Research On Formulating Legal System Of Financing Commercial Bills

With the development of the market economy,the relevant provisions of the Negotiable Instruments Law have lagged behind the demand for enterprise bill financing.As a financial instrument to optimize the investment structure and reduce the investment risk,the financing commercial bill has already existed in practice although its legal status has not been recognized by the Negotiable Instruments Law.Whether the financing commercial bill should be legalized has aroused wide discussion in the academic circles,but there are two limitations in the existing research.First of all,the existing research of financing commercial bill is mostly from the perspective of finance,and it is rarely related to the legal theories of negotiable instrument and the rules and regulations of the Negotiable Instruments Law.Secondly,while the negotiable instruments lawmakers advocate the legalization of the financing commercial bill,they have adopted the "one size fits all" attitude and overlooked the basic characteristics of making the Negotiable Instruments Law,which is based on the authenticity of the notes.Currently,the foundation of constructing the financing commercial bill system has been established.As a result,it has become an objective demand for China's current economic development to clear the obstacles for the financing of commercial bill.From the ideal and actual perspective,this bill makes a study on the theoretical basis and practice of financing commercial bill.Based on China's context and the relative experience of foreign counterparts,this bill puts forward the proposal of constructing legal system of financing commercial bill in our country.Since the 21 st century,the pure financing function of notes has been treated as "innovative business" by banks.The first part discusses the basic theory of the financing commercial bill from the definition of the financing commercial bill,the related conceptual distinction and its unique legal characteristics,affirming its financing function and significance to China's economic development.From the point of view of reality,it affirms that the financing commercial bill has the important role of adjusting the Negotiable Instruments Law's legislative bias,adapting to the financing demand of the bill market,and perfecting the social credit system.And the bill also emphasizes that the openness of financing commercial bill is consistent with the current development trend of the Negotiable Instruments Law.In addition,the principle of non-negotiable instruments and the financing contract theory provides a legislative basis for the opening of the financing of commercial bill.Based on the alternative development of financing commercial bill in China,the bill illustrates the feasibility of issuing financing commercial bill.The bill discusses the characteristics of American commercial bill credit promotion system,the characteristics of UK bill market model and the structure of financing commercial investors in Taiwan and its implications to China.Based on the previous three parts of the study,the fourth part puts forward some suggestions for building the financing of commercial bill system in China.These suggestions mainly include the following: the development of a diversified bill market,providing a legal status for financing commercial bill,speeding up the construction of credit information system,and building up the supervisory system of bill market.