Commercial paper includes bank acceptance bills and commercial acceptance bills. A bank acceptance bill is a forward acceptance bill issued by a bank, and a commercial acceptance bill is a forward acceptance bill issued by a payer. If it is through a bank, it is simply financing.

Direct financing is a financing method without the intervention of financial intermediaries. In this financing mode, in a certain period of time, the capital surplus unit will provide monetary funds to the demand unit through direct agreement with the demand unit or purchase the securities issued by the demand unit in the financial market. Commercial credit, stocks and bonds issued by enterprises and direct loans between enterprises and individuals all belong to direct financing.