Because electronic bills contain two basic functions of money, namely, credit function and payment function, enterprises with reliable credit can rely on their own credit and use the acceptance of e-commerce to achieve zero-cost financing. In order to speed up the electronic process of paper tickets, Yinfa 224
This point is clearly stipulated in the circular 104 dated 1 February 15, 2004. It is stated in 20 18 that a single transaction exceeding110,000 must be handled by electronic ticket.
Second, the credit environment of bills has been gradually improved, and the credit enhancement mechanism has been gradually improved.
The ECDS system includes the credit record function, which can record the payment credit information of the acceptor or drawer of a commercial bill, as well as the historical quotation of all the bills and payments. The more electronic commercial tickets issued by enterprises and all paid on time, the higher their credit reliability and the better the liquidity of accepted electronic commercial tickets.
Third, the expansion of participants.
In the era of paper tickets, the characteristics of bill trading are decentralization and fragmentation. Regulators are worried that the participation of non-bank institutions in bill trading will bring cross-market risks, so the participants in the spot exchange market are limited to banking institutions (including commercial banks and credit cooperatives) and a few financial companies. However, the ticket exchange system is similar to the firewall of the bill market, and the identity of participants is transparent, and market participants are also extended to non-bank financial institutions and some unincorporated people to invest in products. Among them, non-bank financial institutions include trust companies, securities companies, fund management companies, futures companies, insurance companies and other financial institutions licensed by financial supervision departments; Non-legal person investment products refer to all kinds of investment products established by carrying out asset management business in accordance with the investment plans and methods agreed with customers on the premise of compliance with laws and regulations, including securities investment funds, asset management plans, bank wealth management products, trust plans, insurance products, housing accumulation funds, social security funds, enterprise annuities, pension funds, etc. After the expansion of participants, different participants have different needs for transactions at the same time. On the one hand, it will increase the transaction volume of the bill market, on the other hand, it will also play a supplementary role in the bill transaction mode between banks and stabilize the interest rate fluctuation in the bill market.
Fourth, the types of bill business are more abundant.
In the era of paper tickets, bills only have basic trading modes such as discount, cash discount and rediscount. In the era of bill exchange, in line with the requirements of market development, the "repurchase" discount varieties were added in the discount link, and the "buyout repurchase" transaction and "bill pledge" transaction similar to bonds were added in the cash discount link. The guarantee method of bills was increased from endorsement to issuing, acceptance, collection and endorsement, and the guarantor was increased from enterprises to banks. The variety of bill business types is helpful to improve market activity. In addition, the introduction of the concept of credit subject by the ticket exchange and the definition of direct banking as the first recourse will greatly enhance the enthusiasm of investors to hold commercial acceptance bills.
Verb (abbreviation of verb) bill business process simplification
In the era of ticket exchange, enterprises can complete the acceptance of electronic commercial tickets on the online banking side. Yinfa No.224 document cancels the requirements of contracts and invoices for electronic ticket discount, and it is not necessary to sign offline agreements for cash transfer transactions. The Measures for the Administration of Bill Trading also cancels the requirements for contracts and invoices when discounting paper bills with acceptance information registered in the bill delivery system. For many enterprises that can't get invoices because of accepting commercial bills in advance, the trouble that they can't apply for discounts from banks because there are no contracts and invoices will no longer exist.
6. rediscount policy, the central bank, will play a better role in the era of bill exchange.
Rediscount is one of the three monetary policy tools of the central bank. In the era of bill exchange, when the central bank intervenes in the supply of market funds and conducts policy intentions through rediscount policy, it can choose commercial acceptance bills issued by a certain region, an industry or even an enterprise to realize the accurate investment of funds, and can also guide commercial banks to invest more discounted funds in related industries. In the 2065438+2007 version of the ticket delivery system, the rediscount business module was introduced. In addition, the ECDS system, which was opened in the early stage, has completely realized the paperless operation of rediscount business, accelerated the efficiency of business handling, further shortened the time radius for central bank funds to benefit the real economy, and rediscount policy will also play a better role.