历史上西方国家经历了三次债券指数化的浪潮,其中20世纪80年代初兴起的第二次指数化债券浪潮使这种债券开始受到人们青睐。指数化债券兴起的根本原因在于它独特的运作机理能够确保公债管理目标的均衡实现,但也应当注意,这种积极作用是以一系列内外部条件为前提的,否则将会适得其反。本文认为,目前我国启动指数化债券将在降低债务风险、促进经济稳定方面发挥积极的作用。 Historically, Western countries have experienced three waves of bond indexation, with the second wave of indexed bonds rising in the early 1980s making the bonds popular. The fundamental reason for the rise of indexed bonds lies in its unique operation mechanism to ensure the balanced realization of public debt management objectives. However, it should be noted that this positive effect is premised on a series of internal and external conditions, otherwise it would be counterproductive. This article argues that at present our country will launch indexed bonds will play an active role in reducing debt risks and promoting economic stability.