类票据创新机理与监管路径研究  

Research on the Innovation Mechanism and Regulatory Path of Quasi Bills

作　　者：中信银行上海分行课题组 赵慈拉[2] Research Group of China CITIC Bank Shanghai Branch(China CITIC Bank Shanghai Branch,Shanghai 200126)

机构地区：[1]中信银行上海分行,上海200126 [2]中信银行上海分行银行及票据业务部

出　　处：《上海立信会计金融学院学报》2024年第1期56-77,共22页Journal of Shanghai Lixin University of Accounting and Finance

基　　金：上海市金融学会2022年重点课题(沪融会〔2022〕3号,第35项)。

摘　　要：随着实体经济应收账款持续增长,流动资产显现“渐冻症”态势,类票据现象应运而生,引发金融监管部门和司法界的关注。文章对类票据的产生机理进行研究,发现其产生既有内生性、必然性和广泛性因素,也有因缺乏监管形成的外生性因素,体现为市场主体迎合供应链金融发展需求,在金融抑制环境下,以商业本票功能创新模式,规避金融监管的一种异化现象,并成为影子银行中活跃度渐升的一项融资交易。类票据具有货币支付与信用创造的货币属性,有关部门应确立统一票据工具、适度开放票据市场的监管原则,以前瞻性的政策视角,助力市场主体应收账款融资目标,进行金融监管政策、制度和金融工具的创新。With the continuous growth of accounts receivable in the real economy,current assets have shown a trend of"permafrost syndrome",leading to the emergence of quasi-bills and attracting attention from financial regulatory authorities and the judiciary.Through the study of the generation mechanism behind quasi-bills,it is found that there are both endogenous,inevitable,and widespread factors,as well as exogenous factors formed due to the lack of regulation.This is reflected in the market entities catering to the development needs of supply chain finance,creating new models with commercial promissory notes in a financial repression environment,avoiding the alienation phenomenon of financial regulation,and becoming a financing transaction with increasing activity in shadow banking.Given that quasi-bills possess monetary attributes of payment and credit creation,it is necessary to establish the regulatory principle for unified bill instruments and moderately open bill markets.From a forward-looking policy perspective,facilitating the financing of accounts receivable for market entities,innovative financial regulatory policies,systems,and instruments should be implemented。

关 键 词：类票据 票据监管 应收账款电子债权凭证 数字商业本票 信贷资产证券化 

分 类 号：F832.5[经济管理—金融学]