中文摘要：

我国债券市场多头监管,高度分散的现行格局存在一定的弊端。因此,基于库诺特博弈模型对我国债券市场多头监管机制和集中统一监管机制的优劣进行比较分析。结果表明需要重新构建一个集中统一的有效监管体系,以促进债券市场的进一步发展和完善。

英文摘要：

As the essential part of the multi--layered capital market, bond market is very important to promote the healthy development of a country＇s economic society. Basing on the Cournot game model, this paper compares the effect of the segmented regulation and unified regulation. The result shows that the u- nified regulation has more benefits in avoiding conflict of interests, unifying the regulation rules and im- proving the regulation quality. Finally, three polices were put forward to reorganize the regulatory body of China＇s bond market, including unifying the regulatory body, building the regulatory coordinate mecha- nism and perfecting supervision on the regulatory body.