大企业信用与商业承兑汇票：解决中小企业融资难的现实选择

Large Enterprise Credit and Commercial Acceptance:Realistic Option to Solve SMEs' Financing Difficulty

商业承兑汇票不仅是一种支付工具,而且是企业的一种重要融资工具,其有效发挥作用的前提是企业之间建立起可靠的商业信用链条。本文通过时风集团的样本剖析,发现在我国现阶段商业信用难以被广泛接受的背景下,商业承兑汇票往往需要嫁接银行信用才能更好地发挥作用,而且由于签发主体往往是信用资质优良的大企业,其流转后手持的则是众多的中小企业,因此在宏观政策紧缩背景下,这种债务工具可以为陷入融资困境的诸多中小企业提供一种选择。

Commercial acceptance is not only a payment tool,but also an important financing tool for companies,given the premise that enterprises have already established reliable chain of commercial credit.This paper analyzes the sample of the Shifeng Group and finds that commercial acceptance often need bank credit＇s guarantee,as at the present stage commercial credit is difficult to be widely accepted.Because the main issuers are usually large enterprises with good credit,and the traders are SMEs,such debt instruments can provide realistic option for SMEs that are trapped in financing difficulties in the context of the current tightened macroeconomic policies.