Research On The Commercial Paper In Our Country

Commercial paper is the note without commodity transaction background, pure with financing for the purpose of commercial bills. The instrument is an important tool of financing in mature market. In developed countries, the major function of commercial paper is financing, commercial paper financing has become an important channel of enterprise financing. In China, the law of negotiable instrument has not admitted the commercial paper. Bill is a circulation medium which played important role in modern market, actually played only a settlement in the role of the bill circulation function. Along with the development of market economy in China, the negotiable, already cannot satisfy the financial life growing demand, pay with credit to the urgent need to be modified and improved.The first part of the thesis introduces the concept and financing instruments, and on this basis discusses the characteristics and function of financing instruments.The second part mainly discusses the financing instruments in China, points out that financing instruments has the practice and development in our country and it has theoretical foundation and the social basis.The third part mainly expounds obstacles of commercial paper in our country. Such as, the non-causative system had not been established; the credibility of the commercial paper has imperfection;And the bearer paper had not been set in our law of negotiable instrument; Lack of instrument of specializing in organizations and intermediary organizations, and lack of bills the financing instruments matching credit system; Lack of mechanism of solving disputes.In the end of the paper, I Make suggestions on our commercial paper by means of decompose our law of negotiable instrument and applicable law.