| The establishment of the Shanghai Commercial Paper Exchange Corporation Ltd has promoted the process of paper and electricity integration in the bill market,the electronic commercial bill has become the main force of the bill market and the bill innovation products have emerged.The development of the electronic commercial bill has further promoted the development of the bill market,and the willingness of enterprises to issue bills has been enhanced.In recent years,the national strongly encourage supply chain innovation.Low-cost and endorsable commercial bill has the natural advantages of servicing the supply chain,which can effectively connect the upstream and downstream enterprises and drive the credit transmission of enterprises in the supply chain.The authenticity of the enterprise trade background in the supply chain perfectly corresponds to the use rules of commercial bill,which is conducive to the development of the commercial bill in the supply chain.The purchase and sale between enterprises under “Internet+” are mostly completed through the Internet platform.However,the lack of Internet commercial bill payment instruments is not conducive to the development of supply chain enterprises with the help of bill market.According to Shanghai Commercial Paper Exchange Corporation Ltd's data in 2019,the bills discount / invoicing is 0.6,and a large number of high-qualified bills are deposited in the hands of small and micro enterprises and private enterprises.Due to the lack of Internet payment instruments,these enterprises can only seek financing through discount,which further improves the financing cost of enterprises.How to innovate the commercial bill payment business in supply chain,activate enterprises' deposited bills and reduce the cost of enterprise financing are the things that deserve discussing.The launch of Shanghai Commercial Paper Exchange Corporation Ltd'“Piao Fu Tong” product provides a new idea for the innovative development of commercial bill payment in the supply chain.This paper uses the methods of literature analysis,case analysis,empirical analysis and comparative analysis,selects “Piao Fu Tong” product of ShanghaiCommercial Paper Exchange Corporation Ltd as the research object.Firstly,this paper summarizes the domestic and foreign literature,analyzes the development status of Chinese commercial bill market,and combines the function of commercial bills and the development process of supply chain finance to determine the research ideas of this paper.At the same time,this paper uses VAR model to study the relationship between bill payment and real economy.The results show that the function of bill payment can promote the development of fixed asset investment in real economy.Secondly,this paper analyzes the needs of all participants in “Piao Fu Tong” to explore the necessity of commercial bill payment products in the Internet supply chain.By analyzing the operation mechanism of “Piao Fu Tong”,this paper explores the solution of commercial bill payment on supply chain enterprises,that is,to drive the upstream and downstream enterprises of supply chain to use commercial bills to settle accounts receivable and accounts payable and to billing accounts receivable by the core enterprise,then to realize commercial bill monetization payment through B2 B Platform.As an innovative product of commercial bill payment in supply chain,the innovation of “Piao Fu Tong” is reflected the aspects of application scenario,payment mode and risk prevention and control.Through the comparative analysis of bill innovative products in the supply chain and payment tools,this paper finds that “Piao Fu Tong” products have three advantages,that is low cost,high security and high efficiency and convenience.Thirdly,this paper discusses the problems of “Piao Fu Tong” from aspects of the product,the development environment and Shanghai Commercial Paper Exchange Corporation Ltd.For the problems existing in the “Piao Fu Tong” product,this paper puts forward suggestions of integrating development of payment and financing to creating a diversified ecosystem,accelerating enterprise demand analysis and expand business application.For the problems existing in the development environment of“Piao Fu Tong”,this paper puts forward suggestions of accelerating the innovation of bill products to promote the development of bill business,promoting the developmentof commercial credit and accelerate the construction of credit system,integrating resources,strengthening risk control and using science and technology to develop supply chain.For the problem of Shanghai Commercial Paper Exchange Corporation Ltd,this paper puts forward the suggestion of multi party cooperation to enhance propagate and promoting business from point to area.Finally,on the conclusion of the case analysis of “Piao Fu Tong”,this paper puts forward two suggestions in combination with the development characteristics of Chinese commercial bill market,in order to provide reference for the development of innovative products in the bill market.From the perspective of external environment,with the development of science and technology,the development space of commercial bill business and commercial bill product on Internet is large.Financial institutions should fully analyze the customer demand of Internet platforms.From the perspective of internal development,monetization of commercial bill is one of the development directions of commercial bill market.Due to the lack of market acceptance of commercial bill payment business in the supply chain at present,the upstream and downstream enterprises in supply chain do not have a strong sense of using commercial bills.Commercial bill can realize the integrated development of payment and financing to create a multi-functional commercial bill ecosystem and improve customer acceptance.On the basis of providing comprehensive services,financial institutions should direct customers' awareness to use commercial bills for payment,in order to promote the development of monetization of commercial bill. |
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