Abstract:
Commercial credit is the foundation of credit system. Commercial bill is the most representative credit instrument invented on the basis of commercial credit. As credit system evolves, commercial bill has gradually developed such functions as exchange, payment, settlement and fund-raising. Under the conditions of an advanced market economy, the core function of commercial bills eventually evolves into fund-raising. The Chinese commercial bill market looks at the needs of the market-oriented transformation of China's economy. With unique advantages, commercial bill has become an important tool for SME financing. Yet the lagged and insufficient development of the market system should be adjusted with the times. Shanghai Commercial Paper Exchange, as an important institutional innovation, is a driving force of transforming the commercial bill market from a segmented, opaque, paper-based and offline traditional market to a national, secure and efficient electronic market. With the Chinese economy shifting from high-speed growth to high-quality development, it is necessary to further improve the commercial bill market infrastructure and system construction, and to strengthen its functions to serve the real economy, especially the fund-raising function for the SMEs.
汤莹玮. 信用制度变迁下的票据市场功能演进与中小企业融资模式选择[J]. 金融研究, 2018, 455(5): 37-46.
TANG Yingwei. Evolution of Commercial Bill Market Functions and SMEs' Choice of Financing Methods Under a Changing Credit System. Journal of Financial Research, 2018, 455(5): 37-46.
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