By Chen Daofu, Yuan Dongming & Jiang Haoduan, Research Team on “The Application and Result of the New Business Model for Corporate Direct Financing”, State Research Information Technology Co., Ltd. (SRIT)

Research Report, No.168, 2018 (Total 5443) 2018-10-10

Abstract: The CPC Central Committee and the State Council have always paid great attention to the financing difficulty for China’s micro, small and medium-sized enterprises and adopted a series of targeted policies and measures in recent years, which have played a big role in easing their financing difficulty. But it should be noted that the current institutional arrangements have placed more focus on banking credit, which means more efforts need to be made in leveraging the commercial credit so as to really solve the above-mentioned problem. International experience shows that the electronic commercial acceptance bill based on commercial credit proves to be an effective approach for small-and-medium-sized enterprises to access financing. But at present, the electronic commercial acceptance bill market in China still remains imperfect and cannot meet the financing demand of small and medium-sized enterprises. In order to realize a sound and rapid development of the electronic commercial acceptance bill market, it is necessary to make financing model innovation, not only in strengthening regulations on the issuance, circulation and acceptors’ responsibility, but also in creating an enabling environment for circulation and investment relating to electronic commercial acceptance bill. Efforts need to be made to explore a new model for direct financing of electronic commercial acceptance bill.

Key words: electronic commercial acceptance bill, financing, small-and-medium-sized enterprises