拓展我国融资性票据市场的构想3.pdfVIP

复 月旦大 学 ;W1士去卜AL i仑文 拓 展 手乏国融 资 性 翻传据 升ri匆的 构 奔已 ThePlantoColonizeCommercialNotesMarketinChina A日STRACT Monetarymarketplaysakeyroleinthefinancialmarket.Chinamonetary market,however,isfarfromamatureonecomparedwithitscounterpartsin advancedcountries.Thebiggestweaknessisthelackofcommercialnotes whichcanbeusedforfinancing.Thissituationnotonlyblockstheregular financingchannelofenterprises,butalsoaffectstheefficiencyofmonetary policies.Thispaperwilldiscusshowtocolonizefinance-aimedmarket. Thefinance-aimednotesarereferredtothecommercialnoteswhichhave norealtransactionbackground;itsjustforfinancingonly. Afternearlytwentyyearsdevelopment,thepricemakingmechanismof Chinanotesmarketcameintobeingandlocalnotesmarketsareformed.And webelievethefinance-aimednoteswillnotonlyperfectthemonetarypolicies channelofcentralbankandlowerthesupervisingcost,butwillfilluptheblankof Chinanotesmarketandimprovethefinancialservices.Alltheseabovetestified thefeasibiliytoffinancial-aimednotesbothpracticallyandtheoretically. Naturallyfinance-aimednotesfacemanyobstaclesinourcountrysuchas therestrictionofcommercial-loantheory,thelackofmarket-maker,theabsence ofdealarrangementandthepoor-performedcreditevaluationsystem.Sowe mustcreatethenecessaryconditionsforourplan. Firstlyweshouldlifethebanoftheissuanceofnone-transactionnotes.And evenweforgetthisandjustconsiderthecirculationofnotes;wefinditobviously hurtsChinanotesmarket.Soweneedtodisposeit OntheconditionofmainlyOTCtransaction,market-makerstructurehas beenprovedbypracticeasthebestdealerstructure.Itplaysasthe market-dealer,market-makerandmarket-supervisor.Professionalnotedealer systemhasbeenbuilt,butthemarket-makermechanismdidnotform.We shouldmakethelawtoprotectthismechanismandacceleratetheformationof finance-aimednotesexchangesystem. Consideringthelackofcreditforourdomesticenterprises,webelievethe methodoffinance-aimednotesshou