The difference between bills and securities is as follows:

1. Different definitions

Bill: refers to a bill issued by the drawee in accordance with the law, and the payer unconditionally pays a certain amount to him or instructs others to do so. The payee or bearer's securities, that is, certain securities that can replace cash flow. Bills in a broad sense refer to various securities and certificates, such as bonds, stocks, bills of lading, treasury bills, invoices, etc.

In the narrow sense, bills only refer to securities for the purpose of paying money, that is, issued by the drawer in accordance with the Bill Law, and the drawer unconditionally pays a certain amount or entrusts another person to unconditionally pay a certain amount to the payee or The holder's securities.

Securities: A general term for a variety of economic rights and interests certificates, also refers to specialized types of products, which are legal certificates used to prove certain specific rights and interests enjoyed by the ticket holder. Mainly include capital securities, currency securities and commodity securities.

Securities in a narrow sense mainly refer to securities products in the securities market, including equity market products such as stocks, debt market products such as bonds, and derivative market products such as stock futures, options, interest rate futures, etc.

2. Different basic characteristics

Bills:

(1) Bills are securities with rights, and security rights are created when securities are made.

(2) Bills are debt securities. The obligee of the bill may exercise the right of payment request and recourse against the obligor of the bill.

(3) Bills are monetary securities. A note is delivered against a certain amount of money.

(4) Bills are negotiable securities. Instruments are transferred by endorsement or delivery and circulate freely in the market.

Securities:

(1) Securities are property rights certificates.

Securities represent rights certificates with property value. In modern society, people are no longer satisfied with the direct possession, use, income and disposal of wealth, but pay more attention to the ultimate dominance and control of wealth. Securities, a new form of property, emerged at the historic moment. Holding a security means that the holder has control over the property represented by the security, but this control is not direct control, but indirect control.

(2) Securities are risky rights certificates.

The risk of securities is reflected in the possibility that investors will not be able to obtain expected income or even suffer losses due to changes in the securities market or the issuer's reasons. The risks and returns of securities investments are related. In the actual market, there are risks in any securities investment activities, and there is no investment that completely avoids risks.

3. Different functions

Bills: payment function; exchange function; credit function; settlement function; financing function; circulation function.

Securities: It is a bridge between fund suppliers and fund demanders. The regular and unified market provided by the securities market enables securities issuers, securities buyers, securities transferors and intermediaries to Connect in this market to facilitate the issuance and circulation of securities.

Reference material: Baidu Encyclopedia-Bills

Reference material: Baidu Encyclopedia-Securities