美国国债券拍卖方式的演变与现状

Auction Mechanism of U.S.Treasury Securities:A Survey

本文介绍了美国国债券发行市场的现状 ,详细描述了国债券拍卖方式的演变以及最近的状况 ,包括认购发行与拍卖发行、多价格拍卖与单一价格拍卖、电子化拍卖与人工拍卖等。本文最后着重分析了美国国债券拍卖方式的四个主要特点 ,它们对我国国债券拍卖方式的设计具有借鉴意义。

Auction mechanism of treasuty securities is an important issue in treasury securities management.The research on the developed country’s treasury securities auction mechanism and its evolvement is of significance to our auction mechamism design of treasury securities. After introducing the current primary market of U.S.treasury securities,this article describes the evolvement of the U.S.treasury securities auction mechanism and its current techniques,including subscription offering vs auction, uniform price auction, multiple price auction,and electronic auction techniques.As an end, this article analyses the four characters of U.S. treasury securities auction mechanism.