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

Endogenous fund-raising is the first choice for enterprise financing,followed by exogenous fund-raising.Optimize debt financing,and then consider equity financing.This sort of financing has achieved universal certification in some developed countries.However,it is obvious that Chinese enterprises prefer equity financing.With the rapid development of bond economy,the appetite for corporate bond financing is increasing year by year.At present,the demand of enterprises to obtain efficient,timely and low-cost short-term direct financing through the inter-bank market is increasingly urgent.In order to accelerate the strategic adjustment of economic structure,transform the mode of economic development,and promote the orderly progress of enterprises,it is necessary to restructure their fund-raising structure.On the premise of paying attention to risk prevention and keeping the market running healthily,China Association of Interbank Market Traders has carefully studied the law of financial market development at home and abroad and the actual needs of enterprises' production and operation,and introduced innovative products such as ultra-short-term financing bills to eliminate the financing defects of enterprises and solve the financing problems of enterprises.As an innovative economic product of the interbank market,the ultra-short-term financing bond is a powerful tool for managing the volatility of enterprises.Ultra-short-term financing bills are innovative in accordance with market demand,drawing on the design concept of short-term bonds in the past,focusing on simplification of issuance procedures.Therefore,the ultra-short-term financing bond is a unique innovative financing tool in China's financial market.Only those non-financial enterprises with relatively high credit rating and legal personality can be issued.Ultra-short-term securities are issued in the interbank bond market,and the issuance period is limited to less than nine months.As the shortest maturity of a financing bond,it meets the needs of many enterprises for short-term funds.This paper first introduces the research background and significance of this topic,and summarizes the relevant literature,which is divided into three points: the research on the motivation of issuing ultra-short-term securities,the research on the interference factors of promoting ultra-short-term securities,the research on the price,credit rating and interest rate of ultra-short-term securities.Then,through the literature and knowledge,the paper analyzed the arguments about the financing of ultra-short-term financing bills,focusing on the definition and characteristics of ultra-short-term financing bills,the advantages of enterprises in promoting ultra-short-term financing bills,the shortcomings of enterprises in issuing ultra-short-term financing bills,the theoretical basis and trading regulations of enterprises in issuing ultra-short-term financing bills.This paper mainly uses the following three research methods:(1)case study method;(2)literature research method;(3)theoretical research method.This paper introduces the case of Dongfeng Automobile Group issuing ultra-short-term financing bills through case analysis.This paper expounds the marketing situation of Dongfeng Automobile Group Company,the assets and liabilities of Dongfeng Automobile Group Company and the recent situation of the implementation of ultra-short-term financing bills of the Group.Further,the dynamic and results of Dongfeng Automobile Group's issuance of financing are obtained by case analysis.It is divided into four points: the motivation of issuing ultra-short-term financing bills,the characteristics of financing bills,the reasons for the smooth implementation of ultra-short-term financing bills by Dongfeng Automobile Group,and the effectiveness of the implementation of ultra-short-term financing bills.Finally,the conclusion and Enlightenment of the case are put forward.The issuance of Dongfeng Automobile Group's ultra-short-term financing bills is relatively successful,which is a major breakthrough in the development of financing channels for the market.Based on the analysis of the case of Dongfeng Automobile Group Co.Ltd.issuing ultra-short-term financing bills,this paper summarizes the successful factors and experience of the issuance of ultra-short-term financing bills by investigating and researching,and provides experience help for the follow-up enterprises issuing ultra-short-term financing bills.In recent years,ultra-short-term financing has become a hot spot.As an innovative product of direct financing,Ultra-Short Term Financing Bill(Ultra-Short Term Financing Bill)has the characteristics of short term,high efficiency and large amount of money.It has played an important role in China's capital market.It not only fills the gap of short-term credit product market in China,but also provides an important and efficient direct financing channel for enterprises.However,there are still many uncoordinated factors in the current short-term securities market in terms of regional distribution and issuing subjects.Therefore,this study has important practical significance.