Financial Risk Research Of The Short-term Financing Bonds

In recent years, due to the dramatic changes of the macro-economicsituation at home and abroad, China’s monetary policy appeared frequentadjustments, the turning speed, short time，span of large, was unexpected.This matter has brought great influence to the enterprise financingenvironment. Short-term financing bonds in China capital market as a newfinancing tool, providing a kind of direct financing channels, the vastnumber of enterprises welcome it since its introduction. But in the periodof domestic monetary policy changing under conditions of uncertainty, thephenomenon of short-term financing bonds has always been the businesspursuits is also bound to have certain risk. Not only is the enterprisefaces not honour debt due to the financial risk, but also have a greateffect on the capital market and the interests of investors.This paper mainly studies financing sources of risk and the correspondingchanges in the financial risk of the enterprise through the short-termfinancing bonds under the different monetary policy environment. Researchresults show that In the loose monetary policy stage, short-term financingbonds does not obviously exist the phenomenon of short financing used forthe long invest, and short-term debt repayment ability also did not appearsignificantly decreased, therefore, the phase of the financial risk didnot show changes. In the tightening monetary policy stage, short-termfinancing bonds appeared to a certain extent of short financing used forthe long invest, and along with the continued tightening monetary policy,short-term debt repayment ability also begin to decline significantly,therefore, the phase of the financial risk also appeared to declinesignificantly.Finally, according to the conclusion, some suggestion are offered: weshould take precaution against the raising off short funds for long terminvestment. We should prevent excessive debt. We should Vigorously develop the long-term bond market. We should Check issuer credit status.We should Strengthen the regulation of information disclosure.