The Analysis On The Influence Issues Of Financing Preference About Short-term Financing Bill

Short-term financing bill is primised by the issuer to repay the capital and interests in some fixed date. The character of Short-term financing bill is similar to the Commercial Paper in developed countries. Since its appearance, Short-term financing bill has gained rapid development because of its convenient issuing method. By disclosing the factors affecting financing preference, the paper summerizes influencing factors systemicly and comprehensively and find the most important factors that affects financing preference.Firstly, in the method of documents research, based on research achievements of financing preference, this paper reviewes history and current situation of Short-term financing bill at home and abroad and proposes the theories foundation of the paper.Secondly, the paper analyzes the influence factors of financing preference of Short-term financing bill. The paper divides the factors into two parts: Inner factors are a kind of factors that affect financing preference directly; external factors are a kind of factors that affect financing preference indirectly.By assumptions and variables design, establishment of studied samples, and design of collecting dates, the paper brings up total process of empirical study, and then analyzes Short-term financing bill of our country. Based on existing research results at home and abroad, the paper chooses the most explanatory ten factors, and quotes audit opinions and credit rating as the key dates to analyze and construct the model.The result shows that the key factors affecting enterprise choosing Short-term financing bill as financing way are capital structure, profit-making ability, capital cost and credit rating. At the same time, with improvement of marketing extent and completement of institutional environment, marketing factor is playing an increasingly important role in the process of formation of enterprise financing preference. 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. So the government should guild gradually finance of enterprises by reasonable system adjustment and make them choose financing way to maxmize the value of enterprise to improve the efficiency of resource allocation.