基于成本效益分析法的中国国债绩效研究

Research on the Performance of China's Treasury Bond Based on Cost- Benefit Analysis

债务已成为当今许多国家都要面对的问题,欧洲主权债务危机的爆发更是对现有的国债管理思想提出了严峻挑战。我国自1981年恢复国债发行以来,规模不断扩大,国债管理任务越来越艰巨。本文采用成本效益分析法,选取国债管理中的关键指标,对我国国债筹资成本控制绩效、金融绩效和宏观经济绩效进行了全面研究,发现我国自2000年以来国债成本控制绩效较好、金融绩效低下但宏观经济绩效表现良好。同时,本文还提出采用全面的绩效管理方法对我国国债实施管理,以便更好地让国债为经济社会发展服务。

Nowadays, the debt has become a problem for many countries to face, and the European sovereign debt crisis is a serious challenge to the existing debt management thought of China. Since 1981, when China resumed the issuance of its treasury bonds, the scale of treasury bonds has been continually expanding, and the management task become increasingly arduous. Based on the cost - benefit analysis, this paper selects the key indexes of treasury management in our country, and makes a comprehensive study of the debt financing cost control performance, the financial performance and the macroeconomic performance. It is found that in China since 2000, the bond cost control performance and the financial performance are low, but the macroeco-nomic performance is good. At the same time, this paper also suggests that a comprehensive approach be adopted in the manage- ment of China＇s debt performance to better services for the economic and social development of the country.