长期以来,我国理论界对国债的研究几乎都集中在国债的财政功能及适度规模上,很少有人从金融的角度去研究国债市场在整个金融市场中的地位与作用。鉴于理论上有关国债金融功能的研究相对滞后的现实,本文将从金融资产定价角度对国债市场的金融功能主要是基准利率进行理论上的阐述。 For a long time, almost all the research on government bonds in our country has concentrated on the financial functions and the proper scale of government bonds. Few people study the position and function of the government bond market in the whole financial market from the financial point of view. In view of the fact that the research on the financial functions of government bonds lags behind in theory, this article will elaborate on the financial functions of the national debt market mainly from the perspective of financial asset pricing.