９０年代中期以来，随着我国国债规模的日趋增大，其投资价值的研究日益引起了理论界和实际部门的重视。但总的看来，我国对国债投资价值的研究还比较薄弱，迄今许多报刊和著作所分析的国债收益率都是单利率。实际上，在分析各种金融资产的投资价值时，单利率之间是难以直接进 Since the mid-1990s, with the increasing scale of China’s national debt, the research of its investment value has aroused the attention of theorists and practical departments. However, in general, our research on the value of government bonds is still relatively weak. So far, the returns on treasury bonds analyzed by many newspapers and books are single interest rates. In fact, when analyzing the investment value of various financial assets, it is difficult to directly enter single interest rates