With the increasing development of bill market and the progress of interest rate market in our country, the risk about shift of discount interest-rate of bill business becomes serious. 票据市场的不断发展和利率市场化的推进,使票据业务的转贴现利率风险日益突出。
The market rate of interest can not directly substitute the social discount rate for its defect on preference revealing, interest forming, the reward of risk, etc. 而市场利率由于在偏好揭示、利率形成、风险报酬等方面的缺陷,又不能直接替代社会贴现率。