企业短期融资券

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

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 .

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 .

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 .

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 .

企业短期融资券在优化商业银行资产结构、促进盈利模式的调整、提高银行资产管理能力和经营效率的同时，对商业银行短期贷款产生替代效应，增大银行经营风险。

Short-term financing bills market will help commercial banks improve asset structure and management , accelerate the upgrading of business models . At the same time short-term financing bills market has negative impacts on commercial banks , such as the substitution effect and possible increase of operation risk .

近年来，在投资基金、企业债、短期融资券等创新金融工具的冲击及资本充足监管的约束下，商业银行传统的业务模式正面临着调整。

In recent years , under the assaulting of such innovative financial instruments as investment fund , corporate bond , short-term financing bond , etc. and in the constraint of capital adequacy supervision , traditional business model of commercial banks is being confronted with adjustment .

短期融资券是企业依照《短期融资券管理办法》规定的条件和程序在银行间债券市场发行和交易并约定在一定期限内还本付息的有价证券。

Short-term financing bill is a kind of portfolio which is issued by enterprise in accordance with the conditions and procedures of " short-term financing bills Management Measures " and traded in the inter-bank bond market , and agreed to a certain period of debt-service .

如果企业在证券市场融资受阻，证券公司可以转为发行企业短期融资券，因此，一旦证券公司大规模进入企业短期融资券承销市场，将对商业银行形成实质性的挑战。

If the business disruption in the securities market financing , securities firms may opt for the issuance of enterprise short-term financing bills . Therefore , once a large-scale of securities firms into underwriting short-term financing bills market , commercial banks will face a tremendous challenge .