Jiangxi University of Finance and Economics Jiuyin Bills Research Institute
Foreword: "Tao Li Chunfeng a glass of wine, rivers and lakes night rain ten years lamp", the development of the bill market ebb and flow, a wave has not subsided, a wave of invasion, the change is big, fast, new, all participate The sighs, feelings, and emotions have evolved into the "most familiar strangers." As the saying goes, "Years are similar, and the ages are different." This article is to sort out the ideas in many clues, based on the new changes in the current bill market, analyze the new trends in the future, point out new reflections on the response, and dream For Malaysia, it aims to provide more feasible suggestions and ideas for the development of the bill market.
First, the bill market is facing new changes
Since the resumption of commercial bills business in the early 1980s, the bill market has continued to develop into an important part of the money market and even the financial market. Especially since the new century, the bill market has developed rapidly and its scale has been expanding. In 2015, China’s bill acceptance balance and The amount of acceptances was 10.4 trillion yuan and 22.4 trillion yuan respectively, which was 20.4 times and 17.5 times higher than that of 2001 respectively; the discounted balance and transaction volume of bills reached 4.6 trillion yuan and 102.1 trillion yuan respectively, which were respectively higher than those in 2001. 13.5 times and 55.8 times, which is equivalent to 19% of the overall transaction size of the money market (interbank borrowing + bond repurchase + discounted bills). However, with the changes in the domestic and international economic and financial environment, the adjustment of macroeconomic policies, the increasingly strict supervision, and the breakthrough of bill products, the bill market has also shown new changes.
(1) The rational return of the bill market, the trading activity declined for the first time
With the central “de-leverage, suppression of bubbles, prevention of systemic risksâ€, the bill market began to return rationally. In 2016, the company issued a total of 18.1 trillion yuan of commercial bills, down 19.2% year-on-year; the unexpired amount of commercial bills was 9.5 trillion yuan, a year-on-year decrease of 13.5%. The acceptance link has fallen sharply for the first time since the new century, indicating that the effective capital needs of the real economy are insufficient. The economic growth rate is still in the bottom stage. In the same period, financial institutions accumulatively discounted 84.5 trillion yuan, down 17.2% year-on-year, and the negative transaction volume of bills for the first time showed that financial institutions' willingness to trade declined significantly. At the end of 2016, the discounted balance was 5.5 trillion yuan, a year-on-year increase of 19.6%, accounting for 5.15% of all loans, up 0.2 percentage points year-on-year. In 2015, the discounted deposit growth rate was as high as 58.6%, accounting for 1.3 percentage points of all loans. It shows that the growth rate of discounted balance in 2016 has significantly slowed down. At the same time, there have been some new situations in the market. On the one hand, affected by the policy of reform and increase, the tax is paid in one lump sum, which affects the direct enthusiasm of banks; on the other hand, in order to save financial costs, enterprises pay through market invoicing. Billing and investment, the “disintermediation†of bills gradually emerged; affected by this, many intermediaries who participated in the direct and reposting of bills began to change, and the participation in inter-enterprise bill transfers increased.
(2) The risk of bills is frequent and the operating environment has deteriorated.
In 2016, the risk situation faced by the bill market was even more severe. The economic growth slowed down, causing enterprises to default to the bank. The bill intermediaries misappropriated funds and passed on to the banks. The failure of bill practitioners to induce moral hazard caused the bill operators to be unpredictable due to profit pressure. Business, etc., the risks faced by the bill business in the whole year are frequent and sudden, and the correlation, contagious and conversion characteristics of risks are more obvious. First, the number of cases is frequent and the amount is huge. At the beginning of the year, the Agricultural Bank issued a message saying that “there was a major risk event in the purchase and resale of bills, involving a risk amount of 3.915 billion yuan.†CITIC Bank and Tianjin Bank also broke out the risk business of the bill business, involving a risk amount of 9.69 respectively. With billions of yuan and 786 million yuan, and other bills that subsequently broke out, the author expects that the risk of bills may exceed 10 billion yuan. Second, credit risk and default risk have risen. The economy is still in the process of de-capacity, destocking, and de-leveraging. Incidents such as corporate capital chain breaks, debt defaults, and debt evasion have occurred from time to time. Bills overdue rate and acceptance advance rate have increased significantly. Commercial acceptance bills are not paid at maturity. The news of Suo is endless, and the overall credit environment is grim. Third, operational risk, moral hazard, and compliance risk are more prominent. False tickets, clone tickets, fake seals and other bill fraud cases have occurred from time to time. Ticket hackers are pervasive, colluding with bank business personnel inside and outside, and jointly defrauding bank funds. Fraudulent acts have penetrated into various operational links in the bill handling process. Some bills hackers use bank accounts, counterfeit bank staff, cloned endorsements, etc. to participate in the bill transaction chain. Frequent sales of one ticket, misappropriation of funds, etc., will occur when there is a loss of funds, and the risk of fraud is significant. Upgrade. Various banks have carried out self-examination, and the regulatory authorities have stepped up their supervision and compliance risks have become more prominent.
(3) The characteristics of the capitalization of the bill market are significant, and the interest rate is low with the capital.
In 2016, the characteristics of the capitalization of the bill market were significant, and the overall interest rate trend of the bill showed a steady downward trend but fluctuated greatly at the end of the year. Monetary policy has remained stable and lenient in general. It has changed the stimulus mode of “reducing floods and floods†in the previous period, but still injected about 2 trillion yuan of liquidity into the market through the “MLF+reverse repurchase†open market operation mode. Maintaining market capital is relatively loose. The interest rate of the bill has been lower since the peak of the Spring Festival in the beginning of the year. In the past years, the phenomenon of significant fluctuations in credit at the end of the season and the end of the month is not obvious. The trend of the capitalization of bills is becoming more and more obvious. These are the shortage of market funds due to the provision for the Spring Festival, and the “money shortage 2.0†in the year-end bond market. Both are also financial factors. Before the Spring Festival of 2017, the central bank invested 2.27 trillion yuan through reverse repurchase and MLF tools. The pre-holiday funds were generally stable and loose, and the interest rate of the bills fell rapidly. Then the central bank raised the MLF, SLF and reverse repurchase bid rates twice. And through the open market to maintain a tight balance of funds, the interest rate of the bill remains high and there is an upward trend. With the promotion of the banking industry's de-leveraging, asset-reducing scale and MPA assessment, the interest rate of bills has increased at the end of the quarter.
(4) The electronic trend of bills is obvious, and the stock exchange is officially listed.
In 2016, with the frequent occurrence of risk events, the awareness of bill risks continued to increase, and the pace of electronic bills accelerated significantly. On the one hand, the electronic commercial bill of exchange system business grew rapidly in 2016. The total number of electricity tickets accepted was 8.58 trillion yuan, an increase of 48.3% year-on-year. The accumulated discount (including discounted discount) was 54.9 trillion yuan, a substantial increase of 1.1 times compared with the same period last year. The proportion of the overall acceptance and discounting business of the bill has reached 65%. According to the Notice of the People's Bank of China on Standardizing and Promoting the Development of Electronic Commercial Bills Business (Bank of China)
No. 224) requires that from January 1, 2017, from January 1, 2017, commercial drafts with a single ticket amount of more than 3 million must be processed through the electricity ticket system; from January 1, 2018 In principle, commercial drafts with a single ticket amount of more than 1 million must be processed by electricity ticket. Electronic bills will become an absolute variety of transactions in the bill market. On the other hand, the nationwide Shanghai Notes Exchange, which was established by the People's Bank of China on December 8, was officially established. This is the largest and most important landmark event in the history of China's bill development, marking the entry of the bill business into a comprehensive electronic The new era of diversification and participation in the diversification of transactions and the centralization of transactions will have far-reaching implications and implications for the development of the Chinese bill market, the money market and the entire financial market. On March 27, 2017, the central bank issued the "Notice of the People's Bank of China on Implementing the Transfer of Electronic Commerce Bill of Exchange System Transfer" (Silver Hair)
No. 73), clearly pointed out that the ticket office will receive the electronic commercial bill of exchange system in October this year, which will also mark the completion of the national unified bill market. At the same time, regional and local trading platforms such as the Beijing-Tianjin-Hebei Collaborative Notes Trading Center, the Wuhan Notes Exchange Center, and the Qianhai Ticketing Platform have been established, adding to the electronicization of paper tickets and the standardization of bills.
(5) The innovation of bills is more dynamic, and innovative products are constantly emerging.
Faced with the fact that the traditional bill business model has been narrowing its business spreads, frequent risk events and strict supervision, various operating organizations have actively explored the innovation of bill business and achieved stage results. First, the bill business and the "Internet +" gradually merge. From the original baby internet-based wealth management products represented by “Yuebao†in 2013, Internet bill financing products have become the new favorite of Internet finance; to the blockchain-based digital bill transactions promoted by the People’s Bank in February 2017 Successful platform testing means that Internet bills are entering a new era. On March 15, 2017, the opening ceremony of the National Chain Operation and Management Center of the blockchain chain and the launching ceremony of the first blockchain chain business in the country was held in Zhangzhou Bank, marking the block application of the blockchain bills into practical application and accelerating market efficiency. . Second, the bill product system is increasingly rich. In recent years, the bill market has entered a stage of rapid development, and the bill product system has been greatly enriched. On the basis of traditional businesses such as acceptance, discounting, and discounting, bill pool, bill asset management, bill custody, bill asset comprehensive services, and bills Products such as interbank investment have appeared in the bill market. On March 29, 2016, the nation's first asset securitization product issued based on the proceeds of the bill--Huatai Asset Management-Jiangsu Bank's "Fuyuan No. 1 Special Asset Support Plan" was successfully issued, marking the "securitisation" of China's bill business. The door of (ABS) is officially opened. In addition, products such as bill asset management are constantly maturing and innovating, and future bill derivatives are also expected to be launched. Third, the participants in the bill market have become more diversified. In recent years, not only the emerging forces of the rural credit cooperatives, foreign banks and other bill markets have developed rapidly, but their market share has been significantly improved. Some non-bank financial institutions such as trust companies, asset management companies, securities companies and fund companies are also actively seeking to enter the bill market. The way. The Central Bank Circular No. 224 pointed out that other financial institutions other than banking financial institutions and financial companies that are the mainstay of the inter-bank bond market transactions can use the banking financial institutions to join the electricity ticket system to carry out the electricity transfer to the discount (including buyout). And repurchase), prompt payment and other prescribed services. On November 2, 2016, the General Office of the People's Bank of China issued the Notice on Preparing for the Access to the Bill Trading Platform (Banking Office)
No. 224), the participants of the ticket exchange are clearly defined. The bill trading platform implements the member management system for the participants in the bill market. The financial institution legal person can apply for membership, the system participants are members, the head office of the banking financial institution and its branches, Non-bank financial institutions and unincorporated investment products can join the system of ticket exchanges as system participants. Different types of market participants inject fresh blood such as their own management resources and innovative ideas into the bill market, and the cross-combination of various cross-market products is also Increasingly, the innovation of bills has become deeper and more diverse.
(6) Frequent regulatory policies and the return of the bill business
December 31, 2015, Notice of the China Banking Regulatory Commission on the Risk Warning of the Bills Business of the China Banking Regulatory Commission
No. 203), mainly listed the seven major violations, and pointed out two prohibitions, including the non-transaction of the bill business without real trade background, and the institutions and employees are not allowed to participate in various types of bill intermediary and fund hacking activities. The seal waited for the bill business in a different place. On April 27, 2016, the People's Bank of China and the China Banking Regulatory Commission jointly issued the Notice on Strengthening the Supervision of the Bill Business to Promote the Healthy Development of the Bill Market (referred to as Circular 126), requiring strict trade background authenticity review and strict regulation of interbank account management. Effectively prevent and control the risk of the bill business and promote the healthy and orderly development of the bill market. On September 7, 2016, the People's Bank of China issued the Notice on Regulating and Promoting the Development of Electronic Commercial Bills Business (Silver Hair)
No. 224), it is required to promote electronic commercial bills and expand the main body of transactions. On November 2, 2016, the General Office of the People's Bank of China issued the Notice on Preparing for the Access to the Bill Trading Platform (Banking Office)
No. 224), the staging contents and test arrangements of the ticket exchange were clarified. On December 8, 2016, the People's Bank of China Announcement No. 29, “Measures for the Management of Bills Trading†was released to the public, and the rules for the trading of bills were clearly defined to promote the healthy development of the bill market. On March 27, 2017, the central bank issued the No. 73 document "Notice of the People's Bank of China on Implementing the Transfer of Electronic Commerce Bill of Exchange System", confirming that the ticket office will officially accept the ECDS system in October this year, and the same day the ticket exchange will be issued. No. 17 and No. 18, clarify three business rules: ticket exchange, check operation, and registration custody. Since April 7, 2017, the China Banking Regulatory Commission issued seven documents in a row. The number of documents and the details of the points can be described as rare in history. The main content can be summarized as de-leveraging, anti-risk, and return to the origin of the real economy.
Second, the new trend of the development of the bill market
(1) The total supply of bills is generally good, and warmer after a smooth transition
First, from the perspective of the supply side, the positive correlation between the supply of bills and the development of GDP is relatively high. After the economic dip and rational development in 2016, the economic environment in 2017 has improved. GDP increased by 6.9% year-on-year and 1.3% quarter-on-quarter, of which industrial growth rate accelerated significantly, and the service industry continued to improve. Especially in the manufacturing and wholesale and retail industries with relatively high bill acceptance, there was a high boom. The continuous regulation of real estate and mortgage policies has created conditions for more money to flow to the real economy, and also provided a good foundation for the smooth transition of bill acceptance business. It is expected that the overall bill acceptance in the second half of the year may stabilize or decrease year-on-year. There will be a certain probability of rebound next year, and the overall acceptance at the end of the year will be basically the same as or slightly lower than 2016. Second, from the demand side, commercial banks have a habit of “crediting loans†at the beginning of the year. The stock of social financing at the end of the first quarter of 2017 has reached 162.82 trillion yuan, a year-on-year increase of 12.5%. The progress and quantity of credit supply are relatively good. Especially in the interest rate up cycle, most companies will release credit demand in advance to lock in costs. However, with the slowdown of loan progress and the digestion of non-performing loans by commercial banks, the phenomenon of supporting the scale of loans through the risk of lower bill balances will rebound, and the amount of bill acceptance and discount will be further improved.
(2) The interest rate of the bill is reduced, and the band period will be lengthened.
The interest rate of the bill is mainly affected by factors such as market capital, business operations and credit scale. First, the monetary policy has completed the quantitative easing cycle and entered the stage of prudent monetary policy. In the first quarter of 2017, the broad money growth was 10.6%, which has been declining year-on-year. Considering the goal of “basic stability of the RMB exchange rate at a reasonable and balanced levelâ€, short-term The possibility of lowering the rate of interest rate reduction is not large, and the follow-up capital fabrics will be stable or even tight. Second, the liquidity of the central bank through open market operations will change. The mode of money delivery will be converted from long-term funds to short-term funds, and market instability will increase. The reduction of bank funding sources and the competition of financial products have led to rising bank debt costs. At the same time, considering the future re-posting may be incorporated into the unified management of the stock exchange, the accuracy and power of fund delivery will be greatly enhanced, and the open market will present a targeted situation, and the probability of large-scale launch will be minimal. Third, from the perspective of credit attributes, with the increasing supervision of the industry, there is no other way out of the asset management and holding methods. Bill assets have to face the problem of holding costs and occupying space with credit assets. It is expected that the interest rate of the market will fluctuate within a small range after being pulled up to a certain height, and the time cost of the band operation opportunity will become larger. At the critical time points such as the end of the season, the impact of regulatory assessments such as corporate tax payment, foreign exchange purchase, MPA and LCR will be further reflected. The overall trend of subsequent leverage and mismatch ratio will be considered, and the market will fluctuate in the second half of the year. It is expected to be more stable than in previous years, and the market price will show a slight fluctuation and steadily rising.
(3) The risk point of the bill is obviously transformed, and the risk management is more difficult.
First, credit risk has an extended trend. Although the economic situation in 2017 has improved, corporate credit risk has been released to a certain extent, but the adjustment of economic structure is still difficult. It is unlikely that the industrial structure will be greatly improved in the short term, leading to society. The overall corporate credit environment has not changed significantly. From the perspective of financial institutions, financial de-leverage requirements have led to more and more small and medium-sized financial institutions facing liquidity crisis. In addition, commercial banks have been behind the progress of the central bank in the process of shrinking the table, and it is likely that the central bank will take the initiative to shrink the table and force commercial banks. The unfavorable situation of passive contraction has made the inter-bank business gradually become the biggest “victimâ€. Especially the small and medium-sized banks and city commercial banks are relatively large in the same industry and face greater risks and challenges. Second, the difficulty of market risk management has increased. Affected by factors such as the marketization of interest rates, the squeeze of the capital market, and the change in the path of money supply, the capital cost of the bill business continued to rise. In addition, in addition to the adjustment of credit scale and capital supply factors, the impact of economic capital constraints, liquidity management, and cross-market volatility transmission will increase, the frequency and extent of interest rate fluctuations of bills will increase, market risk factors will be superimposed, bank institutions mismatch and leverage. The strength is difficult to reduce in the short term, and interest rate risk should be highly valued. Third, the operational risk transfer cannot be ignored. As the electricity ticket gradually occupies the dominant position in the market, and the electronic exchange of paper tickets at the ticket exchange is further advanced, the operational risk will be fully controllable, but IT system vulnerabilities and information security will become The focus of future attention, especially on the moral hazard of subjective fraud using system bugs, will be vigilant. In addition, the relaxation of the market access restrictions, the strengthening of financial market supervision and the promotion of Internet financial supervision will make the judgment of the counterparty's access more and more complicated, and the awareness of risk prevention will be further strengthened. Fourth, the risk of compliance has been slowed down. In 2016, there were frequent risk events and frequent regulatory policies. The bill market experienced a trend of internal and external concentration, repetitive and in-depth inspection. With the successive introduction and landing of regulatory policies, the bill business gradually returned to the source, and compliance risk contradictions Will be eased.
(4) The expansion of the participation in the bill market, the pattern has differentiated
First, the ticket office's responsibility identification and credit control for the direct placement will enable the mainstream direct sellers in the market to be transformed by small and micro financial institutions, especially the mediators who acted as the mainstays to the national stocks and the big city commercial banks. The business model of micro-institutions directly transitioning to joint-stock banks and then taking funds from wrong funds will be greatly reduced. The primary market model of branches of state-owned banks will be widely recognized and promoted. Second, the positioning of the bill market will change. The traditional way of bridge crossing, such as eliminating scale and occupying credit, will change. The selling and repurchasing bridges between mainstream banks will gradually be converted into capital. With the management of bridges and information bridges, the cooperation between banks and non-bank institutions will become more and more appropriate. Third, the stock exchange implements a membership management system for participants in the bill market, and financial institution legal persons can apply to become members. System participants, members of the banking financial institutions and their authorized branches, non-bank financial institutions headquarters and unincorporated investment products can be used as system participants to join the trading platform of the trading platform, securities, securities, insurance and trust. The organization will also gradually strengthen cooperation with banks in the asset management business of bills, and become the main body of investment in the bill market, which will lead to major changes in the overall participation level of the bill market. The traditional investors will become more and more complicated. State-owned banks and shareholding systems will become more and more complicated. Banks face more challenges from non-bank institutions' own funds. Fourth, local, industry, mixed, and private paper trading platforms have emerged one after another, changing the pattern of the bill trading market, and different trading entities will be re-integrated and adjusted to further promote the orderly development of the bill market.
(5) All kinds of ticket exchanges ushered in development opportunities, and the application of financial technology
First, the development of the bill exchange is infinite. Although the bill exchange has been on the line for several days, due to the short time and heavy tasks, the market reaction is strong, but the access to members and transaction volume has always been stagnant. With the functions of electric integration, electricity ticket trading, membership system and direct connection to the ticket office system, the ticket office will bring unlimited space for the development of the bill market, and will realize cross-industry and cross-border integration on the basis of further enriching the business entity. The intensity of innovation has gradually become the core trading place for the development of China's bill market, providing an important infrastructure for the prosperity of the money market and even the development of financial markets. Second, with the launch of a new round of urban agglomeration and regional integration development strategy, the regional exchanges will usher in a new round of transformation opportunities. For example, the Beijing-Tianjin-Hebei Collaborative Notes Trading Center will accompany the strategy of Xiong’an New District. The new plan faces new opportunities and services. Others are promoting the construction of such industries as Zhuhai, Hong Kong and Macao, the integration of the Yangtze River Delta, the Chengdu-Chongqing urban agglomeration and the Ha-chang urban agglomeration. Bills are important financial products that can directly serve the real economy. The development of the national-level strategy will usher in new life, face new challenges, discover new opportunities, and the corresponding regional bill exchanges can be continuously optimized and improved as a financial infrastructure. Third, the new financial technology represented by blockchain technology will be more widely used in the bill field. For example, the central bank's open digital bills will be tested and applied in a small range in 2017. The P2P platform based on blockchain construction, The release of Coin and other models with a single ticket as a directional anchor will make a breakthrough in the technical field. The original new technology financial products represented by the ticket chain will be further verified in the market expansion, and serve small and micro enterprises. Helping financial institutions play a unique role in finding votes. The application of AI, VR, Internet of Things and other technologies in a single business scenario or business process of a bill is expected to achieve a qualitative breakthrough.
(6) The bill market system has been further improved, and the bill process has become more integrated.
First, the bill market system can be divided into bill acceptance market, bill discount market, bill re-distribution market, bill rediscount market, bill innovation market, bill brokerage market, bill rating market, and eight sub-markets of the bill trading market, which are mutually connected and relatively Independent, bill rating and acceptance market are the basic market, bill intermediary and bill innovation market is a new type of market, bill discounting, discounting (repurchase) and rediscounting market is the circulation market, bill trading market is infrastructure, along with bill infrastructure With continuous improvement, the pace of the construction of the bill market system will be further accelerated, and even a staged leap-forward development will occur. The second is to gradually introduce a bill rating mechanism, establish a unified credit rating, credit evaluation, credit enhancement insurance system, implement a credit evaluation system, establish a unified, standardized and authoritative credit evaluation agency, and improve the rating evaluation index system suitable for the bill business. The credit periodic evaluation system, the implementation of the bill guarantee payment mechanism and the insurance system, and gradually promote the construction of social credit ecological environment. Third, the bill brokerage business ushered in the development opportunity, will gradually standardize the behavior of China's bill brokerage, establish a mechanism for the entry and exit of bill brokers, clarify the entry and exit criteria for bill brokers, standardize the accounting and taxation system for bill brokers, and match the corresponding The bill broker supervision system, etc. The fourth is to gradually realize the integration of the whole process of the bill, and help the enterprise to reduce the comprehensive financing cost, such as transferring or apportioning the discounted financing cost through the bank credit line discount or discount, the buyer interest payment discount, and the agreement interest discount. It can also earn acceptance fees, discount interest income, discounted selling price difference, bill investment income, and acceptance of acceptance deposits through the integration operation of acceptance, discounting, discounting and investment, etc., to improve the comprehensive return level of the bill business.
Third, the new thinking of the future of the bill market
(1) Increase investment in infrastructure construction in the near future
First, all participating members should, in accordance with the relevant business rules of the Stock Exchange, revise and improve the internal bill business system regulations and organizational structure as soon as possible, and do a good job in the docking of organizations and systems; study the key points and methods of risk management and control in the era of ticket exchanges, and complete risk management and control. Docking; renovating the internal bill business system, improving related functions such as bill custody and bill transactions, and integrating into the platform of the ticket exchange to realize the docking of business systems. In particular, non-bank institutions are less familiar with the bill market than commercial banks. They need to be familiar with the basic laws, regulations and business rules of the bill market as soon as possible, increase the connection with the ticket exchange, and communicate with commercial banks. Second, the ticket office should take the initiative to do a good job in the implementation of various business rules and systems, promote the entry of relevant business products under the electricity ticket as soon as possible, establish and improve the statistical system and analysis and evaluation system for full-scale bills, and accelerate the entry of various members into the market. Work, and follow-up optimization follow-up work. Third, all participating entities should, in accordance with the unified deployment of the central bank, take care of the overall situation, actively promote and participate in the relevant work of the stock exchange, and jointly develop a standardized and orderly bill market.
2. Do a good job in the acceptance of bills. First, all commercial banks need to increase the propaganda of the company's bill acceptance business, especially the electronic commercial bills acceptance business, which is highly liquid and difficult to forge, and guide the entity to use commercial bills for daily settlement and financing, and improve liquidity billing. The proportion of electronic commercial acceptance bills in commercial bills, reducing corporate financing costs, accelerating corporate capital turnover, improving the effectiveness of the bill market to serve the real economy, and further expanding the bill market from the source, for the continuation of the bill trading market Prosperity and development create conditions. Second, commercial banks can use the bill product chain as a breakthrough to vigorously promote comprehensive financial business products such as supply chain bill financing, industry chain bill financing, bill pool, and embedding bill business (including bill acceptance and bill discounting business) into the supply chain. In the research of industry chain and bill pool, we will further innovate the model and financing tools of corporate financing services, and comprehensively promote the implementation of bill acceptance business through integrated financial service programs.
3. Do a good job in the promotion of bill discounting business. After the establishment of the ticket exchange, the rules for the trading of bills will be further standardized and transparent, and the secondary market transactions of the bills will show a centralized business trend. First, commercial banks need to adjust the original bill management organization structure and functions. The secondary market trading functions should be undertaken by branches with large scales of bills or bill financing. Most branches should focus on the expansion of the bill discount market. Second, commercial banks need to continuously adjust the business strategy of the bill business, strengthen research on business operations, increase resources in the field of bill discounting, further reduce corporate financing costs, and expand and strengthen the bill trading market.
4. Do a good job in the promotion of small and medium-sized enterprises. First, considering that SMEs are one of the main players in creating social wealth in China, they are the main force in solving the employment problem of the people. At present, the proportion of SMEs in the total number of enterprises in the country is over 99%. The development of SMEs is directly related to China's economy. Innovative and sustainable development capabilities should accelerate the frequency and proportion of SMEs using electricity tickets. Second, commercial banks need to strengthen analysis and research on macroeconomics, industry and markets, and innovate the way of guaranteeing bills, and provide settlements for SMEs through the use of electronic commercial bills or other bill-based financial schemes (such as supply chains, bill pools, etc.). Financing arrangements, reduce the risk of ticketing for SMEs, and improve the efficiency of bill financing, so as to further alleviate the problems of “financing difficulties†and “funding†for SMEs.
5. Do a good job in the trading of the ticket exchange platform. First, in view of the fact that the ticket exchange has changed the traditional way of trading bills, the secondary market transactions of paper bills are no longer transmitted in kind, highlighting the bill acceptor, the discounter, and the creditor’s obligation to guarantee the credit, and the original bill management of the commercial bank. The thinking has changed a lot, and it needs to gradually adapt to the trading environment of the ticket exchange. For non-bank institutions, the ticket exchange has creatively introduced illegal products, which provides a good opportunity for non-bank institutions to integrate into the bill market. Second, with the increasing number of members of the ticket exchange, the scale of bill transactions will gradually enlarge. The traditional and innovative bill business products that have not yet been launched will be gradually introduced. Commercial banks and non-bank institutions should be familiar with them as soon as possible. Adapt to the new platform and new environment of bill transactions, create conditions to increase the frequency of transactions at the exchange, accumulate trading experience, explore new ideas for bill trading, and create conditions for market-leading opportunities for full online trading of commercial bills.
(II) Further recognizing the development model of bills in the medium term
1. Study the development model and target of the ticket market. After the establishment of the ticket exchange, the trading mode will be changed from over-the-counter trading to on-floor trading. The investment-trading business will gradually replace the previous regulatory arbitrage business. The bill market will enter a new intensive, standardized, electronic and paperless trading. stage. The business model of participating in the main bill business of various types of markets will inevitably change. It is necessary for the banking financial institutions to sort out the duties of the general branch bill business, and establish a special department for bill transactions in the head office. The secondary market transactions of the bills are concentrated in the head office and some of the bills are larger. Branches, the remaining branches should be transformed into a bill acceptance and discount market; non-bank financial institutions should be familiar with and integrated into the bill market as soon as possible, study the rules of the bill market operation, and further improve the pattern of participants in the bill market.
2. Correct understanding of the relationship between the development of the real economy and the bill market
(1) The development of the real economy is inseparable from financial support, and the bill is an ideal financing product.
The bill has both the characteristics of payment and financing. The development of the bill market and the real economy is closely promoted. In 2016, the proportion of bill acceptance and GDP was 24%, and the proportion of discounted bill purchases to GDP was 113.6%. Explain that in addition to loans, banks provide financial support for the real economy through bank acceptance bills and discounts.
The role of accelerating the construction of the bill market for the real economy is mainly reflected in the following aspects:
First, it is conducive to reducing corporate financing costs.
Second, it is conducive to reducing the risk of corporate ticketing
Third, it is conducive to further active bill market.
Fourth, it is conducive to the implementation of the national strategic approach.
(2) The promotion of the bill business is conducive to the transformation and development of commercial bank bill services.
The traditional business model of commercial banks has become more and more difficult. Innovating new tools through the bill product chain is one of the best ways for enterprises to benefit from banks. Industrial chain bill financing means that banks and enterprises are based on the core enterprises of the industrial chain, designing individualized and standardized bill financial products for all links of the industrial chain, and providing bill financing services for enterprises in the whole industry chain; supply chain bill financing is It refers to banks and enterprises linking core enterprises and their upstream and downstream enterprises to provide flexible and convenient bill financing services; commercial banks should regard industrial chain and supply chain bill financing as the main means of service enterprises, based on each industry chain and supply chain. Different characteristics of different bill financing service products, to promote the healthy development of the real economy in the form of industry chain and supply chain.
3. Research on the development of bill brokers. The bill brokerage market is an important part of the bill market system. It is recommended to further study and clarify the regulatory department of the bill broker, determine its entry and exit mechanisms, business scope, and related responsibilities and obligations to achieve the survival of the fittest in the bill brokerage market. It is recommended to study the joint development of the ticket exchange platform, industry, local, mixed industry, and private paper exchanges, work together, and integrate into the road of the bill trading system. It is recommended to try to develop brokerage services such as forensic, consulting, matching, and quotation, and encourage and cultivate some bill brokers with large volume of brokers, standardized business development, sound risk prevention and control mechanisms, and high market recognition to further develop and expand the bill market. Standardized and professional development.
4. Study the development of the ticket rating market. The establishment of the ticket exchange provides a broad space for development of the credit market, credit rating, brokerage agency, investment advisor and other business models of the bill market. For the development of credit rating and credit-grade market for commercial bills, it is necessary to establish a national bill market rating agency to conduct multi-level, systematic and dynamic credit evaluation and analysis of credit subjectes such as bill acceptors and discount entities, which may be selected or formed. A special rating agency specializing in the bill market will enhance the participation of all participating participants in the bill market and provide an authoritative and scientific investment basis for investment in the bill market.
5. Study the value assessment of the bill market. The ticket office laid the foundation for the formation of a national unified bill market, and also provided the possibility to study the valuation of bills. First, after the establishment of the stock exchange, the transaction link was greatly reduced, and various factors were fully reflected in the price, which was conducive to the formation of a fair and reasonable bill interest rate benchmark, and the corresponding market price index and yield curve could be generated based on the benchmark interest rate.二是进一æ¥åŠ 大对票æ®åŸºå‡†åˆ©çŽ‡åŠæ”¶ç›ŠçŽ‡æ›²çº¿çš„ç ”ç©¶.三是推动商业银行改å˜åŽŸæœ‰çš„票æ®èµ„äº§æ ¸ç®—æ–¹å¼ï¼Œåˆç†è®¡é‡æ‰€æŒæœ‰ç¥¨æ®çš„å…¬å…价值，将进一æ¥æŽ¨åŠ¨ç¥¨æ®å¸‚场规范化å‘展，扩大实体ä¼ä¸šèžèµ„æ¸ é“，有效促进信贷资金的优化é…置。四是积æžç ”究和完善,å‘布ä¸å›½ç¥¨æ®å‘展指数.
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