Study On The Issuance Premium Of Commercial Paper In China

March 14,2010 Fourth Session of the National People's Congress formally closed first, the conference announced the " Twelve Five-Year Plan " made in China in the next five-year plan to speed up the multi-layer financial market system construction, to significantly improve our the proportion of direct financing, while efforts to broaden the breadth and depth of the money market, enhance market liquidity management. The article also highlighted in the next five years, China should accelerate the development of the bond market, improve the market system, distribution management, product innovation to promote the bond market, and steadily promote asset securitization business. " Twelve Five-Year Plan " China's economic life as a guiding document, the next five years on the development of strategic significance. Outline of the mid-point out the crux of our long-term capital market, requiring the development of direct financing to accelerate and broaden the financing channels for China's enterprises to change the business a long time the situation of over-reliance on indirect financing, improve our risk profile of the entire banking system. Since the plan raised immediate direct financing of the current problem, how do we solve it?Usually the main channel for direct financing of the two, one is through the stock market financing, other financing through the bond market. China's capital market in the long-term development lags behind the bond market, corporate finance through the bond market is much smaller than the proportion of the Western developed countries. Therefore, the " Twelve Five-Year Plan " proposed in the next five years, China should accelerate the development of bond markets, which means we can develop the bond market development to solve the difficult problem of corporate finance. So how do we develop the bond market?"Twelve Five-Year Plan" also made the strategic requirements of bond market development, which called for the issue of improving market management, and promote the bond market product innovation. People's Bank of China, May 23, 2005 introduction of the "short-term financing bills management approach", the short-term financing bills introduced inter-bank bond market, expand direct financing channels for change of direct financing and indirect financing of proportion, and monetary policy transmission mechanism, money market and capital market to promote the coordinated development of important strategic significance. But in the current half of the domestic financial market is the market situation, how to determine the short-term financing bond issuance spreads, what is the impact of short-term financing bills issued spreads has become a major factor issuers, underwriters and investors are most concerned about problem.In this article the issue of short selling on the spread of the short is mainly based on non-financial point of view, because the issuer credit rating of issuers of various financial indicators and business highly relevant, that is the main issue has been covered by the long-term credit rating most of the indicators of corporate financial information, while issuers of short-term solvency and long-term solvency of the impact of the spread of the distribution was not significant (Li Hong, Dai Hung,2007), this article will focus on the analysis the issue of corporate credit rating, firm size, business nature, industry, distribution period, issue size, underwriter and other non-financial factors. Short article in the margin of the first issue of the various factors were spread qualitative and quantitative analysis to illustrate the various factors on the impact of short-short selling issue of the reasons for spreads, and spreads associated with the size issue. And from the perspective of econometrics, select the relevant indicators to establish a large model of quantitative analysis, statistical regression to the eventual establishment of the structure can withstand the spread of measurement model testing. To this end, I first collected in 2010 issued 442 short-term financing bills, and a collection of short-term financing bonds of each issue of interest rates, issue size, issue time, rating agencies, underwriters and issuers since the nature of 19 variables for regression analysis. By analyzing the impact of short-term financing bills I found an important factor in a total of nine, while the long-term corporate credit rating, corporate nature, the main issue of the scale of the bond issue size, Shibor interest rate, term issue short-term bonds issued affecting the spread of the main factors which affect the short interest rate margin Shibor issue spreads the most basic and important factor, while the main credit rating, corporate nature of the full-scale issue is more important factor.This paper introduces the definition of short-term financing bonds, and financing through other financial instruments with contrast, indicating that short-term financing bills, compared with other financing the advantages and limitations, both short-term financing bonds in the domestic and international developments on the basis of comparison, points out the direction of short-term financing bonds. Then study the issue of short-term financing of vouchers since spread throughout the market conditions and the issuance of the situation, and the theoretical analysis of the short-term financing bills issued spreads components. Finally, I on the basis of previous research, by collecting large amounts of data, select the size of the company issuers, corporate nature of the industry, the main credit rating, the rating agencies, underwriters, issued for a period, issue size and on behalf of the macroeconomic situation Shibor interest rates on short-term financing bonds issued carry an empirical analysis, short-term financing bills intended to explain the spread of the formation, and thus guide the enterprises in the short-term financing bonds issued when the attention to what issues, hoping that through my research for our short-term financing bills market-based pricing to provide some guidance, so as to promote short-term financing bills market in China's rapid development.