柜台债市缘何不活跃收益与风险不匹配 ,流动性成了影响投资者参与欲望的重要因素。流动性好曾是柜台交易的主要卖点之一 ,柜台记账式国债交易刚推出时 ,许多专家曾经预测 ,其必将逐步取代凭证式国债成为我国零售国债市场中的主流品种。但我们都忽视了这样一个事实 :凭证式国债 Why the counter bond market is not active income and risk mismatch, liquidity has become an important factor affecting the desire of investors to participate. Liquidity was once one of the main selling points for over-the-counter transactions. When the book-entry bond transaction was launched, many experts predicted that it would gradually replace voucher-type bonds to become the mainstream variety in China’s retail bond market. But we have all overlooked the fact that vouchers are treasury bonds