A Research On Rationality Of The Registered Amount Of The Short-term Commercial Paper

National Association of Financial Market Institutional Investers(hereinafter referred to as "NAFMII")launch of the Short-term Commercial Paper(hereinafter referred to as"SCP")since the 2010,got highly sought after the inter-bank bond market,which can be used to supplement working capital,repayment of loans and other functions by the issuer is widely recognized and applied.However,the circulation of SCP is irrelevant to the 40%of net assets,the rationality of the registered amount has not been determined by the formal and rational method,which has caused over-financing or under-financing to some extent,causing burying credit risks in the inter-bank bond market,or inconvenient for the issuer’s working capital management.The main content of this article is to improve the calculation methods of SCP rational registered amount,filling the blank of practice method.This paper firstly introduce the background of SCP,followed by the literature reviews of current research related to working capital,then the determination rationality of the registered amount of SCP in practice is introduced,and summarizes the existing problems,then give the solution of the problems above one by one,after that,author puts forward the improved model,take Fuyao Glass Group Industries Co.,Ltd as an example for demonstration,the amount of registration calculated using the improved method is compared with the actual financing amount and the theoretical financing amount of Fuyao Glass in the current year to prove that the improved method is more suitable with the company’s actual capital requirements and is more rational in terms of methods.This article puts forward the problems and suggestions for improvement,introduce a new model which match the finance principle and practical operating convenience,to improve current practice in determining of SCP reasonable registration amount,provide a powerful tool for practice operation.