Study On The Present Conditions And Solutions Of China's Bill Market

In the economic history, the bill is the human's another great creation after currency. The bill market is the most ancient financing market, also is the enterprise most convenient financing place. Being the place of financing short-term funds, the bill market is at the foundation position in a country money market, also playing the vital role which other money market cannot be substituted.Our country bill market starts from the beginning of 1980s, in recent years developed swiftly and rapidly, also appeared more and more important in the money market. But in the fast development process, bill market also appeared some matter which should be worth studying and concern. We frequently see from each kind of media about the bill cheating, the phenomenon of "reasonable but is illegal" also cannot prevent. How to develop our bill market becoming one of questions which waits to be solved urgently in our country money market development.This article first reviewed our country bill market development history, determined our country at present to be Real-Bill Theory substance to financing bill (Abstract Act) transition period, pointed out the rationality of this system which collect " Real-Bill Theory " and " Abstract Act " to a body and has the amphibious characteristic; In this foundation, through the comparison between domestic and foreign bill market present situation, we pointed out the development direction: The moderate development of banker's acceptance, vigorously promotes the commercial paper, positively advances the commercial paper securitization as well as develops the bill intermediary institution and so on.Most in the last few years, followed the fast development of bill service, our country bill market has been appearing some new changes: The bill market scale empty increases, the enterprise circulation discount; Financing bill massive existences; The bill market price system is unbalanced as well as the bill cases frequent occurrence and so on. The new change has brought the new question. Facing these new questions, this article has made a thorough analysis, and finally proposed the development mentality which is standard in the development and use this standard press the development. The concrete measure includes: First, establishes the national unification bill market, expands bill market scale. Second, relaxes the bill management scope, impels the bill service multiplication development. Third, establishes bill market intermediary institution. Fourth, relaxes the interest rate control, implements the market-based interest rate gradually. Fifth, strengthens the bill management, guard the bill risk. Regarding the financing bill, this article thought in future period of time, the financing bill will certainly step onto the onstage, and will have the significant influence to the China bill market management pattern and the way of supervising and managing.