新编金融专业英语（微课版）张成思全套PPT课件.pptx

;;;Fundamentalsoffinance（金融的原理）

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;Importantconceptsinfinance

;Importantconceptsinfinance

;;;;Moreaboutcommercialbanks

;;Savingsinstitutions（储蓄机构）

;Savingsinstitutions（储蓄机构）

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Whatisa‘commercialpaper’

Commercialpaper(CP)isanunsecured,short-termdebtinstrumentissuedbyacorporation,typicallyforthefinancingofaccountsreceivableandinventories,andmeetingshort-termliabilities.

Adiscountedinstrument

Mostmaturesin1to6months,somematuresinupto9months

Raiseshorttermfunds

‘unsecured’meansbuyershavenoclaimonacompany’sassetsifthecompanyfailstopayupatmaturity

soldinlargedenominationsof$100,000ormoretolargeinstitutionsandwealthyindividuals.

;Advantagesofcommercialpaper

DoesnotneedtoberegisteredwiththeSecuritiesandExchangeCommission(SEC)aslongasitmaturesbeforeninemonths,or270days,makingitaverycost-effectivemeansoffinancing.

Exampleofcommercialpaper

Aretailfirmislookingforshort-termfundingtofinancesomenewinventoryforanupcomingholidayseason.

Thefirmneeds$10millionandoffersinvestors$10.1millioninfacevalueofcommercialpaperinexchangefor$10millionincash,accordingtoprevailinginterestrates.Ineffect,therewouldbea$0.1millioninterestpaymentuponmaturityofthecommercialpaperinexchangeforthe$10millionincash,equatingtoaninterestrateof1%.Thisinterestratecanbeadjustedfortime,contingentonthenumberofdaysthecommercialpaperisoutstanding.;

Commercialpapervs.commercialbill（商业票据与商业汇票）

Commercialbillsareinstrumentsissuedbybanksthatfinanceinvoicesraisedbyacompany.

Supposeacompanysellinggoodsorproductstoanothercompanyisapprehensiveaboutthepaymentoratleastwishestoenhancethesafetyofhismoneycangetcommercialbillsissuedbybanks.Banks