Research Into The Development Of Financing Paper Market In China

Paper market is one important part of the money market. In recent years, Chinese paper market is being developed quickly, and has been formed regional paper market. But, compared to the economy developed countries, there are still many problems needed to be resolved urgently, such as the variety of paper, the function' s tapping, and the consciousness of investors, relevant laws and the supervision of financial setup. Among these problems, one is argued more sharply, that is whether to open the financing paper business. These problems have affected the development of our paper market seriously. If these problems can not be resolved, the paper market will not go smoothly, and at the same time, the country' s economy will be affected deeply.In China, the Paper Law only permits the existence of papers based on true transaction, which is called transaction paper, not financing paper. Compared to the transaction paper, financing paper is one kind of commercial paper which lacks the underground of real merchandise trade transaction, whose goal is purely to financing. Financing paper is an important financing instrument in a mature commercial paper market. In fact, in the money market of economy developed countries, the main function of paper is financing. In our paper market, the existence of financing paper reflects the objective demand of the market from one side. According to the principle of economics, under the condition of market economy, provided there is demand, there must be corresponding means to meet these demand. When the reasonable financing need cannot be met, the enterprise will be forced to find another way. In the 2003 executive report of monetary policy, our central bank points out clearly and definitely that paper financing has become the important fund resource for the most middle and mini enterprises. Now, the transaction paper cannot fully meet the demand of financing for many enterprises. Under this situation, a lot of financing papers emerge in the paper market under the legal coat of transaction papers through some technology means. This divorcement between market construction and reality demand has hampered the standard development of our paper market at a deep degree. So, it must be much useful to give identification to financing paper from law. It will deeply put forward our financing framework improvement. It is necessary for our financing supervisors to look closely at the current rules and laws. They should analyze the current financing situation in our country, weigh the cost and income of supervision, weigh the efficiency and risk with acircumstances alter cases attitude. We should appropriately open our financing paper market, put forward and norm the innovations of market using the system innovations. With these means, we may breed our commercial paper market and make it yield well in our monetary market, and so, the national economy will be put forward.In this thesis, the author deeply analyses the nature, economic function and risk of financing paper, discloses the internal relationship between financing paper and transaction paper; compares to the development of financing paper market in America and Europe, initially probes into the reasons of the situations that our financing paper market appears at present from four aspects: financing cost, competent between banks, demand of commercial banks improving assets construction and shortage of supervision; analyses the necessity of developing financing paper market in our country from several aspects: extend the types of paper instrument, low the supervision cost, develop and improve the transaction of commercial banks, resolve the financing difficulty of middle and mini enterprises, improve the social credit system, market the interest rate, and perfect the conduction mechanism of monetary policies; at the same time, the author draws the lessons from the foreign countries in which the paper market is very flourishing, and initially probes into the necessary conditions and possible risk to develop a financing paper market; explain that at p...