The Influence Analysis Of Issuing Commercial Paper On Performance Of Listed Company

China is now experiencing the highest peak of its bond market,since the approved of corporate debt by government in 2015.Bond financing scale is gradually increased,various bond products successively by the market,become an important means of corporate financing in our country.Among the bond products,commercial paper is favored by the market,which are characterized by low cost and fast distribution.Although corporate bonds and corporate bonds are the direct drivers of the bull market in the bond market,in China,interbank market bond products are still the main players.At present,China’s overall financing environment,the bond market,supervision and other fields is not mature,the resource allocation efficiency is low,the enterprise to get the money after the wrong investment behavior,can lead to larger debt service pressure.Based on this,the paper devotes to the research enterprise influence on firm performance,after the issuance of short-term financing bonds in China’s bond market,after a brief overview of the first elaborated the related theories of corporate financing.In this paper,the empirical analysis part,first of all,this paper assumes that: before the companies issuing short-term financing has a positive effect on firm performance,and secondly by principal component analysis,find the company’s performance,the measure of G method,through the KMO and Bartlett ’s ball test shows that the original variable indicators are suitable for principal component analysis,then found in the total variance explained table top three common factor,the three common factor as the main ingredient.So that the expression of the variance contribution rate and the principal components can be obtained,and the expression of the comprehensive performance of the company can be obtained,and the repeated appeal experiment can be obtained.In the following article,descriptive statistics and analysis of the company’s annual comprehensive performance are carried out.Found company comprehensive performance standard deviation is relatively large,short scale,and short financing rates of the standard deviation is relatively small,the company may issue of short melting limit utilization about the same,there are few using the total net worth 40% of the total amount borrowed in addition to that,for a short accounted for the proportion of the total liabilities,its average is smaller,at present the financing of listed companies are still relatively abundant,the utilization rate of short-term financing bonds is not high.Finally,setting up the regression equation for multiple linear regression analysis,find the independent variable coefficient R and found that company comprehensive performance and the circulation of short-term financing bonds have negative correlation,also found that enterprise development ability and the comprehensive performance was negatively related to relationship.In the end,the paper propose some policy suggestions on those issues,and hopes that the state will reduce administrative interference,further open up the short financial market,and decentralize the issuance of the banks to the securities companies,so as to facilitate the financing of enterprises.