1, different recipients

The acceptor of a silver bill is a bank, and the acceptor of a commercial bill is a payer other than a bank, that is, an enterprise that issues invoices.

2. Different credit ratings

The acceptor of the bill determines its credit, and the silver ticket is accepted by the bank and endorsed by the bank credit; Commercial bills are accepted by the enterprise and endorsed by the credit of the billing enterprise. Of course, the credit of banks is higher than that of enterprises. 3. Different risks

The risk of a bill is that when it matures, the acceptor has no money to pay.

Generally speaking, the risk of bank failure is lower than that of enterprise failure.

4. Different liquidity

The credit rating of commercial bills is low, and in terms of liquidity, commercial bills are lower than silver bills.

5. Other differences

Silver tickets and commercial tickets are different in billing process, discount interest and discount conditions.

Commercial paper is the abbreviation of commercial paper, which refers to unsecured short-term bills issued by financial companies or enterprises to raise funds for issuers. Commercial paper can be endorsed and transferred, but generally it cannot be discounted to banks. The reliability of commercial paper depends on the credit degree of the issuing enterprise and is a kind of credit paper.

kind

1. Depending on the drawer: bank draft, trade draft.

2. According to different acceptors: commercial acceptance bills and bank acceptance bills.

3. Depending on the payment time: sight draft or sight draft, time draft or time draft.

4. According to whether documents are attached: clean bill of lading and documentary bill of lading.

The content of rating liquidity of commercial paper is short-term solvency. Can be analyzed from three levels:

(1) Overall liquidity analysis. First of all, we must analyze the working capital. Working capital is current assets minus current liabilities, which is the main indicator to measure the overall liquidity.

Secondly, ratio analysis can be carried out. Several main ratio indicators to measure liquidity are: current ratio, quick ratio, accounts receivable turnover rate, inventory turnover rate and so on.

⑵ Analysis of standby liquidity. The above ratio can only reflect the overall situation of the company's liquidity, so special attention should be paid to the analysis of internal and external cash sources, because these cash can meet the repayment of mature commercial paper in time.

In the case of market turmoil, the availability and reliability of standby liquidity become very critical in rating. The main contents of this analysis are: the cash created by enterprise operation and its stability, the lending ability of lenders that the company can rely on, and so on.

⑶ Analysis of additional credit support. In addition to the above two points, the evaluation of commercial paper should also examine whether the issuance of commercial paper has obtained additional credit support. For commercial paper issued with the support of banks, we should also consider the way of support and the credit status of the supporters themselves.

Long-term solvency. In practice, the key evaluation is the capital structure, that is, the ratio of self-owned funds to borrowed funds. If the ratio is high, it shows that the capital structure is sound and the long-term solvency is strong; On the contrary, it is weak. Commonly used ratios include debt ratio, ratio of long-term liabilities to capitalized net assets, ratio of current liabilities to owners' equity, etc.