摘要
我国从2001年开始发行15年期及以上的超长期记账式附息国债,先后采取修正的多重价格招标和单一价格招标方式发行。研究发现,两种招标方式对发行定价结果的影响存在差异。修正的多重价格招标方式形成的发行利率低于单一价格招标方式的发行利率;修正的多重价格招标缴款额出现分化;修正的多重价格招标发行人的单位发行成本低于单一价格招标;修正的多重价格招标形成的票面利率与二级市场收益率价差较单一价格招标方式更高。这些发现对于在保持国债发行招标方式稳定的基础上探索备选方案,统筹兼顾稳定市场预期和降低综合成本有重要参考价值。
The interest-bearing treasury bonds with a maturity of 15 years or more were issued in China since 2001,and the multi-price bidding as well as single-price bidding methods were implemented successively.The findings demonstrate that different bidding methods actually affect issuance and pricing result.Firstly,the interest rate formed by modified multi-price bidding is lower than that under single-price bidding.Secondly,the modified multiple-price bidding results in payment is differentiate.Thirdly,the unit cost under multi-price bidding is lower than that under single-price bidding.Fourthly,comparing with single-price bidding,the yield spread between primary and secondary market under modified multi-price bidding is higher.These findings offer valuable references to explore alternative on the basis of maintaining stability of current pricing mechanism,in order to achieve the equilibrium between stabilizing market expectations and reducing comprehensive costs.
出处
《财政科学》
CSSCI
2023年第8期85-94,共10页
Fiscal Science
关键词
招标方式
国债
发行定价
Bidding Method
Treasury Bond
Issuance and Pricing
