肖小和1，余显财2，金睿1，柯睿2 （1.江西财经大学九银票据研究院，江西南昌 330038） （2.复旦大学经济学院，上海200433） "十五五"是我国经济发展的关键时期，拉动需求，提高消费能级，尤其是大力发展批发零售行业对消费 增长至关重要。发挥票据功能作用，助力批发零售行业发展是金融的应有职能。 （一）转变票据理念 商业汇票既有支付结算功能，也有扩张信用的融资功能，是我国实体企业多层次融资体系的一部分。批 发零售行业属于高速周转的资金密集型行业，业内企业根据具体贸易品种和处于供应链中地位的不同， 均可能存在或长或短的账期，天然有着旺盛的短期资金融通需求。一方面，批发零售行业市场化程度 高、竞争激烈、行业集中度低，行业内部以中小型企业居多，很难在资本市场上利用股票、公司债券、 短融、中票、PPN、ABS等工具融资。另一方面，相对于银行贷款，票据市场基础设施完善，电子票据 最长期限达到一年，并且可以自主约定到期期限，通过企业网银签发、流转非常便捷，还可以同开户银 行一事一议，满足双方约定的特定条件可获得银行承兑作为信用加持，这些基本属性同批发零售企业的 短期融资需求十分契合。同时，依托于上下游的真实贸易背 ...

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) Baise Debao Branch has successfully implemented a bill brokerage service, enhancing financing solutions for local aluminum processing enterprises and contributing to the high-quality economic development of Debao County [1][2]. Group 1: Financing Solutions - ICBC Baise Debao Branch has deepened cooperation with industrial parks, providing diversified financing solutions for local industries such as aluminum-based new materials and non-metallic mineral processing [1]. - The branch successfully matched a local aluminum processing enterprise's bill financing needs, completing the first bill brokerage business of 410,000 yuan, marking a significant breakthrough in comprehensive bill services [1]. Group 2: Operational Efficiency - The branch identified that many downstream customers of the aluminum processing enterprise use bill settlements, but the enterprise faced challenges in discounting bills due to credit limits from smaller banks [1]. - The bill brokerage service offers a one-stop solution through ICBC's national interbank cooperation network, allowing enterprises to submit bill information, receive intelligent quotes, and complete transactions online, improving financing efficiency by over 60% compared to traditional methods [1]. Group 3: Customer Experience - The process for the enterprise was streamlined, with the system matching cooperative banks within 30 minutes after submitting bill information online, resulting in same-day fund availability [2]. - The enterprise's representative expressed satisfaction with the efficient and convenient service, highlighting the newfound utility of small bills in financing [2].

Group 1: Industry Insights - The government is actively promoting the development of supply chain and supply chain finance to address the financing difficulties faced by small and medium-sized enterprises (SMEs) [1] - Bills serve as a crucial financial tool that aligns with the characteristics of supply chains, facilitating the transformation and upgrading of domestic industrial chains [1] Group 2: Utilization of Bills - Companies can leverage the payment function of bills to activate accounts receivable, as the scale of accounts receivable has been expanding with longer payment terms, particularly with large enterprises delaying payments to SMEs [3] - The issuance of commercial bills is based on real transaction backgrounds, allowing issuers to utilize their creditworthiness for payment settlements, achieving zero-cost financing and enhancing cash flow [3] Group 3: Financing Benefits - Bills represent bank or large enterprise credit, enabling companies to expand financing channels, reduce costs, and optimize financial structures [4] - In supply chain financing, bills issued by core enterprises provide direct financing support to upstream and downstream companies, addressing information asymmetry due to established cooperative relationships [4] - The characteristics of bills align well with the financing needs of SMEs, which often require high frequency, quick turnaround, and small amounts [4] Group 4: Platform Development - The Yilian Tong supply bill public service platform, operated by Linyi Mall Digital Technology Group, is the first third-party platform in China with a commercial logistics background, approved for direct connection to the Shanghai Bill Exchange [4] - The platform offers comprehensive services including supply chain bills, online discounting, commercial bill direct financing, and bank bill instant discounting, with a business scale exceeding 40 billion yuan, ranking among the top four in the country [4]

Core Insights - The financial data for July indicates that the bill financing sector in China has played a significant role in supporting economic development, particularly for small and medium-sized enterprises (SMEs) [1][2] Group 1: Bill Financing Data - From January to July this year, new bill financing reached 824.7 billion yuan, an increase of 610.1 billion yuan year-on-year, accounting for 6.4% of the new loans this year [1] - In the first half of the year, the total amount of accepted bills was 20.06 trillion yuan, a year-on-year increase of 11.57%, while the total discount amount was 16 trillion yuan, up 12.09% year-on-year [1] - The acceptance amount accounted for 30% of GDP, and the discount amount accounted for 24% of GDP, indicating a positive contribution to economic development [1] Group 2: Support for SMEs - In June alone, 107,000 SMEs issued bills, representing 93.2% of all issuing enterprises, with a total bill issuance amount of 2.4 trillion yuan, which is 69.8% of the total [1] - A total of 121,000 SMEs discounted bills, making up 96.3% of all discounting enterprises, with a discount amount of 2 trillion yuan, accounting for 71.9% of the total [1] - The discount acceptance ratio for SMEs reached 83%, demonstrating strong support for their financing needs [1] Group 3: Characteristics of Bill Financing - Bills serve as a financial product that integrates payment, settlement, financing, and credit balance, characterized by legal protection, support from the new generation of the bill system, convenience, accessibility, low cost, and quick adaptation to the liquidity needs of SMEs [2]

Core Insights - The People's Bank of China reported an increase of 364.5 billion yuan in bill financing for May, highlighting its importance as a channel for financial support to the real economy [3] - Bill financing serves as an effective tool for enterprises to address short-term funding needs and is crucial for promoting the healthy and stable development of the real economy [3] Industry Overview - Bill financing involves the issuance, acceptance, and circulation of bills, where enterprises engage in credit behavior, allowing billholders to transfer their unexpired bills to banks for quick liquidity [3] - In the context of insufficient effective credit demand, bill financing plays a role in stabilizing credit and overall financial volume [3] Company Insights - Yichain Tong platform acts as an efficient bridge between enterprises and financial institutions for bill financing services, enabling companies to quickly convert unexpired bills into cash [3] - The Yichain Tong supply bill public service platform, operated by Linyi Mall Digital Technology Group, is the first third-party platform in China with a commercial logistics background, approved for direct connection to the Shanghai Bill Exchange [3] - The platform's service offerings include supply chain bills, online discounting, commercial bill direct financing, and bank bill instant discounting, with a business scale exceeding 40 billion yuan, ranking among the top four nationwide [3]

Core Viewpoint - The bill market serves as a crucial financing channel for small and micro enterprises, evolving from a traditional settlement tool to a multi-layered financial market, enabling efficient capital flow and supporting the growth of these enterprises [1][2]. Group 1: Importance of Bill Financing - The bill market is integral to the operational cycle of small and micro enterprises, facilitating their funding needs and enhancing their growth potential [1]. - In 2024, 226,000 small and micro enterprises issued bills, accounting for 93.8% of all bill issuers, with a total issuance amount of 27.4 trillion yuan, representing 71.5% of the total [1]. - The number of small and micro enterprises engaging in bill discounting reached 367,000, making up 96.5% of all discounting enterprises, with a discounting amount of 23.6 trillion yuan, or 77.3% of the total [1]. Group 2: Advantages of Bill Financing - Bills are characterized by low financing costs and high efficiency compared to traditional loans, making them particularly advantageous for small and micro enterprises [4]. - The bill market's features, such as legal guarantees and ease of use, position it as a unique tool for promoting inclusive finance and serving small enterprises [2]. Group 3: Innovations in Bill Financing - Financial institutions are innovating products to meet the diverse needs of small and micro enterprises, such as Minsheng Bank's online and intelligent "credit + account" model for bill acceptance services [3]. - Other banks, like ICBC, have developed mobile solutions for agricultural sectors, integrating bill services into dedicated platforms to enhance accessibility for rural clients [3]. Group 4: Addressing Pain Points in Financing - Core enterprises often impose conditions on small and micro enterprises regarding bill payments, inadvertently increasing their financial costs [4]. - To alleviate these issues, banks like SPDB have created integrated financing products that facilitate seamless cash receipt for bill holders, thereby enhancing the likelihood of bill payments between core and small enterprises [4]. Group 5: Digital Transformation in Bill Services - The challenge of serving a large number of small and micro enterprises has led to the development of intelligent service platforms that utilize AI to improve efficiency and responsiveness [7][8]. - Financial institutions are transitioning from human-driven services to digital empowerment, aiming for a comprehensive service model that supports the entire lifecycle of bill management [8].

以下文章来源于大猫财经Pro ，作者大猫财经猫哥 大猫财经Pro . 看懂大趋势、小案例、一起搞钱 作者：猫哥 来源：大猫财经Pro(ID:caimao_shuangquan) 01 内外勾结，开几十张假票据，就在同一家银行骗了上百亿。这不是故事，是真事。 主角林老板可以算是一个牛人。 1989年，林老板就进入了工程行业，这行业讲究资质、更看规模，小公司很难做的。 于是林老板就想找个靠山，很快，他找到一家中字头的城建央企，他出资，这家央企出名字，就成立 这家"央企"下属的第六工程局（简称城建六局）。 具体事情当然是林老板管，作为回报，他每年要交12万的品牌管理使用费，央企不干涉经营，大家都 知道，这就是最典型的挂靠。 有了"央企"身份加持，林老板的城建六局风生水起，就这么着，一合作就是20多年。 到了2015年，不是金融挣钱吗？这家央企又搞了一个商业保理公司（简称城建保理），他们找了一个 职业经理人贺经理来全职管理，为了刺激他搞业务，承诺说，5年要搞到1亿的利润，贺经理就能拿到 20%股份，这个吸引力还是挺大的。 因为都有同一个股东，没多久，城建六局和城建保理就走到了一起。 1、他们的央企股东，也是这个银行的 ...