大力发展债券市场,是改变我国以银行为主导的金融体系结构、分散金融风险、促进经济增长方式转型的重要举措,应该说,这已经成为绝大多数理论界和实务界人士的共识。然而,由于长期受到行政管制的强大约束,我国债券一级市场、二级市场以及衍生品市场都存在着严重的缺陷和先天不足 Vigorously developing the bond market is an important move to change China’s banking-led financial system, diversify financial risks and promote the transformation of the economic growth mode. It should be said that this has become the consensus of most of the theoretical and practical circles. However, due to the long-term strong restraint of administrative regulation, there are serious flaws and inherent deficiencies in China’s bond primary market, secondary market and derivatives markets