我国短期融资券发展现状及问题研究

Research on Status and Problems of Short-term Financing Bills

本文从发行主体、发行规模及期限、发行利率等方面阐述短期融资券在我国现阶段的发展状况,探析其发展过程中存在的问题,并据以提出针对性的改进建议,以期短期融资券市场能更好地发挥其功能,为更多企业提供便捷的直接融资渠道,促进债券市场良性发展。

Short-term financing bills are securities issued by institutional investors in inter-bank market and agreed to pay back principle as well as interest within a certain period. They made their debut in 1988 and had been delisted due to redemption risk in a few years later, which had been resumed in 2005. Starting with the introduction of the present situation of short-term financing bills about the issuers, issuing scale, period and rates, this paper has analyzed its existing problems and proposed the pointed countermeasures to how to exert its functions of this market with the aim of providing a convenient direct financing channel to more enterprises and promoting the healthy developments of the bond markets.