Research On Motivation And Performance Of Non-ferrous Listed Companies To Issue Standardized Bills

In recent years,although China’s bill market has been affected by the new crown pneumonia epidemic,it still maintains a steady growth momentum.Overlooking the development process of 41 years,China’s bill market has mainly experienced three stages,it is respectively the stage of exploration and disorder expansion at the end of the 20 th century,the stage of gradual standardization and rapid development at the beginning of the 21 st century,and the stage of normative development and gradual stability after the establishment of the Shanghai Bill Exchange on December 8,2016.In the 41 years of development,the role of the bill market has been more fully demonstrated,from a simple payment tool to a financing tool.One year after the pilot of standardized bills,the "Measures for the Administration of Standardized Bills" was officially implemented on July 28,2020.The development prospects and sustainable development capabilities of this innovative bill product have aroused widespread interest.Based on the research of the existing literature,this thesis comprehensively uses factor analysis and case analysis to conduct an in-depth study of the standardized bill "Huatai Securities Co.,Ltd.Jiangtong Jiuyin Phase 1 Standardized Bill2020".The outline of each chapter is as follows.The main part of this thesis is divided into six chapters,each of which has a logical relationship from the outside to the inside.The first parts of this thesis reviews standardized bills from three aspects: bill standardization,bill financing and standardized bills.The second parts of this thesis mainly introduces and summarizes the meaning,business advantages and modes of standardized bills,as well as the characteristics and influence of non-ferrous metals using standardized bills.The third parts of this thesis combined with the current issuance situation and the four major financial indicators of non-ferrous metal listed companies,using factor analysis and descriptive statistical methods,an empirical analysis of the underlying asset benefits of standardized bills is carried out.After analysis,it is found that standardized bills based on commercial bills can help improve the benefits of non-ferrous metal listed companies,provide new ideas for non-ferrous metal enterprises to use financial tools,and provide new ideas for payment,settlement and financing.The fourth and fifth parts of this thesis take "Huatai Securities Co.,Ltd.Jiangtong Jiuyin Phase 1 Standardized Notes in 2020" as the research object,from the development of the non-ferrous metal industry chain,the establishment of The transaction structure,reasons for issuance,benefit analysis and other aspects were studied,and the following conclusions were drawn: The use of standardized instruments can ease the financial pressure on SMEs and investments in standardized instruments can provide higher real benefits,and a storage authority is the key to success in creating standardized bills,which are the basis for the successful redemption of standardized bills.The sixth part puts forward countermeasures and suggestions for improving and developing standardized bill products: building an online collection platform for basic assets,The rating agencies for standardised debt assessments have been improved,standardised recriminations have been proactively carried out and specific tools have been developed for storage facilities.