本文通过定量分析,提出了如下的似乎出乎意料的结论:如果采用借新还旧的方法每年发行一定数量(例如1000亿元)的国债用于基本建设,则每年的还本付息额依所发行的国债期限长短而不同。发行的国债期限越长(一般情况年利率也越高),每年的还本付息额反而越小。最后,本文就这一结论提出了政策建议。 This paper presents the following unexpected conclusion as follows: If a certain amount (for example, 100 billion yuan) of national debt is issued for capital construction by borrowing and reimbursement, the annual repayment of principal and interest will depend on The duration of the bonds issued is different. The longer the government bond issued, the higher the annual interest rate in general, the smaller the annual debt service. Finally, this paper puts forward policy suggestions on this conclusion.