创设票据“存托凭证”——基于交易效率、标准化等考量

Creation of CPDR——Based on Transaction Efficiency and Standardization

本文主要针对电子承兑汇票展开讨论,分析了票据二级市场交易层面存在的不足及影响;其次,讨论了票据在一级市场融资层面——缓解中小企业融资难上面临的困难。在此背景下,提出创设基于票据的衍生产品——票据"存托凭证"(票据DR),并对其概念、创设原则及优势进行了详细论述。

This paper mainly discusses electronic commercial acceptance draft. Firstly, it analyses the shortcomings and impacts of the transaction level in the secondary market of commercial paper. Secondly, it discusses the financing difficulties of SMEs in the primary commercial paper market. Under this background,the paper puts forward the creation of commercial paper-based derivatives,Commercial Paper Depository Receipt(CPDR), and elaborates its concept, creation principles and advantages in detail.