凭证式国债发行中的喜与忧

A Probe over Advantages and Disadvantages in the Issuance of Certificate Bonds

近年来,凭证式国债在发行过程中,既有喜又有忧。我国一方面应继续扩大凭证式国债的优势,另一方面,应借鉴国外先进经验,对凭证式国债的品种、计息方法、发行方式和认购方式进行适当调整,扩大认购主体,将柜台交易国债作为理想替代品种,建立多层次的国债市场,扩大记账式国债发行量,弥补凭证式国债的弊端,以有效解除发行中的忧患。

There are happiness and worries in the issuance of certificate bonds in recent years. On one hand, China should continue to enlarge the advantage of certificate bonds, on the other hand, sorts of bonds, methods of calculating interests, means of issuance, and subscription ways should be adjusted, taking foreign advanced experience as reference; Subjects of subscription should be enlarged; over-counter trading bonds should be regarded as ideal substitution; A multi-lier bond market should be established; Issuance amount of account bonds should be enlarged to make up the shortcomings of certificate bonds so as to effectively remove worries in the bond issuance.