Research On Commercial Paper Financing Of Henan JT Company

In mature capital market countries,as regular currency market products,commercial paper account for nearly one-third stocks in the scale.Commercial paper financing bills are beneficial to make the investments in currency market more and more variety.It broadens the direct debt financing channels of companies,and enhances the flexibility and convenience in companies.It is beneficial to promote interest rate marketization,and guide more funds invest to the real economy.On May 20,2009,Henan JT company issued the first commercial paper bonds--one billion yuan.During the period from 2009 to 2018,the company issued 30 sessions of commercial paper bonds financing amount of 26.5 billion yuan.Henan JT company's capital requirements were satisfied by the reasonable utilization of commercial paper which positively affected the market.Apart from that,it also had certain impact on the industry and the domestic capital markets.The case of Henan JT company commercial paper that was selected for this paper is typical.It is meaningful to summarize the successful experience and provide further enlightenment and reference for corporate finance,hence it has practical significance.In academic research,the academic significance can be shown from the research of the commercial paper,which was not discussed internationally and rarely studied domestically.The methods of literature research and case studies were used in this paper.First of all,the literature of financing pattern,the release agent of commercial paper bonds,risk and related theoretical basis were read.Secondly,theories were discussed about the concept of commercial paper,the flow of issue,the stipulation of issue,the advantages and disadvantages of commercial paper and issuer risk.In the case,through the enterprise management situation,funding needs and financing advantage to analysis the reason of financing.Through the enterprise financial effect,market effect,management effect to analysis of the effect of its commercial paper.Through multiple experiences,it summed up the financing of commercial paper bonds.Combined finance with the company's financial situation,to make suggestions on how to choose the financing tools,design the financing,and avoid risks.It provides case reference for Chinese enterprises to issue commercial paper bonds and it also facilitates the popularization and utilization of commercial paper bonds in the market.