现阶段我国货币信用供给侧改革的思考——兼议融资性票据市场的创建

发布时间：2019-03-05 10:34

【摘要】：在尚未完全实现利率市场化的宏观经济环境下,单纯依靠央行向市场注入货币,不但不能解决融资难、融资贵的困局,反而会衍生出产能过剩和社会杠杆率的上升,更导致货币资金"脱实入虚"。过大的存贷利差引发货币资金持有者的套利行为,形成巨额货币资金"脱实入虚",最终加大了实体经济的融资成本。以上仅靠监管难以治本,真正途径仍是需要进行货币信用供给侧方面的改革。其中推动商业信用发展,创新和使用融资性票据工具,缩小存贷利差,将货币资金交易转换为信用交易,不失为现阶段货币信用供给侧改革的有效路径且能真正降低实体经济的融资成本。同时,文章提出,可以将数字票据——区块链形式创新应用于电子商业本票上,利用其平权化、智能合约功能特点,使信用良好的出票人(包括中小微企业)通过数字票据凸显其信用价值,以此减少对银行信用的依赖。同时,利用票交所,建设一体化的票据交易平台和良好的生态环境,以此约束商业信用的过度膨胀。
[Abstract]:In a macro-economic environment that has not yet fully realized the marketization of interest rates, relying solely on the central bank to inject money into the market will not only not solve the difficulty of financing, but will on the contrary generate overcapacity and an increase in the social leverage ratio. Even more lead to monetary funds "out of reality into the void." Excessive deposit-loan spreads lead to arbitrage behavior of money fund holders, resulting in a huge amount of money funds "out of reality", and eventually increase the financing cost of the real economy. The above supervision alone is difficult to cure the root, the real way is still need to carry on the money credit supply-side reform. Among them, we will promote the development of commercial credit, innovate and use instruments for financing instruments, narrow the spread between deposit and loan interest rates, and convert money and capital transactions into credit transactions. It is an effective way to reform the supply side of money and credit and can reduce the financing cost of real economy. At the same time, the paper proposes that the digital bill-block chain form can be innovatively applied to electronic commercial promissory notes, making use of its affirmative and intelligent contract function characteristics. Reduce reliance on bank credit by allowing good-credit tellers, including small and medium-sized micro-enterprises, to highlight their credit value through digital bills. At the same time, the use of the exchange, the construction of an integrated trading platform and good ecological environment, so as to restrain the excessive expansion of commercial credit.
【作者单位】：中信银行上海分行;
【分类号】：F822

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