In the early of 1980s, China's bill market came into being. After about 20 years' development, it became a sizeable money market that has certain function to the economic development. In the beginning, the thesis recalls the history of the bill market in China, and general evaluates the status of market. Basing on that, the thesis expounds various risks in bill market, among them financing risk is the core risk. Thesis further divides it into credit risk, liquidity risk and interest rate risk, theoretical analysis and empirical study are made. In the following, thesis discusses the control of bill financing risk from the angle of market innovation. On one hand, bill market should strengthen risk prevention by institutional innovation and bank' s product innovation; on the other hand, the supervisor should survey risk dialectically, make supervise innovation, unloosen the restriction of financing bill moderately, so as to improve finance efficiency at the cost of some risk increase.
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