比亚迪减少“迪链”后，改用它了！

供应链金融01-14

2025年11月初，比亚迪通过点对点沟通的方式向供应商传达将逐步放弃使用“迪链”，计划用1—2年时间将支付方式转向更为规范的银行承兑汇票、商业承兑汇票及现金。何为“迪链”？这是比亚迪自有的供应链金融平台——曾支撑比亚迪十年扩张、强化供应链控制力、服务超万家供应商的应收账款数字化凭证系统，能够通过电子对账凭证明确债权债务关系，为核心企业和供应商提供应收账款管理及保理融资服务。另外其他车企也尝试推出...

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instead!","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81211":0.6,"HYDD.SI":0.6,"01211":1.95,"BYDDY":1.95,"002594":1.95},"content_text":"2025年11月初，比亚迪通过点对点沟通的方式向供应商传达将逐步放弃使用“迪链”，计划用1—2年时间将支付方式转向更为规范的银行承兑汇票、商业承兑汇票及现金。何为“迪链”？这是比亚迪自有的供应链金融平台——曾支撑比亚迪十年扩张、强化供应链控制力、服务超万家供应商的应收账款数字化凭证系统，能够通过电子对账凭证明确债权债务关系，为核心企业和供应商提供应收账款管理及保理融资服务。另外其他车企也尝试推出类似“迪链”的平台，比如上汽的“安吉链”、长城的“长城链”和奇瑞的“瑞鲸”等。如今，“迪链”因合规争议、供应商贴现成本高企及隐性债务累积等问题，引发市场关注，而监管政策的持续收紧成为其转型的关键推力。2025年9月，工业和信息化部等八部门联合出台的《汽车行业稳增长工作方案（2025—2026 年）》明确要求“督促重点车企落实好支付账期承诺”“指导行业机构制定整车企业供应商账款支付规范”。随后，中国汽车工业协会发布《汽车整车企业供应商账款支付规范倡议》，在订单确认、交付与验收、支付与结算、合同期限等关键环节提出要求，明确“甲方支付账期自乙方交货并通过甲方验收合格之日起计算，最长不超过60个自然日”。票据此前并非比亚迪的主流支付方式。比亚迪财报显示，截至2025年9月末，比亚迪应付账款为2228亿元，其他应付款为1348亿元，应付票据为22.2亿元，占比仅为0.62%。这一情况在比亚迪逐步增加票据及现金支付后有明显改变。从比亚迪签发商票的主要主体——比亚迪汽车工业有限公司近三个月的票据签发规模来看，公开数据显示，其2025年10月—12月签发的商票规模分别为27亿元、23亿元、45亿元，保持了较高签发量，这也印证了比亚迪减少“迪链”使用，增加票据作为主要支付工具的决心。那么，作为比亚迪重点新增的支付手段，银票、商票等票据具有什么属性？使用中又有哪些风险需要警惕？把信用变成“硬通货”票据之所以能够在商业活动中被广泛认可，核心原因在于其“信用+流通”的双重属性。通俗来说，票据是一种载明一定金额、在一定日期内持票人可凭票据无条件支取款项的书面凭证，它的本质是信用的载体。举个例子，在复杂的商业链条中，交易双方往往互不熟悉，一方担心先付款后收不到货物，一方害怕先交货后拿不到钱，怎么办？票据通过法律保障的支付承诺，解决了“一手交钱、一手交货”的信任难题。作为商业“硬通货”，票据的三大核心属性奠定了其特殊地位。第一是支付属性。票据最基础的功能就是支付。与现金相比，大额交易使用票据更安全、便捷、灵活，可延期支付。特别是对于企业来说，票据是一个高效的结算工具。例如，企业采购原材料时，若暂时资金周转紧张，可开具一张数月后到期的商业汇票给上游供应商，既不耽误原材料购买，又能为自己争取资金缓冲期。随着票据功能的发展与完善，票据的支付属性和使用范围进一步升级，更多地服务于实体经济尤其是中小微企业的资金周转与交易结算。据中国人民银行发布的《2025年11月份金融市场运行情况》数据，截至2025年11月末，商业汇票承兑余额20.9万亿元，贴现余额16.2万亿元。第二是融资属性。票据不仅能支付，还能“变钱”。一家企业持有未到期的票据时，可以到有资质的金融机构，比如银行办理“贴现”——只需按照贴现率支付一定的利息，即可提前支取资金，适合企业短期融资。举个例子来看，比如一张100万元、3个月后到期的商业汇票，企业急需用钱时，若按3%的贴现率向银行贴现，扣除利息7500元，可以提前拿到99.25万元。此外，票据还可以通过背书转让实现间接融资。企业可将持有的票据作为支付手段转让给上下游企业，相当于“用信用换资金”，但是转让金额不得超过票据的票面金额。比如，A公司手里有一张100万元、3个月后到期的银行承兑汇票，出票人是B公司，银行已承诺到期付款。此时A公司向C公司采购了90万元的货物，恰好资金周转不开，就可以把这张银行承兑汇票转让给C公司来支付货款。第三是信用属性。票据的背后是“信用”，也是企业的“隐形名片”。一张票据能否被接受，关键看开票方的信用等级。银行开具的银行汇票、银行承兑汇票等，通常有银行信用背书；企业开具的商业承兑汇票，或是企业集团旗下的财务公司开具的财务公司承兑汇票，则取决于企业及财务公司自身的信誉，一些企业开具的商票也会存在被拒收的风险。这种信用属性，让票据成为企业实力的“晴雨表”。长期稳定使用票据并按时兑付的企业，积累良好的信用记录，有助于在后续交易中获得更宽松的付款条件、更低的合作门槛；反之，若出现票据违约，如到期无法兑付，企业信用将严重受损，甚至被列入逾期、失信名单。会面临哪些风险虽然票据是商业活动的一大“利器”，但使用不当也暗藏风险。首先是伪造、变造票据风险。票据作为纸质或电子凭证，存在被伪造、变造的可能。尤其是传统的纸质票据，不法分子可能通过涂改金额、伪造背书等方式制作假票。例如，连云港市海州区人民法院2024年就曾公开这样一则诈骗案例，两名公司实控人虚假开立无真实交易且不能兑付的商业承兑汇票，并以其抵付给某债权人用以勾销欠款，涉案金额达百万元。电子票据虽因加密技术安全性更高，似乎不会发生伪造情况，但实际上也已经出现了伪造电子汇票的案件。其次是兑付风险。票据的核心是“到期付款”，但如果开票方或承兑方信用破产，票据可能会由“白条承诺”变为一张废纸。例如，中小企业开具的商业承兑汇票，若企业经营恶化、流动性紧张、资金链断裂，到期时可能无法兑付，持票方将会遭受巨大损失。最后是操作风险。票据的制作格式、记载事项及行为程序必须严格符合法律规定，否则将导致票据无效或相关行为失效。常见的操作不当包括背书转让不连续、超过有效期、信息填写错误等。对于身处产业链核心环节的企业而言，熟悉票据这种规范、标准的金融工具，或许能为产业链上下游企业的资金安全与稳健经营多筑牢一道防线。内容来源：金融时报","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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