提出问题的背景纵观我国债券市场发展的轨迹,可以发现,中国债券市场的发展历程充满了曲折和波澜。20世纪80年代中后期,我国早期的债券市场从实物券场外柜台交易起步。90年代初,以上海证券交易所成立为代表,出现了集中交易。在实物券托管结算系统出现风险后转变为记账式债券,90 Raising the Background of the Issue Looking at the trajectory of the development of China’s bond market, we can see that the course of development of the Chinese bond market is full of twists and turns. In the mid and late 1980s, China’s early bond market started from counter trading on the physical coupons. In the early 1990s, with the establishment of the Shanghai Stock Exchange as the representative, there was a focus on transactions. After the physical voucher custody clearing system appears risk, it will be converted to book-entry bond