无追索权商业汇票贴现的风险辨析与定价探讨

A study on the pricing and risks of discounting commercial bills without recourse

鉴于《2006企业会计准则第23号——金融资产转移》实施后对票据贴现协议是否附追索权而规定的不同会计处理方式及其影响,市场上出现了贴现无追索权商业汇票的需求。该文结合票据业务相关管理法规对无追索权商业汇票贴现业务的潜在风险进行了辨析,并对其风险防范及风险溢价的定价思路进行了初步探讨。

Owing to the different regulations on discounting bills with/without recourse following the implementation of Article 23 - Transfer of Financial Assets in Accounting Standards 2006, business opportunities for discounting commercial bills without recourse appeared in the market. This paper analyzes the potential risks of the business based on related rules and regulations, and discusses the various approaches for risk prevention and risk pricing.