commercial paper

简明释义

商业票据

英英释义

例句

1.The commercial paper market is an important source of liquidity for corporations.

商业票据市场是企业的重要流动性来源。

2.The company decided to issue commercial paper to meet its short-term financing needs.

公司决定发行商业票据以满足其短期融资需求。

3.She explained that commercial paper is typically issued at a discount to face value.

她解释说，商业票据通常是以低于面值的折扣发行的。

4.During the financial crisis, many firms struggled to roll over their commercial paper.

在金融危机期间，许多公司难以续期他们的商业票据。

5.Investors often purchase commercial paper because it offers a higher yield than Treasury bills.

投资者通常购买商业票据，因为它提供的收益率高于国库券。

作文

In the world of finance, various instruments are used by corporations to manage their short-term funding needs. One such instrument is commercial paper, which is a type of unsecured, short-term debt instrument issued by a corporation to finance its immediate cash flow requirements. Typically, commercial paper is issued at a discount and matures within a time frame of 1 to 270 days, making it an attractive option for companies seeking quick access to capital without the need for long-term commitments.The primary purpose of commercial paper is to provide liquidity for companies that need to cover their short-term liabilities, such as payroll, inventory purchases, or other operational costs. This financial tool allows businesses to tap into the money market efficiently, often resulting in lower interest rates compared to traditional bank loans. Companies with strong credit ratings typically issue commercial paper because investors are more willing to purchase these securities from entities perceived as low risk.Investors, on the other hand, are attracted to commercial paper due to its relatively high yield compared to other short-term investments, such as Treasury bills. Because commercial paper is issued in large denominations, it is primarily purchased by institutional investors, including mutual funds, insurance companies, and pension funds. This creates a robust market for commercial paper, contributing to its liquidity and appeal.However, investing in commercial paper does carry some risks. Since it is unsecured, there is no collateral backing the debt, which means that if the issuing company faces financial difficulties, investors may not recover their full investment. Additionally, during times of economic uncertainty, the market for commercial paper can dry up, making it difficult for companies to refinance their obligations or raise new capital. This was evident during the financial crisis of 2008 when the commercial paper market experienced significant disruptions, leading to increased scrutiny and regulation of this financial instrument.Despite these risks, commercial paper remains an essential tool for corporate finance. It offers flexibility and quick access to funds, which are critical for maintaining smooth operations in a fast-paced business environment. Companies often establish a commercial paper program that allows them to issue notes as needed, ensuring they can respond to changing cash flow requirements promptly.In conclusion, commercial paper plays a vital role in corporate finance, providing companies with a means to secure short-term funding while offering investors an attractive investment opportunity. Understanding how commercial paper works and its implications for both issuers and investors is crucial for anyone involved in financial markets. As businesses continue to navigate the complexities of cash flow management, commercial paper will undoubtedly remain a key component of their financing strategies.

在金融世界中，各种工具被公司用来管理其短期融资需求。其中一种工具是商业票据，这是一种无担保的短期债务工具，由公司发行以融资其即时现金流需求。通常，商业票据以折扣的形式发行，并在1到270天的时间范围内到期，使其成为公司寻求快速获取资本而无需长期承诺的有吸引力的选择。商业票据的主要目的是为需要覆盖短期负债（如工资、库存采购或其他运营成本）的公司提供流动性。这种金融工具使企业能够有效地进入货币市场，通常导致与传统银行贷款相比的较低利率。信用评级较高的公司通常发行商业票据，因为投资者更愿意从被视为低风险的实体购买这些证券。另一方面，投资者因其相对较高的收益率而被商业票据吸引，与其他短期投资（如国库券）相比。由于商业票据以大面额发行，因此主要由机构投资者购买，包括共同基金、保险公司和养老金基金。这为商业票据创造了一个强大的市场，促进了其流动性和吸引力。然而，投资商业票据确实存在一些风险。由于它是无担保的，因此没有抵押品支持债务，这意味着如果发行公司面临财务困难，投资者可能无法收回全部投资。此外，在经济不确定时期，商业票据市场可能会枯竭，使公司难以再融资其义务或筹集新资本。这在2008年金融危机期间显而易见，当时商业票据市场经历了重大干扰，导致对这一金融工具的监管和审查增加。尽管存在这些风险，商业票据仍然是公司财务的重要工具。它提供灵活性和快速获取资金的能力，这对在快速变化的商业环境中保持顺利运营至关重要。公司通常建立商业票据计划，使其能够根据需要发行票据，确保能够及时响应变化的现金流需求。总之，商业票据在公司财务中发挥着至关重要的作用，为公司提供了一种获得短期融资的手段，同时为投资者提供了一个有吸引力的投资机会。了解商业票据的运作方式及其对发行人和投资者的影响，对于任何参与金融市场的人来说都是至关重要的。随着企业继续应对现金流管理的复杂性，商业票据无疑将继续成为其融资战略的关键组成部分。