探索发展票据直贴市场解决中小企业融资难——现状、机遇与制约

Exploring and Developing Bills Discount Market to Solve the Financing Difficulties of SMEs——Status, Opportunities and Constraints

近年来,票据直贴业务的作用与票据市场的发展越来越受到政府和学界的关注。各市场主体强化相关经营策略推动票据市场发展,中央与地方均提出充分发展和运用票据直贴业务解决民营、中小企业融资难、融资贵问题。2018年下半年以来,票据直贴业务出现反弹并持续增长,市场活跃度增强,但当前票据直贴市场的发展仍然受到诸多制约。本文从发展票据直贴市场的意义着手,梳理票据直贴历史进程,分析票据直贴特征、交易模式、市场环境,辩证分析存在的积极条件和亟待解决的问题,试图通过管理创新、机制创新、产品创新、服务创新、基础设施创新等促进票据直贴发展,以解决部分小微企业融资问题。

In recent years, the role of the bills discount business and the development of the bill market have received increasing attention from the government and academic circles. Each market entity strengthens relevant business strategies to promote the development of the bill market. Both the central and local governments have proposed to fully develop and use the bills discount to solve the problem of private, small and medium-sized enterprises’financing difficulties and high financing costs. Since the second half of 2018, the bills discount business has rebounded and continued to grow, and the market activity has increased. However, the development of the current bills dis? count market is still subject to many constraints. This paper starts with the significance of developing bills discount market, sorts out the bills discount historical process, analyzes the characteristics of bills discount, trading patterns, market environment, dialectical analyzes existing positive conditions and problems to be solved, and tries to promote the bills discount development though management innovation, mechanism innovation, product innovation, service innovation, and infrastructure innovation, which are helpful in solving the financing problems of some small and micro enterprises.