Study On Offerings Pricing Of Chinese Commercial Paper

Real marketization of offerings pricing is the orientation of reforming anddeveloping Commercial Paper (CP). As for how to improve the efficiency of itsofferings pricing, staff of securities and supervisors are trying their best to explore.The aim of the thesis is based on the theoretical and authentic research, tocomprehensive analysis the basis problems of Commercial Paper's offerings pricing,thus to get some hints for its real marketization.The thesis research, evaluation and offering mechanism are two basic questions.The thesis consists of 5 parts. The first part is introduction. The second part exploresthe evaluation of Commercial Paper, and the emphasis is put on choosing pricingcriterion and credit risk pricing. The research results show that present PDC's interestrate of bill pricing can be the pricing basis of Commercial Paper, but the present riskpricing model is not quite applicable for measuring credit risk pricing. So furtherexplore and research are necessary. The third part analyses relative problem of pricingmechanism. Adapting the comparative analysis approach, the thesis proves theadaptability of Book-building and has a comprehensive study on features of ChineseCommercial Paper pricing mechanism and on price determining process. The fourthpart analyses the elements of influencing Chinese Commercial Paper offering pricingwith the help of authentic research. The results show that participants show muchconcerns on enterprise ownership and fluidity, but pay less attention to the payingdebt ability. To the conclusion part, to counter the problems existed bring up someproposals.