Based On The Pricing Of The Central Counting Rate Of Short-term Financing Bills And Issue Research

Along with the global economy development, the finance is also having an earth-shaking change. Financial innovation unceasingly thorough each area, and financial tool's unceasing increasing, not only provides more ways for the enterprise's financing and investing and more opportunities for investors, but also brings some challenges to commercial bank's service. They have to expand the scale of financing if small and middle companies want to survive and to develop. But various factors have determined the problem of difficult financing of small and middle companies. Although large enterprises's financing conditions is better than small and middle companies in comparison, they have to find the cheapest way of financing because of the different cost of the various financing methods. Short-term financing bills came into being, providing an extream-new choice for the financing of enterprises. But short-term financing bills have been in the presence of a relatively short time, the pricing of financing bills have not yet been mature, so this article is talking about the prcing of short-term financing bills based on the rate of the central-bank paper.First proposed in this paper on the meaning and background, and then on this study at home and abroad in recent years the theory and practice and the results were retrospectively reviewed. Then find the linear relation between central-bank paper and short-term financing bills after studing on them, and build a one-factor linear model with empirically tested. Something needs improving and forecasting study for future are the final proposed in this paper.