新时期建设我国多元结构化票据市场的思考——基于融资性票据发展的SWOT分析

Thoughts on Building China's Multi-Structured Bill Market in New Era---A SWOT Analysis Based on the Development of Notes Financing

我国《票据法》禁止融资性票据的签发流通,保障了票据市场的稳健发展,但其也制约了票据市场规模化深化发展。当前,我国存在着融资性票据发展的市场基础,票据的融资和信用工具特征日趋明显,短期融资券发展为融资性票据发展提供市场参照。文章运用SWOT框架分析得出,我国融资性票据发展的多元结构化存在着市场机遇和经济收益,其带来的风险成本可控,建议完善我国票据市场制度,分步骤稳健推进多元化融资性商业票据发展。

China's "Law of Negotiable Instruments" prohibits the issuance and circulation of financing notes, which, while guaranteeing the steady development of the bill market, also restricts the breadth and depth of the bill market. At present, China has had the market basis for the development of financing notes, and the bills have shown more and more characteristics of financing and credit instruments. The development of short-term financing bills provides reference for the development of financing bills. The article makes a SWOT analysis, and concludes that there will be market opportunities and economic gains in the multi-structured development of China's financing notes, and the risk costs brought by it will be controllable. It recommends improving the regulation of China's bill market and promoting the steady and healthy development of diversified financing commercial paper step by step.