中国票据市场制度约束与制度创新研究
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摘要
中国票据市场是货币市场的重要组成部分,对缓解企业流动资金紧张、改善商业银行资产结构和流动性状况、促进社会信用的发展发挥了日益重要的作用。但与此同时,中国票据市场发展相对滞后,票据市场制度约束及相关制度安排问题日益成为理论界和决策层所关注的重要课题。从制度层面对中国票据市场进行深入的历史和现实考察,并以此检验中国票据市场的制度绩效,分析其未来发展趋势和变迁路径,并提出票据市场的创新策略,具有重要的现实和理论意义。
中国票据市场的发展实践经历了起步发展阶段、规范治理阶段、快速发展阶段和密集创新阶段。与此同时,中国的票据市场又存在明显的制度约束,票据市场的功能作用没有得到有效发挥。在中国票据市场的正式制度约束方面,存在票据融资功能缺失、市场主体的歧视政策、票据专营机构缺乏及股市债市的发展壮大等对票据市场的制度约束；在票据市场的非正式制度约束方面,存在信用环境建设滞后、地域经济环境发展不平衡、市场中介机构发展不完善等对票据市场的制度约束。其成因在于信用环境建设滞后、地域经济环境发展不平衡、市场中介机构发展不完善等方面的影响。
对中国票据市场制度约束的实证表明,正式制度约束方面,股票市场和债券市场作为票据市场正式制度约束的一部分,其对票据市场存在有限的制度约束,票据市场的制度约束效应受票据市场本身、金融市场其它主体和相关服务机构的共同影响。从交易量视角来看,票据市场的发展或票据市场的容量对股市的约束效应有限,同时,虽然股票市场可以影响票据市场的发展,但由于货币市场发展滞后于资本市场的初始制度环境,导致中国票据市场规模不经济,股票市场对票据市场的约束效应也有限。从交易价格视角来看,票据市场、股票市场和债券市场相互之间存在着一定的约束效应,其中票据市场和债券市场之间的约束效应较大,票据市场与股票市场之间的约束效应较小。造成这种情况的主要原因是市场参与者的不同造成的。非正式制度方面,票据市场非正式制度约束主要包括地域经济状况、文化生活状况和地域融资状况三大类,除地域融资状况中的贷款比重对票据市场发展形成约束外,其它各指标均与票据市场发展正相关,其中地域经济影响因子与票据市场发展(票据发生额)相关性最强。
中国的票据市场制度存在突破制度约束,进行制度创新的现实要求,其动力机制来源于追求经济规模、降低交易成本、获取潜在利润、技术进步的推动等方面,其变迁的渠道主要有通过正式制度供给、民间市场和非法途径突破现有制度框架等内容。中国在票据市场的制度创新目标上,应在票据无因性理论基础上构建票据制度体系,通过促进融资性票据的有序发展来推动票据市场的发展。在票据市场制度创新的路径上,我国的管理部门应在制度供给中实施渐进式的制度创新模式,通过先试点后推广的方式来增强票据市场制度创新的可测性和可控性。
为顺应中国票据市场发展的客观要求,中国需要在借鉴如美国等国外票据市场发展经验的基础上,从票据市场的正式制度、非正式制度和实施机制的层面,推进中国票据市场的制度创新,具体包括：(1)建立健全票据市场的法律制度体系；(2)强化票据市场基础设施的制度建设；(3)积极推进票据市场主客体的制度创新；(4)增进信用环境的制度规范；(5)加快促进票据市场监管制度创新。
China's bill market is an important part of the money market. It plays an increasingly important role in easing the tension of company's liquidity, improving the commercial bank's asset structure and liquidity conditions and promoting development of social credit. However, at the same time, the China's bill market is lagging behind the development. The institutional constraints and related institutional arrangements of bill market have increasingly become important issues in the theory and policy-making circles. Making deep study on the history and reality of China's bill market from a system perspective, and thus testing the system performance of the China's bill market, analyzing trends and changes in its future path, putting forward the innovative strategy, have important practical and theoretical significance.
The development of China's bill market has gone through initial development stage, standard governing stage, rapid development stage and innovation-intensive stage. At the same time, China's bill market has obvious institutional constraints, and the function of bills market has not been effectively carried out. In the aspect of formal institutional constraints of China's bill market, the existence of bill financing deficits, the discriminatory policies of market players, the lack of bills franchised companies and the development of bond and stock markets have institutional constraints on the bill market; In the aspect of informal institutional constraints of China's bill market, the existence of the lag of credit environment, the unbalance of regional economic development, and incomplete development of market intermediaries have institutional constraints on the bill market. The causes are the path dependence of the bills market system, the defects of the top-down system supply model, the impact of sub-team action, the imperfect institutional environment and so on.
The evidence on China's bill market shows that, the stock market and bond market, as parts of the formal institutional constraints of the bill market, have limited institutional constraints on the bill market. The effect of bill market institutional constraints depends on the market itself, other main of financial markets and the related service institutions. From the perspective of trading volume, the development or the capacity of bill market has limited effect on the stock market constraints. Meanwhile, the stock market can affect the bill market, but due to the initial system environment of money market lagging behind the development of capital markets, it leads to the scale diseconomies of China's bill market and makes the stock market have limited effect on the bill market constraints. From the perspective of transaction price, there is a certain constrain effect among the bill market, stock market and bond markets,and the effect between the bill market and bond markets is larger, while it is less between the bill market and stock market. This situation is mainly due to the different market participants.
China's bill market system has practical requirements for breakthrough of institutional constraints and institutional innovation, and its dynamic mechanism comes from the pursuit of economy scale, reducing of the transaction costs, accessing to potential profits, and promoting of the technological progress etc. Its main channels for change are breaking through the existing institutional framework through legal channels and private market channels. In the target of changing the bill market system, we should establish the bills system based on the non-sexual theory, and promote the bills market through the orderly development of financing instruments. On the path of institutional change of the bill market, the management should be in accordance with the progressive path of institutional change in the supply system, which spreads after the first pilot to enhance the testability and controllability of the institutional change.
To meet the objective requirements of the development of China's bill market, Based on successful experience in the development of the abroad bill market, from the level of formal system, informal system and implementation mechanisms of the bill market, this bill presents some policy recommendations on the institutional innovation of China's bill market;(1) Strengthening the legal system construction of bill market;(2) Strengthening the infrastructure construction of bill market;(3) Expanding the varieties of bills;(4) Speeding up the construction of Credit Environment;(5) Strengthening financial regulation of bill market.
中国票据市场的发展实践经历了起步发展阶段、规范治理阶段、快速发展阶段和密集创新阶段。与此同时,中国的票据市场又存在明显的制度约束,票据市场的功能作用没有得到有效发挥。在中国票据市场的正式制度约束方面,存在票据融资功能缺失、市场主体的歧视政策、票据专营机构缺乏及股市债市的发展壮大等对票据市场的制度约束；在票据市场的非正式制度约束方面,存在信用环境建设滞后、地域经济环境发展不平衡、市场中介机构发展不完善等对票据市场的制度约束。其成因在于信用环境建设滞后、地域经济环境发展不平衡、市场中介机构发展不完善等方面的影响。
对中国票据市场制度约束的实证表明,正式制度约束方面,股票市场和债券市场作为票据市场正式制度约束的一部分,其对票据市场存在有限的制度约束,票据市场的制度约束效应受票据市场本身、金融市场其它主体和相关服务机构的共同影响。从交易量视角来看,票据市场的发展或票据市场的容量对股市的约束效应有限,同时,虽然股票市场可以影响票据市场的发展,但由于货币市场发展滞后于资本市场的初始制度环境,导致中国票据市场规模不经济,股票市场对票据市场的约束效应也有限。从交易价格视角来看,票据市场、股票市场和债券市场相互之间存在着一定的约束效应,其中票据市场和债券市场之间的约束效应较大,票据市场与股票市场之间的约束效应较小。造成这种情况的主要原因是市场参与者的不同造成的。非正式制度方面,票据市场非正式制度约束主要包括地域经济状况、文化生活状况和地域融资状况三大类,除地域融资状况中的贷款比重对票据市场发展形成约束外,其它各指标均与票据市场发展正相关,其中地域经济影响因子与票据市场发展(票据发生额)相关性最强。
中国的票据市场制度存在突破制度约束,进行制度创新的现实要求,其动力机制来源于追求经济规模、降低交易成本、获取潜在利润、技术进步的推动等方面,其变迁的渠道主要有通过正式制度供给、民间市场和非法途径突破现有制度框架等内容。中国在票据市场的制度创新目标上,应在票据无因性理论基础上构建票据制度体系,通过促进融资性票据的有序发展来推动票据市场的发展。在票据市场制度创新的路径上,我国的管理部门应在制度供给中实施渐进式的制度创新模式,通过先试点后推广的方式来增强票据市场制度创新的可测性和可控性。
为顺应中国票据市场发展的客观要求,中国需要在借鉴如美国等国外票据市场发展经验的基础上,从票据市场的正式制度、非正式制度和实施机制的层面,推进中国票据市场的制度创新,具体包括：(1)建立健全票据市场的法律制度体系；(2)强化票据市场基础设施的制度建设；(3)积极推进票据市场主客体的制度创新；(4)增进信用环境的制度规范；(5)加快促进票据市场监管制度创新。
China's bill market is an important part of the money market. It plays an increasingly important role in easing the tension of company's liquidity, improving the commercial bank's asset structure and liquidity conditions and promoting development of social credit. However, at the same time, the China's bill market is lagging behind the development. The institutional constraints and related institutional arrangements of bill market have increasingly become important issues in the theory and policy-making circles. Making deep study on the history and reality of China's bill market from a system perspective, and thus testing the system performance of the China's bill market, analyzing trends and changes in its future path, putting forward the innovative strategy, have important practical and theoretical significance.
The development of China's bill market has gone through initial development stage, standard governing stage, rapid development stage and innovation-intensive stage. At the same time, China's bill market has obvious institutional constraints, and the function of bills market has not been effectively carried out. In the aspect of formal institutional constraints of China's bill market, the existence of bill financing deficits, the discriminatory policies of market players, the lack of bills franchised companies and the development of bond and stock markets have institutional constraints on the bill market; In the aspect of informal institutional constraints of China's bill market, the existence of the lag of credit environment, the unbalance of regional economic development, and incomplete development of market intermediaries have institutional constraints on the bill market. The causes are the path dependence of the bills market system, the defects of the top-down system supply model, the impact of sub-team action, the imperfect institutional environment and so on.
The evidence on China's bill market shows that, the stock market and bond market, as parts of the formal institutional constraints of the bill market, have limited institutional constraints on the bill market. The effect of bill market institutional constraints depends on the market itself, other main of financial markets and the related service institutions. From the perspective of trading volume, the development or the capacity of bill market has limited effect on the stock market constraints. Meanwhile, the stock market can affect the bill market, but due to the initial system environment of money market lagging behind the development of capital markets, it leads to the scale diseconomies of China's bill market and makes the stock market have limited effect on the bill market constraints. From the perspective of transaction price, there is a certain constrain effect among the bill market, stock market and bond markets,and the effect between the bill market and bond markets is larger, while it is less between the bill market and stock market. This situation is mainly due to the different market participants.
China's bill market system has practical requirements for breakthrough of institutional constraints and institutional innovation, and its dynamic mechanism comes from the pursuit of economy scale, reducing of the transaction costs, accessing to potential profits, and promoting of the technological progress etc. Its main channels for change are breaking through the existing institutional framework through legal channels and private market channels. In the target of changing the bill market system, we should establish the bills system based on the non-sexual theory, and promote the bills market through the orderly development of financing instruments. On the path of institutional change of the bill market, the management should be in accordance with the progressive path of institutional change in the supply system, which spreads after the first pilot to enhance the testability and controllability of the institutional change.
To meet the objective requirements of the development of China's bill market, Based on successful experience in the development of the abroad bill market, from the level of formal system, informal system and implementation mechanisms of the bill market, this bill presents some policy recommendations on the institutional innovation of China's bill market;(1) Strengthening the legal system construction of bill market;(2) Strengthening the infrastructure construction of bill market;(3) Expanding the varieties of bills;(4) Speeding up the construction of Credit Environment;(5) Strengthening financial regulation of bill market.
引文
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