我国国债单一价格拍卖与混合式拍卖的效应比较

Comparison of the Effects of China's Treasury Auction Mechanisms:Uniform-price Auction vs.Hybrid Auction

2004年,我国记账式国债的发行由单一价格拍卖转为混合式拍卖。通过从投标竞争情况和拍卖收入两方面,对单一价格拍卖和混合式拍卖在我国国债拍卖中的拍卖结果进行比较分析,以考察这两种拍卖机制在我国国债发行中的相对效应。

The Ministry of Finance changed in 2004 the treasury auction mechanism from the uniform-price auction to hybrid auction. In this article, the author used the reduced-form analysis method to compare the effects of uniform-price auction and hybrid auction with data from the Ministry. Our goal is to find out if there is any difference between the two auction mechanisms in terms of bid competition and auction revenue.