Research On The Pricing Influence Factor And The Application Strategy Of Corporate Short-Term Debt Financing Instruments

Non-financial corporate debt financing instruments(Debt financing instruments for short)refers to the non financial enterprises with legal personality in the inter-bank bond market,Agreed to repay the securities in a certain period of time.At the present stage,the financing mode of Chinese enterprises can be divided into internal financing and external financing according to different subjects.And external financing is the main source of financing at the present stage.External financing is divided into direct financing and indirect financing.The main channel of direct financing is the use of debt financing instruments to issue corporate bonds,corporate bonds,short-term financing bills,medium-term notes,and other products.Debt financing instruments as an important part of China's bond market,for more and more non-financial corporate finance provides a convenient channel,the number of enterprises and the market size of the issue is constantly expanding.The continuous development of debt financing instruments is of great significance to the sustained and healthy development of China's macro economy and enterprises.However,in the use of debt financing instruments for enterprises to carry out financing activities,is still facing many problems.The purpose of this paper is to allow enterprises to issue debt financing instruments in accordance with their own circumstances and market factors,to arrange the issue of the schedule and duration,to control the cost of financing,Therefore,this paper makes an empirical study on the factors affecting the pricing of the issue of the most widely used short-term financing bonds in the corporate debt financing instruments,With the method of mathematical economics,set up a quantitative model between the issue price and benchmark interest rate,the issue size,duration,credit rating and the reputation of the underwriter,This can help enterprises in the issue of short-term financing bonds to determine the appropriate issue price,to find a suitable time to issue,effectively reduce the cost of direct financing of enterprises;At the same time,this paper on China's debt financing instruments market distribution system,analyses the operation condition of the issuance procedures,combined with the Shandong high speed group successfully issued short-term financing bonds case,summed up the bond issue of critical success factors,which provides a reference for other enterprises financing activities.Through the research,this paper found:The benchmark interest rate,the issue size,the duration of the issue,the impact of credit rating on short-term financing bond issuance rate is very significant,The impact of the main underwriters on the issue of interest rates is not significant;The key to the successful issuance of debt financing instruments is the company's own good construction and preparation,the main underwriters,credit rating agencies,accounting firms,law firms choice,the issue price and timing of the grasp and improve the follow-up work;Finally,the paper puts forward the corresponding strategies and suggestions for the enterprises to issue debt financing instruments.Through the research,this paper found:Firstly,shibor interest rate as the issuance of short-term financing bonds benchmark interest rate is more appropriate,the issue price of bonds plays an effective guiding role;the other influence factors of debt financing tool for pricing,there is a negative correlation between the size of issuance,the main credit rating and the interest rate issue,the issue size is bigger,the main credit rating the higher the level of the interest rate issue will be relatively low,whereas the higher;there is a positive correlation between the interest rate and bond issuance period,namely the issue of the longer term,the interest rate issue is higher,this is because between the cycle and the risk is proportional to the relationship,and higher interest rates is the high risk of compensation;effect of underwriter reputation of short margin is not significant in the multivariate regression equation,that is to say the underwriter reputation in bond pricing is not dominant.Who,like the importance of relatively weak,this is mainly because our short-term financing bond issuance market is basically in a seller's market,by lowering the issue price and other underwriters competition strategy is generally not taken by the Underwriters,so the underwriter reputation is not short-term financing bonds issued in China pricing is very important.Secondly,enterprises in the issuance of debt financing instruments,construction and issue its own good pre prepared is a prerequisite for successful enterprise debt financing instruments issued by the Underwriters,credit rating agencies,accounting firms,law firms and other intermediary agencies choice,a reasonable grasp of the timing issue,issuing interest rate and the size of the offering is the key issue the issue;standard information disclosure is the basis for future enterprises to issue bonds...