我国长期国债资金使用效率低下的问题一直备受关注。笔者认为我国长期以来存在的对资本成本与资金成本的混淆以及资本成本在我国的缺位是诠释这一问题的关键。(一)资本成本与资金成本的本质区别不论在哪个国家,在金融市场上融资必然存在向出资人支付或本的问题。但是,在不同的财务理念下,该成本的大小和决定权却迥然不同。资本成本是现代财务学的一个 The problem of inefficient use of long-term treasury bonds in our country has drawn much attention. The author believes that the confusion of capital cost and capital cost in our country for a long time and the absence of capital cost in our country are the key to interpret this issue. (A) the essential difference between the cost of capital and the cost of capital Regardless of the country in which the financing of the financial market, there must be paid to the investor or the problem. However, under different financial concepts, the cost and decision-making power are quite different. The cost of capital is one of modern finance