论文部分内容阅读
从最早的国债行政摊派发行,到市场化招标发行,中国债券发行的市场化之路一波三折。在相当长一段时期内,中国国债是以行政摊派的方式发行的。国家开发银行副行长高坚介绍:“20世纪80年代早期,中国的国债是采用行政手段来分销的,政府制定国债定额分配额度,层层摊派至各级政府部门、各机构和国有企业。最初的几笔国债发行都很顺利地摊派给了国有企业和个人,但这主要是因为,购买国债被认为是一种爱国行为,旨在帮助中央政府渡过财务难关。”
From the earliest issuance of treasury bonds to the market-oriented bidding and issuance, the marketization of China’s bond issuance has taken a turn for the worse. For a long period of time, Chinese government bonds were issued in the form of administrative apportionment. Gao Jian, Vice President of China Development Bank, introduced: “In the early 1980s, China’s national debt was distributed through administrative means. The government formulated quotas for quotas of government bonds and apportioned them at all levels of government departments, agencies and state-owned enterprises The initial issuance of several treasury bonds went smoothly to state-owned enterprises and individuals, but mainly because the purchase of treasury bonds was considered a patriotic act aimed at helping the central government weather the financial difficulties. ”