有序推进规范化融资性票据市场建设的实施路径

Implementation of the Orderly Promotion of Standardized Financing Papers Market Construction

近年来,由于金融市场规范化建设步伐滞后于实体经济需求,处于经济运行循环系统末端的中小企业活力难以发挥。为满足日益旺盛的资金需求,中小企业不得不通过其他方式进行融资。隐性融资性票据市场客观上反映了企业现实的融资困境,同时也亟需规范。本文从规范发展融资性票据市场对于企业、商业银行和宏观调控的现实意义出发,系统提出了未来融资性票据市场的整体框架,为服务实体经济的规范化融资性票据市场建设提供了一个有序推进的实施路径。

In recent years,since the standardization of financial market lags behind the requirement of the real economy in China,the small enterprises at the end of economic circulation system cannot release their potential vitality.To meet the increasing demand for funds,small and medium-sized enterprises have to find other financing channels.The market of latent financing commercial paper,which reflects the enterprises' difficulties in financing,should be standardized immediately.Beginning with the practical meaning of standardizing the financing commercial paper market for enterprises,commercial banks and macro-control,this paper systematically proposes an integrated framework for the market of financing commercial paper in the future,and also provides orderly steps for the construction of this market,which serves the real economy.