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非股票证券是反映债权债务关系的一种凭证,用来证明有关单位有义务通过提供现金、金融工具或具有经济价值的其他项目进行偿付,在一定程度上可以交易流通的金融工具。既包括持有的非股票证券资产,也包括发行或签发的非股票证券负债。非股票证券具有两大特征:一是债权关系凭证。即代表发行(签发)人与持有人之间的债权债务关系而非所有权关系。这是非股票证券与股票及其他股权工具最主要的区别。反映债权债务关系的具体特征包括本金和利息的确定性、非参与性、优先受偿性。二是可流通性。即具有较为成熟的二级市场,其合法所有权很容易通过交付或背书从一个所有人转移到另一个所有人。这是非股票证券与存款、贷款工具最主要的区别。在我国,符合非股票证券特征的金融工具包括债券、票据、大额可转让定期存单和其他非股票证券四类。
Non-stock securities are a kind of voucher that reflects the relationship between credits and debts. They are used to prove that the units involved are obliged to repay the liquid financial instruments to some extent through the provision of cash, financial instruments or other items of economic value. It includes not only the holdings of non-stock securities assets, but also the issue or issue of non-stock securities liabilities. Non-stock securities has two major characteristics: First, the debt relationship certificate. That is, on behalf of the issuer (issuer) and the holder of the debt rather than ownership relationship. This is the main difference between non-stock securities and equities and other equity instruments. Reflect the specific characteristics of the debt and debt relations include the certainty of principal and interest, non-participation, priority compensation. Second, the liquidity. That is, a more established secondary market whose legal ownership can easily be transferred from one owner to another by delivery or endorsement. This is the main difference between non-stock securities and deposit and loan instruments. In our country, the financial instruments that meet the characteristics of non-stock securities include four types of bonds, bills, large-value negotiable certificates of deposit and other non-stock securities.