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国债是国家财政以国家信用的形式向社会筹集资金的一种方式。我国于1981年恢复发行国债,到1994年底,国债发行总额已达2490亿元。国债已成为国家向社会直接融资的重要手段和我国证券市场的一大支柱。但与西方发达国家相比,我国的国债发行还不规范,存在着许多制约因素,有待进一步改进和完善。本文仅就我国国债期限结构存在的问题,谈谈我们的粗浅看法。 一、我国国债期限结构的现状 国债期限结构是国家财政向社会筹资所发行不同品种国债在偿还期限上的组合与配置。我国自1981年恢复发行国债以来,截止到1994年底,历年国债期限结构情况列表如下: 历年国债期限结构简表
Treasury bonds are a way for state finance to raise funds from the community in the form of state credit. In 1981, China resumed the issuance of treasury bonds. By the end of 1994, the total amount of treasury bonds issued reached 249 billion yuan. Treasury bonds have become an important means for the state to directly finance the society and a pillar of China’s securities market. However, compared with the developed countries in the west, the issuance of treasury bonds in our country is still not standardized, and there are many constraints that need to be further improved and perfected. This article only talks about the problems existing in the term structure of our national debt and talks about our crude opinion. First, the status quo of China’s debt maturity structure The maturity structure of the national debt is the combination and allocation of different types of government bonds issued by the state finance to the community in the repayment period. Since China resumed the issuance of treasury bonds in 1981, as of the end of 1994, the list of the treasury bond maturity structures is as follows: