First , i review the course that the china negotiable instrument market has passed and the status quo that the china negotiable instrument market is at . after liberation , our nation carried out planned economy , there was neither commerce credit nor commercial negotiable instrument 首先，回顾我国票据市场的发展历程，考察目前所处的状况：解放后，由于我国实行计划经济体制，商业信用失去作用空间，商业票据也就无法存在。
After reform and opening - out , with the development of commerce economy and the use of commerce credit , the negotiable instrument becomes more and more important and the negotiable instrument market made great progress . at present , negotiable instrument market enters it ' s fifth stage 改革开放后，随着商品经济的不断发展和商业信用范围的不断扩大，票据的重要性在不断提高，作为票据发行和流通场所的票据市场开始发展起来，到目前为止，票据市场进入了其发展的第五个阶段。
As a developing country in the process of transmission , we suggest that china select a synthetical method to finance annuity , including the social insurance tax , pension bond , social insurance lottery , treasury compensation and selling national assets , etc . at the same time , in the aspect of operation , we combines fixed assets investment , company and financial investment , stock investment and commerce credit to decrease risk and increase the value of annuity 本文认为作为转轨过程中的发展中国家，中国养老金筹资方式的选择应综合利用社会保障税、养老保障国债、社会保障彩票、财政补贴和国有资产变现等方法，同时在运营方面要将固定资产投资、企业与金融债券投资、股市投资、商业信用等方法结合起来使用，以降低风险，确保增值。
It result in the following conclusions " core stockhoider , commerciai bank and commercial credit are the major finance providers , while the proportion is about 70 % ; the finance proportion from core stocmiolder is dropping yet from commercial bank and non - bank financial institution is rising with the evolution of the non - listed iniernet company ; the major pwt of the listed lnternat company on the nasdaq choose conservative capital structure and property to liability ratio is very low 从统计结果来看，核心股东、商业银行和商业信用三者是美国新生（未上市）网络公司主要的融资来源； nasdaq上市网络公司大多采取保守型融资结构，资产负债率很低。通过分析信息产业融资结构的演变过程，可以推断网络公司将逐步向高风险、高报酬的融资结构方向演化。
After clarifying the classifications of financing patterns , there are two financing patterns in it , internal financing and external financing . the former includes the items of profit - deducted capital , depreciation funds , internal money raising and owner collecting , etc . the latter includes the items of bank loans , commercial credit , financing lease , stock financing , venture capital , joint operation and joint venture , etc . meanwhile , the thesis designs a system of functional evaluation index which is composed of six indexes , they are financing cost , financing risk , financing elasticity , financing facility and society effects . finally , the thesis has evaluated the above financing patterns with fizzy comprehensive evaluation methods ( fcem ) and drawn the following conclusions : 1 在全面阐述融资方式不同分类的基础上，提出可供涉农小企业利用的融资方式分为内源融资和外源融资，前者具体包括留利资金、折旧基金、内部集资和业主自筹；后者包括银行贷款、商业信用、融资租赁、股票融资、债券融资以及风险投资、联营、合资等新型融资方式，并设计出由融资成本、融资风险、融资弹性、融资便利性、控制权影响性和社会影响性六个指标组成的功效评价指标体系，运用模糊综合评价方法对上述融资方式功效进行评价，得出结论： 1
Credit sale is the typical form of commercial credit which in turn is the premise for other credit transaction ’ s development . it is adopted for enterprises to raise profit and to strengthen their competitiveness in the market . although great achievements have been made through the system of credit sale , we have to take into mind that risks and profits always coexist 商业信用是所有其他信用发展的基础,而赊销是商业信用的最典型形式,企业采用赊销形式对提高企业效益、增强企业竞争力起到了积极作用,但风险和收益永远是并存的。
Empirical studies reveal that commercial credit of the listed companies is mainly influenced by long - term business relations instead of the government credibility ; that government credibility has strengthened the long credit capacity of the enterprises , but short - term loans depend more on business operations factors ; and that government contributes significantly to the securities financing capacity of the enterprises 经验研究的结果说明，在上市公司信用结构中，商业信用主要受长期商业关系而不受政府信用的影响；政府信用增强了企业的长期银行借款能力，但短期银行借款更依赖于经管性因素；政府信用对增强企业的证券融资能力具有显著作用。
Bill is one kind of valuable security : in accordance with law of negotiable instrument , drawer pays an amount of money or entrust other people to pay an amount of money to the holder of a bill unconditionally . bill is important in the development of our national economy , but because of some objective factors , chinese law of negotiable instrument is not very consummate 票据,是发票人依票据法的规定无条件支付一定金额或委托他人无条件支付一定金额给受款人或持票人的一种有价证券,它作为一种能流通的债权凭证使商品的让渡与货币支付从形式上分离,将商业信用有机地溶化在商品交换之中,创造了比实际货币更优越的资本载体。
The paper proposes the conversion pattern between the liquidity and contract execution evaluation of the corporate credit structure , and studies the implicit guarantor role of the government credibility to the listed companies , and thus its impact upon their commercial credit , bank credit and securities credit 摘要本文提出“流动性”和“及约评价”相互转换的企业信用结构的转换规律，并研究“政府信任”的隐性担保功能对上市公司的“履约评价” ，以及对商业信用、银行信用和证券信用的影响。
The author firstly examines some basic theoretical problems of consolidated supervision such as concept , characteristics , prerequisites and comparison between consolidated supervision and other supervisory patterns . then quoting the well - known scandal of bcci , the author investigates into the legal problems arising out of the operation of consolidated supervision . at the end of this chapter , the author explores the legislation and practice of consolidated supervision in e . u 作者首先对并表监管涵义、特征、实施条件及与其它监管模式的界分等基本理论问题进行了分析，以确立明确的研究基础与前提；接着结合著名的国际商业信用银行案件，剖析跨国银行母国并表监管实施中存在的法律问题；最后，以欧盟和美国为范例，探讨先进国家的并表监管经验对尚处启蒙阶段的我国并表监管的借鉴意义。
