| Super & short-term commercial paper,or SCP for short,was first issued in 2010.Super & Short-term commercial paper is a kind of unique financing tools in China’s financial market.They are short-term commercial papers issued by non-financial enterprises with legal personality and high credit ratings in the inter-bank bond market with a maturity of less than 270 days.Super & Short-term commercial paper is designed as the reference of the concept of short-term commercial paper,focusing on simplifying the issuance procedures which is an innovation based on market demand.As the shortest-term financing bonds,it satisfies the needs of many businesses for short-term funding.However,super & short-term commercial paper have been available for a few years till now,and domestic and foreign researchers did not do further researches based on super & short-term commercial paper.In practice,super & short-term commercial paper in 2013 were extended to local enterprises and many enterprises have not yet had any experience in issuing super & short-term commercial paper.In this case,it is of great significance that study of the relationship between the issuance of super & short-term commercial paper by local enterprises and liquidity,loan risk,financing costs and company performance.This paper selects the first local enterprises that issue super & short-term commercial paper as the research object,which aims to provide experience for other local enterprises to issue super & short-term commercial paper in the future.This paper studies through research methods,such as standardize research method,case study method and comparative research methods.In the standardize part of the study,we review the meaning,something special,strength and weakness,good and bad aspects,issuance motivations and effects of super & short-term commercial paper by reviewing domestic and foreign literatures on motivation,influencing factors,pricing,credit risk and interest rates of super & short-term commercial paper.In the case study part,this paper takes Jiangxi Expressway Group as an example to analyze the motivation and effect of listed companies issuing super & short-term commercial paper.Case study shows that:(1)super & short-term commercial paper issued by Jiangxi Express Group maintained the company’s fund needs;(2)super & short-term commercial paper issued by Jiangxi Express Group reduced the risk of corporate lending;(3)super & short-term commercial paper issued by Jiangxi Express Group reduced the financing costs;(4)super & short-term commercial paper issued by Jiangxi Express Group improved the company’s performance.The contributions of this paper are as follows:(1)based on the case of local enterprises issuing the first super & short-term commercial paper,the motivations and effects of issuance of super & short-term commercial paper are analyzed,and a case study of the issuance of super & short-term commercial paper is provided;(2)through the case study,it proves that the superior differences of interest rate of super & short-term commercial paper can help the company to reduce financing costs;(3)introduced the experience and precautions of the issuance of super & short-term commercial paper in detail.This paper consists with five chapters: The first chapter is introduction.First of all,it puts forward the research background and significance of this article.Based on this,it reviews the relevant domestic and foreign literature,lists the previous studies on the motivation,influencing factors,how to deciding the price,and is there any risk about credit and how suitable the interest rate is of super & short-term commercial paper,and finally proposed the research ideas and methods of this article.The second chapter is an overview of super & short-term commercial paper theory.This paper first proposed the topic,the ideas and special points of super & short-term commercial paper,and compared the financing methods of super & short-term commercial paper with other bonds such as corporate bonds,medium-term notes and short-term commercial paper to summarize the characteristics of super & short-term commercial paper.After that,this article summarizes the advantages of the company issuing super & short-term commercial paper.Then,this article analyzes the shortcomings of the company issuing super & short-term commercial paper.Finally,this paper introduces the relevant theory of super & short-term commercial paper,which provides a basis for the analysis of this study.And for the third chapter is the case introduction of the issue of super & short-term commercial paper by Jiangxi Expressway Group.This chapter introduces the background of Jiangxi Express Group’s issuance,company profile,assets and liabilities.Then,this chapter introduces the issuance of super & short-term commercial paper Jiangxi Express Group,such as the size of the issuance,the repayment period,and management and information disclosure after issuance.The fourth chapter is the motivations and effects analysis of Jiangxi Express Group issuing super & short-term commercial paper.This article mainly analyzes the motivation,financing features and financing effect of super & short-term commercial paper issued by Jiangxi Expressway Group.The fifth chapter is the conclusion and enlightenment of the case study.This chapter gives the conclusion through analysis,and finds out the reasons and enlightenments on the successful issuance of super & short-term commercial paper by Jiangxi Expressway Group,which provide experiences and theoretical basis for the promotion of super & short-term commercial paper to more local enterprises. |
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