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
Key words
Quasi bills/Bills regulatory/Electronic debt voucher for accounts receiv-able/Digital commercial promissory notes/Credit assets securitization
维普
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