论文部分内容阅读
本文认为，我国发行国债将是一项长期工作，必须建立高效率低成本的国债发行机制。为此作者分析了近几年我国国债发行机制的弊病，并指出了发达国家发行市场的特点久及经验，认为我们应按照市场经济的要求建立国债发行市场，国债发行方式必须发展到招标为主的发行方式。实现招标方式销售国债需要经过三个步骤：第一步，发展一级自营商组织，实行无券记帐和增加国债的期限品种；第二步，逐步实行招标方式和承购包销方式相结合；第三步，过渡到完全招标方式和直接向个人发售相结合的方式。
This paper argues that the issue of national debt in China will be a long-term task, and we must establish an efficient and low-cost government bond issuance mechanism. To this end, the author analyzes the shortcomings of the issuance mechanism of our government bonds in recent years and points out the characteristics of the issuing countries in developed countries for a long time and experiences that we should establish the bond market according to the requirements of the market economy. The distribution method. The realization of the mode of bidding The sale of government bonds needs to go through three steps: the first step, the development of a self-employed organizations, the implementation of non-vouchers and increase the duration of national debt varieties; the second step, the gradual implementation of the bidding and underwriting combination of ways ; The third step, the transition to a complete tender and direct sale to the individual combination of ways.