短期融资券

基于结构化模型的企业短期融资券信用溢价研究

On Credit Premium of Short-term Commercial Paper Based on Structured Model

短期融资券信用价差分析

An Analysis of Credit Spreads of Short - Term Commercial Paper

因此，将Shibor利率作为短期融资券发行定价的重要参考指标有利于量化信用风险溢价，增强短期融资券利率确定的合理性。

Therefore , Shibor is made as important reference index for CP pricing , which is in favor of quantitative credit risk premium and enhances the rationality of determine the CP interest .

而公司治理状况及成长性指标对公司利用短期融资券融资的影响并不十分显著。

But the growth index and corporate governance have no significant effect .

中国上市公司发行短期融资券的影响因素分析

The Analysis of Short-term Financing Bills Issued by the Listed Firms in China

短期融资券亟需立法保驾

Short - term Financing Bills Need Legal Guarantee

银行公共关系短期融资券对商业银行的挑战与机遇

Bank Public Relations Short-term Financing Bonds Mean Both Challenges and Opportunities to Commercial Banks

协助企业发放中长期债券和短期融资券；

Help companies distribute midterm and long term bond and short time financing bonds .

短期融资券市场的启动，为金融市场上各个参与主体带来了新的机遇与挑战。

Short term bond brings opportunities and challengers for each body which participated in it .

第四部分主要介绍了短期融资券一般风险的确定和操作实务举例。

Fourthly , set an example to describe general risks and operational practices of short-term financing bills .

本文选取175只短期融资券为样本，研究各主要因素对短期融资券发行利差的影响。

This paper reviews the influential factors on short-term bond interest spread based on175 short-term bond issues .

另一方面，短期融资券也为各类型的投资者提供了一种短期的固定收益投资工具。

On the other hand , it also offers the investors a short term fixed income investment tool .

结果表明，目前上市企业短期融资券的信用溢价水平整体较低，但一些短期融资券信用溢价的差异较为明显；

Studies reveal a generally low credit premium of commercial paper but a marked discrepancy among the companies .

本文的核心问题是确定短期融资券利差的影响因素以及这些影响因素与价差之间的关系。

The core issue of paper is confirmed the influence factors of spread and the relationship between them .

随着短期融资券市场的不断运行和完善，其市场化定价的特征逐渐显现。

With the ongoing functioning and improvement of the commercial paper market , the characteristic of market pricing prevails .

首先从我国短期融资券发行现状出发并总结出其特点。

Firstly , we analyze the status quo of the issuance of short-term financing bills and summarize its characteristics .

2005年以后，符合条件的企业被允许在银行间债券市场上发行短期融资券。

After 2005 , eligible enterprises are allowed by the regulators to issue short-term commercial paper in the inter-bank bond market .

基于我国企业短期融资券自身的特点分析其存在的风险，其中主要风险为信用风险和财务风险。

We analyze its potential risks in which the major risks are credit risk and financial risk based on its characteristics .

资本市场监管边界研究&来自短期融资券与公司债券市场发展对比的启示

Research on Regulatory Boundaries of Financial Market & Implications from the comparison between short-term financing bill and corporation bond market development

企业短期融资券的推出对我国货币市场和债券市场发展具有重要意义。

The introduction of short-term financing bills is of great importance to the development of China 's monetary market and bond market .

作为信用创新产品，短期融资券的发展历程或多或少的代表着我国信用债券市场的未来发展趋势和可能遇到的问题。

As innovation products of credit , the development of CP represents the future trend of Chinese credit bond market more or less .

由于发行方式简便灵活，成本优势明显，短期融资券一经推出便得到了市场的追捧。

Since the appearance , short term bond has gained rapid development because of its convenient issuing method and cost advantage over other facilities .

在对攀钢集团短期融资券风险管理的过程中，某银行对攀钢集团长期经营能力进行了分析，同时着重分析了发行主体的短期偿还能力，包括偿付记录，同银行和其他客户交易的信用情况。

Bank of China focuses on the analysis of short-term solvency of issuers , including pay records , bank and other customers with the credit situation .

但由于公司治理结构及市场制度本身的缺陷，短期融资券融资偏好形成的过程中仍存在许多不合理的现象。

But there are many unreasonable phenomenon in the process of financing preference of Short-term financing bill because of defect of enterprise management structure and market system .

短期融资券的信用价差初具分化趋势，不同评级机构给出同一信用等级的信用价差不同，说明各评级机构在评级标准和评级理念的把握上存在一定的差异。

Credit spreads of short-term commercial paper ( CP ) have been diverging , same credit rating given by different rating agencies often accompanied by different credit spreads .

然而，短期融资券最实质的问题还是其定价的问题，但是要使定价趋于合理化需要成熟的市场以及大量发行和违约数据的支撑。

However , the substantial problem is how to price , make pricing tend to rationalize need the support of mature market and mass data of circulation and default .

这种现象的存在也就使得短期融资券在对商业银行的中短期贷款具有替代作用的同时，对商业银行的长期贷款形成了替代作用。

The existence of this phenomenon makes short-term financing bills in the short-term loans to commercial banks with an alternative role , and also forms a substitution for long-term loans .

短期融资券于2005年问世，它的出现为各类型的企业提供了除短期贷款、贴现票据以外的一种融资工具。

The commercial paper emerged in year 2005 . Its appearance provides the various enterprises a new short term financing channel apart from the short term loan and discount note .

证券公司由于在证券承销领域具有传统的专业和人才优势，此外，证券公司手中掌握的投行客户也可以成为企业短期融资券的潜在的客户。

In areas of securities underwriting , securities firms have the talent and professional advantages . Meanwhile , its investment banking clients can also be short-term financing bills ' potential clients .

本文在使用外生给定的违约回收率代替隐含违约回收率对结构化模型中的信用溢价公式进行修正后，对我国上市企业短期融资券的信用溢价进行了实证研究。

The author modified the credit premium formula in structured model by replacing implicit contract breaking payback with exogenous contract breaking payback and applies it to an empirical study of Chinese listed companies .