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In the modern economic transactions life, as a set of exchange, payment, settlement, credit and finance functions, the role of the notes is essential. According to "Negotiable Instruments Law of the PRC" and" Payment and Settlement", bills has been playing of payment and clearing tools. However, with the notes in the widely application of modern transactions, bills have not only in payment, clearing function, but also need finance function. It has become an important financing tool for financial institutions, and the bill business has started. Bill business mainly for the discounting of bills and the rediscount.Bill discounting business has not only become profits of commercial banks, but also become the primary means of financial difficulties faced by SME, when financing an important means of seeking short-term funds. In our country, infer to the holder, bill discounting is in the time of fund needed, holder will hold the outstanding commercial bills of exchange, transfer by way of endorsement to the bank, the bank deducted the discount interest rate, will balance Discounted bills paid to the applicant’s behavior. For the holder, advances can be recovered capital to commercial credit; for the banks means business loans, which combined with the commercial credit.In China, for bill discounting is usually scheduled for the bank accepted bills for exchange, and the discount agencies authorized by law, the right to conduct banking business, bill discounting and other financial institutions. This forms between the holder and the formal financial institutions, we called it as the main bill discount market. In our country, no statutory qualifications of other institutions and individuals to trade and processing of bills discounted was for prohibited. But with rapidly development of economic, monetary policy tightening by the banks, the impact of their own credit, leading many companies are difficult to obtain loans from banks, at this time, the Civil paper market has come into being. Civil paper market put bank acceptances discounted as the main business, in the Civil side of the main paper market ticket holders actively to seek funding, the other discount interest to cash in order to facilitate the business. Bank draft accepted in the private paper market, are free to sell, transfer or transaction-oriented parties to their own interests, making the rapidly and successfully development of Civil paper market.Compared with the regular paper market, Civil notes discount market to absorb a lot of money, and the features of efficient, fast and convenient. Forced by the pressure of funds for SME to apply for discounted bank notes with a longer period, lead to obtain the capital is difficult,so SEM often seek private discount of intermediaries or middlemen to help to finance the Civil paper market. However, due to Civil bill discount market in the main range of transactions, the transfer of notes trading is not based on real relationship, free to be transferred to the paper, reselling the paper. Non-financial institutions in the private paper market, on the Notes for sale, acquisition performance of the functions of financial institutions. Their behavior has not been allowed by law; In addition, Civil notes market instruments acts with "Negotiable instrument" and related financial laws have been inconclusive. At present, scholars study of the paper market is usually stay in the banking business of notes on the formal market research, few people involved in the paper market. However, the paper market really exist in economic reality, it exists not only disrupted the normal order of market instruments, but also disrupt the financial order. Behavior of a large number of folk instruments should be enough to arouse our attention, one of which is the purpose of this article did.This article is divided into three parts, the first part research on the reality of civil paper, defining the nature of civil bill discount market. National monitoring of civil alienation in the paper market, which is an informal paper market. Generation of Civil paper market, on the one hand, which base on the need of development of bills, on the other hand, there are economic and legal environment is also a relationship relaxed. The second section focuses on the legality of private bills market presence, respectively, from the "Negotiable Instruments", financial law legal seminars to discuss whether private bill market has legality, "Negotiable Instruments" on "the Endorsement Rules", the terms of the price of the applicable rules" and "Real trading relationship rules" for whether the presence of private paper market to find the legal basis for legitimacy. The third part combines two parts of the analysis, to explore the rationality of the civil paper market. "There is reasonable ", the Civil paper market widely range of exists, and with a long time, which means that there are necessarily realistic demand for the Civil paper market and it has a rational side. On this basis, we can not get rid of the paper market thoroughly.So we should be make a reasonable guide to build a comprehensive monitoring mechanism to ensure that Civil paper market came from the ground floor, fully play its due role.
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