国债规模与发行成本优化问题的研究

Research of Government Bond's Scale and Optimization of Its Issue Cost

影响国债发行额的因素主要取决于 M2 。衡量国债规模的增长空间应从总量分析入手 ,这对确定适度的发债规模、引导投资、刺激消费和拉动经济增长至关重要。国债发行成本的优化与否涉及面广 ,影响力大。优化国债发行成本的关键在于降低国债二级市场偏高的收益率 ,优化国债期限结构。

Factors affecting the balance of government bond issue are mainly dependent on money supply M 2.To assess the growth space of government bond scale should start with aggregate analysis, which is very important to determine the appropriate scale of government bond, guide investment, stimulate consumption and propel economic development. The optimization of the cost of government bond's issue involves many economic aspects and has great influence on China's economy.The key to optimize the cost of bond issue lies on the lowering of the high return rate of the second market of government bond and the optimization of its term structure.