近年来接连出现的美债危机、欧债危机,使全世界都更加关注公债问题。在国内,针对地方政府融资平台,修改《预算法》允许地方政府发债的条款,一审通过,二审否定,反映出人大立法委员们对公债发行与监管的看法不一。在此背景下,重读卢文莹博士大作《中国公债学说精要》,以史为鉴,大有裨益。卢文莹曾任上海国泰证券公司证券分析师,现任上海证券交易所研究中心高级研究员,长期亲身参与证券实务。从作者从业背景来看,熟悉公债发行交易本在情理之 The successive occurrences of the U.S. debt crisis and the debt crisis in Europe have made the world pay more attention to the issue of public debt. Domestically, in response to the financing platform of local governments, the provisions of the “Budget Law” that allow local governments to issue bonds have been passed in the first instance and negative in the second instance, reflecting the different opinions of NPC legislators on the issuance and regulation of public bonds. Against this backdrop, it is of great help to reread Dr. Lu’s famous masterpiece, “Essentials of China’s Bond Market,” taking history as a mirror. Lu Wenying was a securities analyst at Shanghai Cathay Securities Co., Ltd. and is currently a senior researcher at the Shanghai Stock Exchange Research Center. He has long been involved in securities practice. From the author’s business point of view, familiar with the bond issuance transactions are reasonable