我国债券定价机制的形成和发展

The formation and development of China's bond pricing system

该文首先介绍了债券发行定价方式从行政定价方式向市场定价方式、从单一定价方式向多元化定价方式的演变历史;进而分别分析了价格招标发行定价方式和簿记建档发行定价的原理、基本步骤,并通过案例详细说明其发行定价原理,同时对招标发行定价和簿记建档定价这两种当前主要的定价方式进行比较,指出债券通过何种方式发行定价,应根据所发行债券的信用等级、发行数量、发行的难易程度等因素来选择。

This paper introduces the evolution of bond pricing mechanisms from administrative pricing to market pricing, and from uniform pricing to discriminatory pricing. It analyzes the principles and procedures of two major pricing methods, namely issuing by tender and book building, and uses specific cases to demonstrate the pricing principles. After comparing the two major pricing methods, it points out that the selection of bond pricing methods should be based on factors such as the credit rate, issuing scale and difficulty level in issuing.