The author pointed out that the legal nature of note discount should be the two parties ' legal act of bill right transfer by analyzing defects of “ the loan doctrine ” and “ the note act doctrine ” 作者通過分析“貸款說”和“票據行為說”的缺陷,指出票據貼現的法律性質應該為票據權利轉讓的雙方法律行為。