凭证式国债是以纸质凭证形式发行的，每一张债券都有唯一的编号。持有人需要携带凭证到国债发行机构或指定的金融机构进行兑付或转让。而记账式国债则是以电子账户形式存储在发行机构的系统中，持有人可以通过互联网等方式查询和操作账户。这使得记账式国债更加便捷和安全，投资者无需亲自去银行或债券交易所进行兑付或转让。
凭证式国债的发行量和面值都有限制，每一张债券都有固定的面额和到期日。投资者可以在发行期间购买，并在到期日或提前兑付时获得本金和利息。记账式国债的发行量和面值相对灵活，投资者可以随时购买和赎回，而利息则根据实际持有时间计算和支付。
凭证式国债的流通性相对较差，转让需要提前通知和办理手续。而记账式国债可以通过系统转账或者直接在发行机构处办理赎回手续，交易更加便捷和快速。
凭证式国债的安全性依赖于纸质凭证的保存和保管，容易遭受丢失、损毁或盗窃的风险。而记账式国债则由发行机构负责管理和保管，投资者只需关注账户的安全性和密码保护即可。
凭证式国债适合需要确切面值和到期时间的投资者，其交易和存取需求相对较低。而记账式国债则更适合追求便捷、灵活和安全的投资者，其交易和查询更加方便，适应了现代金融科技的发展趋势。
参考译文
Difference between Bearer Bond and Registered Bond
Government bonds are a form of borrowing by the government. Bearer bonds and registered bonds are two common methods of issuance. There are some obvious differences between them in terms of issuance, circulation and trading.
Firstly, bearer bonds are issued in paper form with a unique serial number for each bond. Holders need to carry the physical bond to the government bond issuer or specified financial institution for redemption or transfer. In contrast, registered bonds are stored in electronic accounts in the issuer's system. Holders can check and operate their accounts through the internet and other means. This makes registered bonds more convenient and secure, as investors do not need to go to banks or bond exchanges in person for redemption or transfer.
Secondly, the issuance amount and face value of bearer bonds are fixed, and each bond has a fixed face value and maturity date. Investors can purchase bearer bonds during the issuance period and receive the principal and interest on the maturity date or in advance. However, the issuance amount and face value of registered bonds are relatively flexible. Investors can buy and redeem them at any time, and the interest is calculated and paid based on the actual holding period.
Furthermore, the liquidity of bearer bonds is relatively poor, and transfers require prior notice and procedures. In contrast, registered bonds can be transferred through system transfer or directly redeemed at the issuer's office, making transactions more convenient and fast.
Finally, the security of bearer bonds depends on the preservation and custody of physical certificates, which are vulnerable to risks such as loss, damage or theft. In contrast, registered bonds are managed and safeguarded by the issuer, and investors only need to focus on the security of their accounts and password protection.
In summary, bearer bonds are suitable for investors who need precise face values and maturity dates, with relatively lower trading and access requirements. Registered bonds, on the other hand, are more suitable for investors who value convenience, flexibility and security, as transactions and inquiries are more convenient and suitable for the development trend of modern financial technology.
凭证式国债与记账式国债哪个好