The Analysis Of Short-term Commercial Papers In Dongfeng Motor Group

In 2010,National Association of Financial Market Institutional Investors issued ?Non-financial enterprises Short-term Commercial Paper business rules in National Association of Financial Market(trial)?,officially promote this new bond financing product among the inter-bank bond market.Super & Short-term Commercial Paper,is a short-term financing bonds of 270 days issued by non-financial enterprises in the inter-bank bond market which were legal persons with higher credit rating.Short-term Commercial Paper is a kind of pure debt financing tool,which is another big innovation of our country's bond financing tool after short term financing bond,which fills the lack of financing mode of our country's enterprises in a year.As a new financing way,Short-term Commercial Paper is being adopted by more and more companies in our country,but it is still short in our country's development process.So far,people have to stay in the initial stage.Compared with foreign research,domestic scholars have not conducted in-depth study on the Short-term Commercial Paper,the existing research is based on the study of foreign scholars and domestic short-term financing bonds.In view of this,this paper studies the relationship between corporate performance,capital structure,financial expenses and other issues related to the issue of Short-term Commercial Paper,which can be used to promote and apply the Short-term Commercial Paper in the market.In this paper,a combination of theoretical research and case study method is used to analyze the issue of Short-term Commercial Paper issued by listing Corporation.On the basis of reviewing the domestic and foreign literatures,this paper mainly analyzes the characteristics,advantages and disadvantages of Short-term Commercial Paper issued by listing Corporation.In the case part,this paper analyzes the causes,characteristics and economic consequences of the Short-term Commercial Paper issued by the listing Corporation in China.Case studies show that:(1)the issue of Short-term Commercial Papers to guarantee the company's financial needs,(2)the Dongfeng Motor Group issued Short-term Commercial Papers reduced the cost of capital,(3)Dongfeng Motor Group issued Short-term Commercial Papers to optimize the capital structure,(4)Dongfeng Motor Group issued Short-term Commercial Papers to improve the company's operating performance.So this paper summarizes the successful experience of the company's Short-term Commercial Paper:(1)a good financial situation is the basic condition for the enterprises to issue Short-term Commercial Papers,(2)reasonable design and issuance of Short-term Commercial Papers is the premise of success,(3)improve the information disclosure and follow-up management is the successful issuance of Short-term Commercial Papers,(4)the quality service is the company's issue of Short-term Commercial Papers.The main contribution of this paper is:(1)Analysis the motivation,characteristics and the economic consequences of the Short-term Commercial Paper issues by companies combined with a real case in China's securities market,providing a case study of listed companies;(2)Expounding some useful experiences and precautions of issue Short-term Commercial Paper;(3)Providing reference for companies to issue the Short-term Commercial Papers.This paper is divided into five chapters.The first chapter is the preface.This chapter briefly introduces the research background and significance,the research status at home and abroad,the ideas and methods of this article,and presents the basic framework of this article.The second chapter is about the basic theory of Short-term Commercial Paper,firstly introduces the concept and characteristics of Short-term Commercial Paper;secondly introduce the advantages and shortages of Short-term Commercial Paper;then discusses the separable terms of issue of Short-term Commercial Paper;finally introduces the theoretical basis of Short-term Commercial Paper,it is the theoretical support of this paper.The forth chapter is analysis of motives and characteristics of the Short-term Commercial Paper issued by Dongfeng Motor Group.This chapter includes the issue of Motivation and characteristics.The second part is the effectiveness analysis of the Short-term Commercial Paper issued by Dongfeng Motor Group.This chapter is the focus of the text,including the impact of the company's capital structure,financial costs and operating performance and shareholder wealth.The fifth chapter is conclusions and implications of this case,coming to the conclusions and drawing inspirations on the basic of the analysis in the previous chapter.