. The main reason for this is that the bill discounting volume is included in loan assessment indicators, so bill discounting becomes an adjustor of the loan scale. The paper finally provides some suggestions on improving financial institutions＇ bill administration and healthy development of the bill market.