应该重新认识票据与票据市场的功能

Re-recognizing the Function of the Bill and Bill Market

票据的原始功能正在变化,汇兑功能不断萎缩,但支付功能却很顽强;票据的衍生功能不断丰富,流通功能越来越重要,但其基础是信用功能;票据的另一个衍生功能,就是市场融资与投资工具,进而成为中央银行的货币政策工具。我国的票据市场能够通过票据的签发、承兑、贴现、转贴现和再贴现等业务流程,连接银行、非银行金融机构以及企业资金流动。票据融资不仅成为众多企业支付结算和短期资金融通的首选,更加有利于降低实体经济融资成本,促进货币直接注入实体经济,而且能有效调节经济运行结构。

The original function of the bill is changing; the exchange function is shrinking,but the payment function is very strong. The derivative function of the bill is constantly enriched; the circulation function is increasingly important,while its basis is the credit function. The other derivative function of the bill is a tool for the market financing and investment,and then becoming the central bank＇s monetary policy instrument. The bill market in China can connect the bank,non-bank financial institution and enterprise capital flow through business procedures such as issuance,acceptance,discounting,counter-discounting and re-discounting. Bill financing not only becomes the optimal choice for many enterprises＇ payment and settlement as well as short-term financing,more conducive to reducing the cost of real economy financing,and then promoting the currency directly placed into the real economy,but also can effectively adjust the structure of economic operation.