拍卖招标是一种在金融市场上利用公开招标和投标推销国债的方式。尽管拍卖招标的历史最早可追溯到2000年以前,但它被普遍运用于国债发行却是20世纪80年代以后的事了,在这之前各国国债主要是采用固定收益方式发行的。拍卖招标方式的兴起具有深刻的历史背景。近几十年来,各国为抑制通货膨胀而采取的信用紧缩措 Auction bidding is a way of using public bidding and bidding to sell government bonds in financial markets. Although the history of auction bidding can be traced back to 2000 as early as the year 2000, it was widely applied to the issuance of treasury bonds after the 1980s. Prior to that, treasury bonds of various countries were mainly distributed in the form of fixed income. The rise of auction bidding has a profound historical background. In recent decades, countries have taken credit tightening measures to curb inflation