票据贴现融资，是指票据持有人在资金不足时，将商业票据转让给银行，银行按票面金额扣除贴现利息后将余额支付给收款人的一项银行授信业务，是企业为加快资金周转促进商品交易而向银行提出的金融需求。票据一经贴现便归贴现银行所有，贴现银行到期可凭票直接向承兑银行收取票款。
票据融资方式的好处之一是银行不按照企业的资产规模来放款，而是依据市场情况(销售合同)来贷款。企业收到票据至票据到期兑现之日，往往是少则几十天，多则300天，资金在这段时间处于闲置状态。企业如果能充分利用票据贴现融资，远比申请贷款手续简便，而且融资成本很低。票据贴现只需带上相应的票据到银行办理有关手续即可，一般在3个营业日内就能办妥，对于企业来说，这是“用明天的钱赚后天的钱”，这种融资方式值得中小企业广泛、积极地利用。对中国众多的中小企业来说，在普通贷款中往往因为资本金规模不够，或无法找到合适的担保人而贷不到钱，因此，票据贴现无需担保、不受资产规模限制的特性对他们来说就更为适用。
票据贴现的另外一个优势就是利率低。票据贴现能为票据持有人快速变现手中未到期的商业票据，手续方便、融资成本低，是受广大中小企业欢迎的一项银行业务。贴现利率在人民银行规定的范围内，由中小企业和贴现银行协商确定。企业票据贴现的利率通常大大低于到银行进行商业贷款的利率，融资成本下降了，企业利用贷款获得的利润自然就高了。
产生原因
根据<中华人民共和国票据法>及<票据管理实施办法> 、 <支付结算办法> 、《商业汇票承兑、贴现与再贴现管理暂行办法》的有关规定，票据的签发、取得、转让及承兑、贴现、转贴现、再贴现应以真实、合法的商业交易为基础，而票据的取得，必须给付对价。显而易见，中国现行法律、法规是禁止纯粹融资性票据的。当然从释放自有资金的角度讲，通过签发出票、背书转让实现的票据支付功能本身也蕴涵了融资功能。现在以“票据贴现”为名义的票据融资普遍存在，不仅银行、企业乐于从事和参与票据贴现业务，还陆续诞生了为数不少的专门提供票据融资中介服务的公司（“票据掮客”）。
正常情况下，票据融资会在银行和企业之间形成双赢局面。一方面，银行通过提供票据贴现服务既可以向持票人、出票人分别收取一定的贴现利息和手续费（根据<支付结算办法>的规定，银行承兑汇票的出票人应按票面金额的万分之五向承兑银行交纳手续费），又可以从出票人处吸纳一定的存款（依据不同信用等级收取不等的承兑保证金，通常为票面金额的30%），还可以持票向其他银行办理转贴现或向中国人民银行申请再贴现；另一方面，因贴现率远低于同期流动资金贷款利率，融资代价和难度相对较小，持票人通过贴现可以及时获得现金，加速资金周转，降低财务成本，甚至还可规避汇率风险。
但最近几年票据融资有愈演愈烈之势，甚至屡屡出现银行违规操作和诈骗银行的现象。通常的操作手法是，首先在企业集团内部通过关联企业（或是关系密切，建立了某种默契的上下游企业、合作伙伴）签订并无真实交易关系的虚假合同，备齐银行审查所需全套文件、单证，然后由一家企业申请银行开立承兑汇票，由另一家企业申请贴现，从而套取银行资金。个别企业专门为此成立 “皮包公司”，专事这类灰色操作，事后即销毁资料并注销公司；亦有个别作为出票人的企业到期表示“无力足额交存票款”，从而寻求与银行达成妥协，转为短期贷款，以此达到持续套取银行信用的目的；更甚者，与银行内部工作人员勾结，利用伪造、变造的银行承兑汇票套现。现在另有一种“融资公司”，其操作模式更为多元化，其可以为客户垫付承兑保证金，同时协助客户向银行申请开立承兑汇票，客户再用贴现所得款项归还“融资公司”垫付的承兑保证金，同时支持一笔手续费。
值得关注的是，中国人民银行于2005年9月5日下发了《中国人民银行关于完善票据业务制度有关问题的通知》，该通知对票据贴现事项做了较大幅度调整：（1）明确规定商业汇票的真实交易关系和债权债务关系由承兑行和贴现行负责审核，转贴现行和再贴现行（中国人民银行）只负责审核票据的要式性和文义性是否合规；（2）贴现申请人应向银行提供的单证范围由增值税发票扩展至普通发票。部分业内人士认为，这意味着扩大了可以进行票据融资的企业范围，拓宽了企业融资渠道，或许还昭示着融资性票据的逐步松绑。
运作程序
(一)票据贴现融资的种类及各自特点
1.银行承兑汇票贴现
银行承兑汇票贴现是指当中小企业有资金需求时，持银行承兑汇票到银行按一定贴现率申请提前兑现，以获取资金的一种融资业务。在银行承兑汇票到期时，银行则向承兑人提示付款，当承兑人未予偿付时，银行对贴现申请人保留追索权。
特点：银行承兑汇票贴现是以承兑银行的信用为基础的融资，是客户较为容易取得的融资方式，操作上也较一般融资业务灵活、简便。银行承兑汇票贴现中贴现利率市场化程度高，资金成本较低，有助于中小企业降低财务费用。
2.商业承兑汇票贴现
商业承兑汇票贴现是指当中小企业有资金需求时，持商业承兑汇票到银行按一定贴现率申请提前兑现，以获取资金的一种融资业务。在商业承兑汇票到期时，银行则向承兑人提示付款，当承兑人未予偿付时，银行对贴现申请人保留追索权。
特点：商业承兑汇票的贴现是以企业信用为基础的融资，如果承兑企业的资信非常好，相对较容易取得贴现融资。对中小企业来说以票据贴现方式融资，手续简单、融资成本较低。
3.协议付息票据贴现
协议付息商业汇票贴现是指卖方企业在销售商品后持买方企业交付的 商业汇票(银行承兑汇票或商业承兑汇票)到银行申请办理贴现，由买卖 双方按照贴现付息协议约定的比例向银行支付贴现利息后银行为卖方提供 的票据融资业务。该类票据贴现除贴现时利息按照买卖双方贴现付息协议 约定的比例向银行支付外与一般的票据贴现业务处理完全一样。
特点：票据贴现利息一般由贴现申请人(贸易的卖方)完全承担，而协议付息票据在贴现利息的承担上有相当的灵活性，既可以是卖方又可以是买方，也可以双方共同承担。与一般的票据相比，协议付息票据中贸易 双方可以根据谈判力量以及各自的财务情况决定贴现利息的承担主体以及分担比例，从而达成双方最为满意的销售条款。
(二)票据贴现的申办条件
1.按照《中华人民共和国票据法》规定签发的有效汇票，基本要素齐全；
2.单张汇票金额不超过1000万元；
3.汇票的签发和取得必须遵循诚实守信的原则，并以真实合法的交易 关系和债务关系为基础；
4.承兑行具有银行认可的承兑人资格；
5.承兑人及贴现申请人资信良好；
6.汇票是以合法的商品交易为基础；
7.汇票的出票、背书、承兑、保证等符合我国法律法规的规定。
(三)贴现申请人所需提供的资料：
1.贴现申请书；
2.未到期的承兑汇票，贴现申请人的企业法人资格证明文件及有关法律文件；
3.经年审合格的企业(法人)营业执照(复印件)；
4.企业法人代表证明书或授权委托书，董事会决议及公司章程；
5.贴现申请人与出票人之间的商品交易合同及合同项下的增值税专用发票复印件；
6.贴现申请人的近期财务报表。
(四)票据贴现申请手续
中小企业在申请票据贴现时，手续比较简便，主要有：
1.贴现申请人持未到期的银行承兑汇票或商业承兑汇票到银行分支机构，填制《银行承兑汇票贴现申请书》或《商业承兑汇票贴现申请书》；
2.银行按照规定的程序确认拟贴现汇票和贸易背景的真实性、合法性；
3.按银行的要求提供有关材料；
4.计算票据贴现的利息和金额：
贴现利息=汇票面值×实际贴现天数×月贴现利率／30
实付贴现金额=汇票面额一贴现利息
5.按照实付贴现金额发放贴现贷款。
各银行票据融资产品推荐
5.3.1 工商银行票据融资业务
风险防范
票据融资高企的背后是信贷投向的不均匀。商业银行规避风险和企业套利的动机导致票据融资增多，业内对这一点的认识较为一致。但是对于票据融资的主体，尚缺乏足够的重视。
中小企业以目前的规模，通常很难取得金融机构授信，票据融资的可能性就更小。多了这层了解，如果票据融资过多，有可能会出现“旱的旱死，涝的涝死”，信贷结构失衡进一步加剧。
由于票据融资具有成本低廉、手续简单、办理快捷等特点，深受企业的青睐。企业可以不付高额的贷款利息就能很容易的融到资金。票据法规定，票据必须是基于真实的贸易背景下开具的。但是一些企业为了获得资金的流通不牺开出虚假的票据，加之银行审核机制的薄弱，给了非法之徒以可趁之机，票据融资风险性可想而知。
Discount note financing, refers to the holders of the notes in the shortage of funds, commercial paper will be transferred to the bank, the bank discount interest deduction at par value after a bank credit business balance payment to the payee, is the enterprise to accelerate the flow of funds to promote the commodity trading to the financial needs of the bank. A bill through the discount to all discount bank, discount tickets can collect money from banks due to direct bank acceptance.
One of the benefits of the bill financing is that banks do not lend to the size of the assets of the company, but to the market (sales contract) to the loan. Companies receive notes to the date of maturity of the bill, often less than a few days, more than 300 days, the funds in this period of time in idle state. If the enterprise can make full use of bill discount financing, loan application procedures are far simpler, and financing costs are low. Discount only need to take the corresponding notes to the bank to handle the relevant formalities can be completed in 3 business days can, for the enterprise, this is "the day after tomorrow to earn money with money tomorrow, this mode of financing of small and medium-sized enterprises is widely and actively use. China of numerous small and medium-sized enterprises, in ordinary loans often because of the scale of capital is not enough, or can not find a suitable guarantor and loan money, therefore, discount without guarantee, is not affected by the characteristics of the asset size limits for them is more applicable.
Another advantage of the discount is the low interest rate. Bill discount for the holder of the rapid realization of the hands of the outstanding commercial paper, convenient procedures, low financing costs, is welcomed by the majority of small and medium enterprises a banking business. Within the scope of the people's Bank of China, the discount rate shall be determined by the medium and small enterprises and the discount bank. The interest rate of the enterprise bill discount is usually much lower than the interest rate of the commercial loan to the bank, and the financing cost is decreased.
Cause
According to the People's Republic of China commercial paper law > and < >, < the bill management measures for the implementation of measures for payment and settlement "," commercial acceptance, discount and rediscount management Interim Measures "of the relevant provisions of bill issuance, acquisition, transfer and acceptance, discount, discount, rediscount should be real, legitimate business transaction basis, and made notes, consideration must be given to. It is obvious that China's current laws and regulations prohibit the use of pure financing bills. Of course, from the perspective of the release of its own funds, through the issuance of bills, endorsement transfer to achieve the function of the bill itself also contains financing functions. Now the "discount" is widespread in the name of bill financing, not only banks, companies willing to engage in and participate in the discount business, also have born a number of special bill financing companies to provide intermediary services (notes broker).
Under normal circumstances, bill financing will form a win-win situation between banks and enterprises. On the one hand, banks can not only to the holder, the drawer respectively for the discount interest and fees by offering discount service (the drawer according to the provisions of payment and settlement measures > bank acceptance should be according to the par value of 5/10000 to pay fees, bank acceptance) but also from the drawer at absorb a deposit (according to different credit ratings ranging from the charge acceptance margin, usually the par value of 30%), can also handle ticket discount or apply to the people's Bank of China rediscount to other banks; on the other hand, because of the discount rate is far lower than the same period of liquidity loans, financing cost and less difficult to people can get through the discount ticket in cash, accelerate cash flow, reduce financial costs, and even to avoid exchange rate risk.
But in recent years there is a growing trend of bill financing, and even the phenomenon of bank irregularities and fraud banks often appear. The usual operation means, first of all in the enterprise groups through affiliates (or close to a tacit understanding of the downstream enterprises, partners) false contract no real transaction relationship, prepare bank review required a full set of documents, documents, and then by an enterprise to apply for bank acceptance bills, by another company for the discount, so as to obtain bank funds. Individual enterprises set up specifically for this "shell company", specializing in this kind of grey, afterwards that the destruction of data and the cancellation of the company; some enterprises as the drawer due said "to paid the deposit fare", so as to seek a compromise with the bank, for short-term loans, in order to continue to obtain bank credit to more; who, in collusion with the banking staff, the use of forged or altered cash bank acceptance bill. Now there is another kind of "Finance Companies", its mode of operation is more diversified, the customers can accept advance deposit, assist to apply for opening bank acceptance bill customers at the same time, the customer then proceeds to discount the "Finance Companies" advance acceptance margin, while supporting a fee.
The concern is that the people's Bank of China in September 5, 2005 issued a "notice" on the improvement of the people's Bank of Chinese system relating to negotiable instruments, the notice made substantial adjustments to the discount items: (1) authentic trade relationship and creditor debtor relationship specified by the accepting bank commercial bill and discount for review your current and put current (the people's Bank of Chinese) is only responsible for the audit notes to whether the type and meaning of compliance; (2) the applicant shall provide to the bank discount documents ranging from VAT invoices extended to general