从世界各国的情况看,国债的发行是面向社会的,发行对象可以是社会公众,也可以是生产经营企业和各类金融机构。1998年我国国债发行选择的对象足以引起人们的关注。这一年我国先后两次向国有商业银行定向发行国债。国有商业银行两次认购国债总额占当年国债发行总额的62.5％。本文拟对这一动向进行评析,并在此基础上对国债发行对象及国债制度改革问题提出笔者之见。 一、商业银行成为国债主要 发行对象之取向的评析 1998年我国国债更多的向商业银行发行有其客观经济背景,也体现了国家发展经济的一些意图。首先,国家向国有独资商业银行发行国债,并以拨补商业银行资本金的方式使用这笔资金,无疑可以提高我国国有独资 From the perspective of the countries in the world, the issuance of treasury bonds is socially oriented, and the distribution targets can be the public as well as the production and operation enterprises and various financial institutions. In 1998, the object of our national debt issuance choice is enough to arouse people’s attention. This year, China has twice successively issued state bonds to state-owned commercial banks. The total amount of national bonds purchased by state-owned commercial banks twice accounted for 62.5% of the total national bonds issued. This article intends to analyze this trend, and on this basis, I put forward the author’s opinion on the object of government bonds and the reform of the national debt system. First, the commercial bank to become the main issue of national debt object orientation analysis 1998 China’s government bonds issued to commercial banks have their objective economic background, but also reflects some of the country’s economic development intentions. First, when the state issues treasury bonds to wholly state-owned commercial banks and uses the funds in a way that will make up the capital of commercial banks, it will undoubtedly increase the amount of state-owned assets