Study On The Chinese Legal System Of The Financing Paper

Financing paper originated in the U.S., and the transformation of its function, which was from exchanging to financing, experienced a relatively long process. In the 1920s, with the effect of credit sales and installment sales, commercial paper in the U.S. finally separated from transaction of merchandise and services and became the financing instrument.Although our country don't have financing paper system, but along with the economic and social development, conditions needed have gradually been established. In 2010,"12th five-year plan"demand raising the proportion of direct financing. As a kind of typical direct financing instrument, establishment and perfection of the financing paper system will accelerate the development of"12th five-year plan". So, the research of the financing paper system has significance of social practice.This paper has analyzed the theory of financing paper system, the experience in our monetary market and the relevant system in other countries and regions. And the Analysis method is comprehensive, including theoretical analysis, analysis of history research, comparative analysis and empirical analysis. Except quotes and conclusions, this paper are divided into four chaptersThe first chapter has discussed the definition of financing paper and distinction of related conception, the legal nature and the function. This chapter has provided theoretical basis for the rest of the paper.The second chapter has analyzed the financing paper in China. This chapter has systematically discussed the reason, the specific application and the problems existing. In the third chapter, in order to develop and perfect our financing paper system, based on the problems existing in our monetary market, we need to study the relevant experience from other countries and regions. The research object of this chapter is Taiwan and American commercial paper system and the inspiration for China. This chapter has discussed it from structure of issuers, structure of investors, and structure of underwriters, credit rating system and credit promotional system.The fourth chapter has made a legal proposal, based on the former three chapters. The proposal included modifying the way of supervision and changing the law of negotiable instrument, perfecting certain content of the financing paper system, Perfecting credit rating system and Information disclosure system.