2013年4月中旬，从万家基金的邹昱被调查，到易方达的马喜德涉嫌挪用巨额资金从债券市场牟利，一场债市监管风暴让债券代持走入人们的视线，受到广泛关注。该事件所带来的影响不仅仅在于几位债市“龙头”的落马，同时还对债券市场的当下及其未来走向产生着影响。本文以我国债券市场的代持现象为研究对象，在现有的相关理论分析的基础上，剖析债券代持的定义与特征、产生的现实基础、产生的影响、存在的风险以及防范措施、对债券市场发展的启示。本文旨在从多个角度更加系统全面的分析我国债券市场的代持现象，形成较为全面的关于我国债券市场的代持现象的理论体系。

In the middle of April, 2013, Yu Zou from Wanjia Asset Management was investigated, and then Xide Ma from E Fund Management was suspected to embezzle a huge amount of money from company for profit from the bond market. This bond market regulation storm brings bands on behalf of the holders into the line of sight of people, which has been widely concerned. The effect of the event is not only the being caught of a few big boys, but influencing the band market from the present to the future direction. Based on the existing correlative theoretical analysis, this paper takes the phenomenon of bands on behalf of the holders in China as the research object. In this paper, the main content is to analyze the definition and characteristics of bands on behalf of the holders, the realistic foundation, impact of the phenomenon, the risks and preventive measures, revelation to the development of bond market. The purpose of this paper is to analyze the phenomenon of bands on behalf of the holders in China from multiple perspectives more systematic, and then form a more comprehensive theoretical system of the phenomenon of bands on behalf of the holders in China.