债券发行的荷兰式招标与搭便车行为  

Dutch bidding and hitchhiking

作　　者：丰习来[1] 赵颖杰[1] 

机构地区：[1]中国建设银行资金部

出　　处：《中国货币市场》2003年第6期38-41,共4页China Money

摘　　要：荷兰式招标在我国债券市场化发行进程中发挥了重要作用,但也很容易在牛市行情下引发非理性的投资行为。美国式招标方式的引入可以促使投资者理性判断市场,保证招标价格能真正反映债券价值及市场供求。发行人对债券发行招标方式应根据当时的市场环境作灵活的选择。Dutch bidding plays a significant role in the course of China's market-oriented bond issuing. However, it can easily result in irrational investment in a bull market. The introduction of American bidding can spur investors to judge the market rationally, and guarantee that the bid price truly reflects bond value as well as market supply and demand. Therefore, the issuer should flexibly choose the bidding mode for each bond issue according to differing market situations.

关 键 词：记账式国债 荷兰式招标方式 中国 债券市场 投资者行为 利率 美国式招标方式 利率市场化 

分 类 号：F832.51[经济管理—金融学]