国债很早就出现在人类社会,但现代意义上的国债则是伴随着资本主义的发展而发展起来的,而把国债投资作为政府的工具使用则是凯恩斯时代以后的事。本文将首先提出国债投资制度的一般模型,在此基础上对积极财政政策实施以来我国的国债投资制度进行分析,并提出相应的政策建议。 Treasury bonds appeared very early in human society, but in the modern sense, treasury bonds developed along with the development of capitalism. However, the use of treasury bonds as a government tool was the post-Keynesian era. This article will first put forward the general model of the national debt investment system, on the basis of the analysis of China’s national debt investment system since the implementation of the proactive fiscal policy, and put forward the corresponding policy recommendations.