I 河南JT公司短期融资券融资研究 摘要 在成熟的资本市场国家，短期商业票据作为常规货币市场产品，占其货币市 场存量规模近三分之一。短期融 资券有利于丰富国内货币市场投资品种，拓宽企 业直接债务融资渠道，增强企业短期融资的灵活性和便利性，有利于推进利率市 场化，引导资金更多投向实体经济。2009年5月20 日，河南JT公司发行首期 短期融资券，规模10亿元，2009-2018年期间，该公司共发行30期短期融资券， 累计融资金额共265亿元。河南JT公司运用短期融资券融资不仅解决了自 身的 资金需求，而且在同行业和国内资本市场上具有一定的积极影响。河南JT公司 是大型国有投资公司，本文选取的该公司的短期融资券融资案例具有一定典型性。 学术研究方 面，国内外专门针对短期融资券的研究较少，本文专门就短期融资券 融资进行研究，具备一定的学术意义。通过总结该公司成功发行短期融资券经验， 可以为其他企业短期融资 提供借鉴，这具有一定现实意义。 本文采用文献研究和案例研究的方法对短期融资券融资进行论述。首先对其 融资模式、发行短期融资券动因、发行风险和相关理论基础的已有 文献进行阅读。 其次从短期融资券概念及发行流程、发行规定、短期融资券融资优势与劣势、短 期融资券发行风险等方面进行理论概述。案例方面，通过企业的经营情况、资金 需求、融资优势等方面分析短期融资券融资的动因；通过该企业财务效果、市场 效果、管理效果等方面分析其短期融资券融资的效果；通过多次发行短期融资券 总结出融资经验 ，将债券融资与公司财务情况相结合，在如何选择融资工具，融 资方案的设计，及规避风险方面提出合理化建议。为我国相关企业发行短期融资 券提供案例借鉴，也可以为短期 融资券在市场中的推广和运用起到促进的作用。 关键词：短期融资券；信用风险；融资效率；资本结构 华北水利水电大学 II RESEARCH ON COMMERCIAL PAPER FINANCING OF HENAN JT COMPANY ABSTRACT In mature capital market countries, as regular currency market products, commercial paper account for nearly one-third stocks in the scale. Commercial paper financing bills are beneficial to make the investments in currency market more and more variety. It broadens the direct debt financing channels of companies,and enhances the flexibility and convenience in companies. It is beneficial to promote interest rate marketization, and guide more funds invest to the real economy.On May 20, 2009, Henan JT company issued the first commercial paper bonds--one billion yuan. During the period from 2009 to 2018, the company issued 30 sessions of commercial paper bonds financing amount of 26.5 billion yuan. Henan JT company’s capital requirements were satisfied by the reasonable utilization of commercial paper which positively affected the market. Apart from that, it also had certain impact on the industry and the domestic capital markets. The case of Henan JT company commercial paper that was selected for this paper is typical. It is meaningful to summarize the successful experience and provide further enlightenment and reference for corporate finance, hence it has practical significance. In academic research, the academic significance can be shown from the research of the commercial paper, which was not discussed internationally and rarely studied domestically. The methods of literature research and case studies were used in this paper. First of all, the literature of financing pattern, the release agent of commercial paper bonds, risk and related theoretical basis were read. Secondly, theories were discussed about the concept of commercial paper, the flow of issue, the stipulation of issue, the advantages and disadvantages of commercial paper and issuer risk. In the case, through the 摘要 III enterprise management situation, funding needs and financing advantage to analysis the reason of financing. Through the enterprise financial effect, market effect, management effect to analysis of the effect of its commercial paper. Through multiple experiences, it summed up the financing of commercial paper bonds. Combined finance with the company's financial situation, to make suggestions on how to choose the financing tools, design the financing, and avoid risks. It provides case reference for Chinese enterprises to issue commercial paper bonds and it also facilitates the popularization and utilization of commercial paper bonds in the market. KEY WORDS: Commercial Paper; Credit Risk; Financing Efficiency; Capital Structure 目录 V 目 录 1 引 言.............................................................. 1 1.1 研究背景和研究意义 ............................................ 1 1.1.1 研究背景 .................................................. 1 1.1.2 研究意义 .................................................. 2 1.2 文献综述 ...................................................... 3 1.2.1 关于短期融资券融资动因研究 ................................ 3 1.2.2 关于短期融资券融资的定价、 信用利差和利率的研究 ............ 4 1.3 研究思路和方法 ................................................ 6 1.3.1 研究思路 .................................................. 6 1.3.2 研究方法 .................................................. 7 1.4 研究创新 ...................................................... 7 2 短期融资券相关概念界定及风险概述.................................. 9 2.1 短期融资券的相关概念 .......................................... 9 2.1.1 短期融资券的概念和相关规定 ................................ 9 2.1.2 短期融资券发行流程和特点 ................................. 10 2.2 短期融资券融资理论基础 ....................................... 12 2.2.1 MM理论 .................................................. 12 2.2.2 融资优序理论 ............................................. 12 2.2.3 信号传递理论 ............................................. 12 2.2.4 债务融资结构理论 ......................................... 13 2.3 短期融资券融资的优势和劣势 ................................... 13 2.3.1 短期融资券融资的优势 ..................................... 13 2.3.2 短期融资券融资的劣势 ....................................... 14 2.4 短期融资券融资风险 ........................................... 15 3 河南JT公司短期融资券融资基本情 况................................ 17 3.1 公司概况 ..................................................... 17 3.1.1 公司简介 ................................................. 17 3.1.2 公司组织架构 ............................................. 17 华北水利水电大学 VI 3.2 经营情况 ..................................................... 18 3.2.1 资产负债情况 ............................................. 18 3.2.2 主营业务经营情况 ......................................... 19 3.3 公司短期融资券融资情况 ....................................... 22 4 河南JT公司短期融资券融资动因分 析................................ 25 4.1 有短期流动资金需求 ........................................... 25 4.2 河南JT公司短期融资券融资优势 ................................ 25 4.2.1 行业竞争优势 ............................................. 25 4.2.2 信用评级等级高 ........................................... 26 4.2.3 偿债能力强 ............................................... 27 4.2.4 政策优势 ................................................. 28 4.3 短期融资券融资优于其他融资方式 ............................... 28 5 河南JT公司短期融资券融资效果分析 与结论.......................... 31 5.1 财务效果 ..................................................... 31 5.1.1 对资本结构的影响 ......................................... 31 5.1.2 对偿债能力的影响 ......................................... 32 5.1.3 对盈利能力的影响 ......................................... 33 5.1.4 对营运能力的影响 ......................................... 35 5.1.5 对现金流量的影响 ......................................... 37 5.1.6 对财务费用的影响 ......................................... 40 5.2 市场效果 ..................................................... 41 5.2.1 促进利率市场化 ........................................... 41 5.2.2 提升企业形象 ............................................. 42 5.2.3 助推省内经济建设的发展 ................................... 42 5.3 管理效果 ..................................................... 42 5.3.1 提高了公司财务管理水平 ...........