The Application Of Commercial Acceptance Bills In The Construction Industry Under The New Development Pattern

On October 29,2020,the Fifth Plenary Session of the 19 th CPC Central Committee concluded successfully.The plenary session accurately observed China’s national conditions,deeply grasped the general development trend,and put forward "building a new development pattern with the domestic cycle as the main body and the domestic and international dual cycles mutually promoting each other".The new development pattern is an important guideline for my country’s economic and social development during the "14th Five-Year Plan" period,a systemic and deep-level change that concerns the overall situation,and the fundamental principle for deepening financial reform and opening up in the future.The construction of a new development pattern is rich in connotations,including realizing the smooth circulation of economic circulation and industrial linkages,enhancing the innovation and relevance of the supply system,solving various bottleneck problems of “stuck necks”,smoothing the national economic cycle,and achieving a dynamic balance between supply and demand.To achieve this goal,we must grasp the main contradiction,focus on breaking through the blocking points,and connect all links of production,distribution,circulation and consumption.The bill market connects the real economy and the financial market,involves all aspects of economic operation,and can effectively promote the smooth flow of the national economy.As a traditional financial tool closely related to real trade scenarios,bills naturally meet the needs of supply chain and industrial chain enterprises.There is a lot to do in the layout process.By combing the relevant literature on bills,it can be found that although the research perspectives and conclusions are different,they basically believe that the bill market plays an important role in the development of enterprises.In recent years,the bill business of enterprises in the market has developed rapidly.In addition to revitalizing their own bill stock and providing financial support for members of the group,it can further alleviate the financing problems of upstream and downstream enterprises in the industry chain,increase market vitality,and improve the business credit environment.Based on this,this thesis starts from the overall development status of the bill market,finds out the typical enterprise that uses electricity bills from the construction industry-China Railway Construction Corporation,and studies the application mode of commercial acceptance bills under the new development pattern from the macro,meso and micro levels,trying to provide a reference for my country to vigorously develop commercial papers,solve the financing problems of small and medium-sized enterprises,and improve the operating efficiency of enterprises.Based on the industry panel data from 2016 to 2020,first,this thesis expounds the development status,advantages and problems of the bill market under the new development pattern.At the same time,it analyzes the theoretical mechanism of commercial credit to promote the new development pattern.Secondly,by comprehensively using factor analysis method,panel data model and other methods,it conducts an in-depth study on the benefits of using commercial papers in the construction industry.Then,it sorted out the development history and business overview of China Railway Construction Group,and focused on the company’s commercial bill application and bill business innovation model.Next,it discusses the main motives of China Railway Construction Group’s use of commercial thesis,evaluates in detail the benefits of China Railway Construction Group’s business,and expounds the risk sources and current situation of the thesis business.Finally,the case is summarized,and corresponding development suggestions for the future bill market are put forward.Taking China Railway Construction as an example,this thesis draws the following four conclusions through the application of commercial acceptance bills: The rapid development of the bill market is an important support for the construction of a new development pattern;the status of commercial bills has been improved year by year,and the function of serving the real economy has become increasingly prominent;the use of commercial bills is conducive to improving the financing environment and improving corporate financing efficiency;Bills and standardized bills develop together.Based on this,in view of the problems existing in the development of bill business under the new development pattern,this thesis puts forwards the following suggestions: On the existing basis,further improve the diversified market participants,improve the adaptability of the bill market and the real economy;speed up the construction of the bill market credit system,standardize the development of the commercial bill credit rating market;strengthen the toplevel design of the bill market,and promote scientific and technological innovation In-depth integration with the bill business;build a strong defense line for risk prevention and control in the bill market,and establish a long-term bill risk management and control mechanism.