Study On Short-term Securities Bill Market In China

In the United States,commercial paper is one of the most common financial instruments that solve the problem of short-term financing for all companies.Now commercial paper market has developed very fast with a considerable size and has become the major instrument in American market.Learning from development experiences of American commercial paper market,the People' s Bank of China proactively push ahead the short-term securities bill.This allows qualified companies to issue short-term securities loans to institutional investors in inter-bank bond market.A short time after the enactment of the Administrative rule,the short-term securities bill market has developed to a considerable size,far exceeding that of corporate loans of financing in the same period.This fact shows that short-term securities bills comply with the requirement of development of current financial market in China and gain wide recognition of issuers,investors and the market.Short-term securities bill is an important innovative product in money market,with the significance of being like a landmark.Short-term securities bill is a new facility in the market.However,because of the financial environment,there are still lots of shortcomings and potential risks existing in the market.The thesis uses earlier period research of domestic and foreign scholars and combines our own country's real condition,analyses the problems of the short-term securities bill market. Experiences of the short-term securities bill should be generalized on a timely basis.And we should reference the experiences of American commercial paper market.The course of its development will encounter a lot of problems,such as credit rating system is not advanced enough,unbalanced market development,fundamental conditions is not perfect and so on.Simultaneously,the thesis provides related suggestions and solutions on the problem stated before.For instance,we should implement credit enhancement,regulate the credit rating market, reinforce the credit risk control ability of the investors,and consummate information disclosure mechanism so as to promote the fast,healthy and order development of short-term securities bill market.