The Credit Risk Analysis Of Chinese Short-Term Commercial Paper

Since 2005,short-term commercial paper as China's short-term financing tools developed rapidly for many companies to solve the short-term liquidity problems and very welcomed,but also broke the rigid redemption,the emergence of credit defaults,causing the bond market to issue bonds Business credit risk concerns.The current situation is that,in addition to state-owned enterprises and central enterprises,other enterprises have the problem of financing difficult to finance,and local state-owned enterprises exist in the government's implicit security issues,China's bond credit risk management has a great hindrance,China needs to improve Supervision methods,drawing on the US commercial paper credit management methods,at the same time according to national conditions,regulate China's inter-bank short-term financing bonds management methods,so that the short-term financial markets more healthy development.This paper analyzes the present situation and existing problems of short-term commercial paper in China from the perspective of "15 Northeast Special Steel CP001" issued by Northeast Special Steel Group Co.Ltd.especially in the perspective of credit risk.This paper introduces the theoretical background of short-term commercial paper and credit risk management.Then,through the investigation and analysis of the data of the northeastern special steel and the related reports,this paper introduces the first local state-owned enterprise bonds in China's banking interbank market The process of breach of contract and the existing problems;Secondly,the case has done a comprehensive and comprehensive analysis,from the pre-issuance period,the existence of the three angles after the breach of China's short financial market risk management shortcomings,and through the collection of the Northeast.This paper analyzes the possible default situation by using the Z value model.Finally,through the credit risk management of American commercial paper,this paper puts forward the countermeasures of credit risk management for the inter-bank short-haul market in China.