商票发展路径寻迹:完善信用体系建设

Research on the Development of Commercial Acceptance Bills

近年来,商业承兑汇票(1)市场发展迅速。相较贷款、债券、银行承兑汇票(2)等资产,商票期限较短、签发便利且更贴合单笔贸易结算需求,可通过将应收账款票据化,解决应收账款拖欠问题,保障中小企业及时收回款项。但当前商票市场存在承兑人信息获取来源有限、企业可能恶意超额承兑等问题,导致商票的兑付风险较高,市场流通性受到影响。推动商票市场发展的当前重点,在于完善信息披露机制,建立商票市场信用体系,优化商票托收机制,并带动商业银行优化自身的商票授信核定体系。

In recent years, the market for commercial acceptance bills has developed rapidly. Due to their shorter maturity period and convenience of issuance, commercial bills are more suited to single trade settlement than loans, bonds, or bank acceptance bills. By turning accounts receivable into bills, problems with accounts receivable in arrears can be mitigated and small-and medium-sized enterprises can enjoy greater financial protection. Enterprises can recover their money in a more timely manner. However, the development of the commercial bills market has been hindered by problems such as limited sources of information for the acceptors of bills and the possibility of malicious over-acceptance by enterprises. This can affect market liquidity and create a higher risk of commercial bill redemption. Efforts to promote the development of the commercial paper market are currently aimed at improving the information disclosure mechanism, establishing a commercial paper market credit system, optimizing the commercial paper collection mechanism, and encouraging commercial banks to optimize their commercial paper credit approval system.