【摘要】 债券的发行一般采用单一价格机制和多种价格机制两种招标形式。为了比较这两类拍卖机制的经济效率,本文通过模拟实验的方法,分析了两类招标机制的效率差异。我们发现,从长期来看,单一价格招标要优于多种价格招标。与此同时,多种价格招标机制作为短期的政策调控手段是可行的,但如果作为一种长期政策则不太合适。更多还原

【Abstract】 The uniform-price and discriminatory auctions are used in bond issued.Which auction has higher market efficiency is still an unresolved problem.In this paper, we compare the different of uniform-price and discriminatory auctions with simulated experiments. The results show that the uniform-price auction is a better choice to a long time. And discriminatory auction is efficient as a short time policy.更多还原