The Study Of The Accommodation Bill

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 accommodation bill. Compared to the transaction paper, accommodation bill is one kind of commercial paper which lacks the underground of real merchandise trade transaction, whose goal is purely to financing. Accommodation bill 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 2005 executive report of monetary policy,...