Analysis On The Behavior Of Jiangxi High-speed Medium-term Note Financing

China's highway industry has always been financing in a relatively simple way,mainly with bank loans.In the actual operation of financing,the highway enterprise's capital mainly comes from bank loans,this financing model is difficult to meet the needs of its long-term development,the innovation of the financing way is imminent.The medium-term note is the result of this development trend,and it is deeply loved by the financiers with locking in financing cost in the long term and reducing the advantages of refinancing risk.At the same time,under the push of national policies and market selection,bond issuers made many innovations to medium and long term bonds varieties in order to improving financial market efficiency,promoting the financial service ability,and promoting financial and real economy coexistence and co-prosperity of standards,combined with the demand for their own situations and different investors.This paper chooses Jiangxi high speed group co.,LTD as the research object.It analysis from three aspects: financing motivation,main risk and prevention measures,and financing effect.Meanwhile,it focused on the structure of financing innovation to induce the conclusion and revelation: flexible design period,embedded foreclosure,low issuing interest rates.I hope it can provide the reference for highway enterprise implementation of the medium-term notes financing operation in the future.Because the highway industry's financing channel is single,the medium-term notes financing behavior solved the above problems,overcome the high-speed group capital expenditure pressure,reduce the cost of financing and give enterprises debt management with flexibility.It needs to be noted that there are some risks in the actual operation of the medium-term notes.For example,the issuer fails to pay the medium-term notes in full amount,the risk of the participate in the organization,the risk of the central clearing house's settlement,and the risk of the lead underwriter's postponing the issuance.This article also gives some solutions to the mentioned risks mentioned above.In this case,it is easy to see that Jiangxi high-speed set up and issue 4 medium-term notes in 2015,thus it successfully obtained ?7.5 billion monetary fund is a successful mid-term bill financing.Therefore,in the fifth chapter,the successful experience and enlightenment in this case are summarized to help other enterprises to choose medium-term notes financing.