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

The Thoughts on Construction of China Multi-structured Bills Market——SWOT Analysis Based on the Development of Financing Bills

我国以《票据法》的形式确立了真实票据原则,禁止融资性票据的签发流通,促进了票据市场发展初期的稳健运行,但其也制约了票据市场规模扩大和深化发展,增加了票据市场运行成本。当前,我国存在融资性票据发展的市场基础,票据已由支付工具转变为融资和信用工具,短期融资券发展为融资性票据发展提供了市场参照。本文运用SWOT框架分析得出,我国融资性票据发展的多元结构化票据市场存在市场机遇和经济收益,其带来的风险成本可控。本文建议,适时修订完善我国票据法律体系,分步骤稳健推进多元化融资性商业票据发展和完善融资性票据风险防控体系建设。

The negotiable instrument law of our country which establishes the primple of real bill and prohibits the issuance of finacial bills, promotes the development of the bill market, but restricts it from developing deeply and increases operation cost. Recently, financing bill market has been established. The bill is converted form the negotiable instrument to the financing instrument and the development of short-term financing bills has been taken for an example. The paper uses SWOT method to analyze and drew a conclusion that China has some market opportunities and will get economic return to develop financing bills whose risks are under control. The author suggests that China should improve law system of bills, develop the financing bills steadily and build the risk management system of financing bills.