为何招标采购偏好“低于均价中标法”

低于均价中标法招标机制被广泛应用于各类招标采购中,但其合理性存在大量争议。文章首先在理论上证明了标准低于均价中标法下投标人不存在随真实成本严格递增的贝叶斯纳什均衡报价策略,然后基于某大型电力公司的招标采购数据,对投标行为进行实证分析,发现低于均价中标法下投标人报价可以反映其真实成本,且该机制在时间趋势上既可以激励投标人压缩利润,降低采购成本,又可以引导投标人形成稳定的低利润预期,指导投标人报"合理低价",防止"赢者诅咒"现象的发生。以上发现均说明低于均价中标法在业界被广泛应用的合理性,但这种招标机制也易于催生投标人间串谋。文章研究为低于均价中标法的合理使用提出了管理建议。     

西方竞租理论发展过程与最新拓展

竞租理论源于农业竞租理论,其中做出突出贡献和影响的是屠能。随着城市的发展,城市竞租理论得以快速发展,在阿隆索之前,新古典经济学、土地经济学、生态经济学等学派均形成了自己的主要观点。阿隆索继承新古典经济学的思想建立了经典的城市竞租模型,成为了城市经济学重要的基础理论之一。随着新的城市问题的出现,城市竞租理论在城市特征、交通成本、效用等模型方面以及在经验检验方法方面均有拓展。我国的城市问题与西方国家有所不同,文章也指出了竞租理论在我国应用的拓展展望。     

The Effects of Foreign Trading of U.S. Treasuries

We examine the effects of foreign trading of U.S. Treasuries on the market's microstructure. Two intervals, the first characterized by heavy run‐ups in foreign ownership (1/1994–6/1997), and the second by multiple indicators of peaking of foreign ownership (7/1997–2000), are followed. Our findings reveal systematic effects associated with foreign trading. For instance, reductions in liquidity and trade sizes, and increases in informational asymmetry and dealer risk aversion, accompany falling demand for Treasury debt. Moreover, in this environment, foreign trading volume plays a larger explanatory role about the market's microstructure, than in an environment of rising demand. We also find dealer reactions to foreign transactions vary across the term‐structure.     

特大型桥梁工程投标报价的编制

在特大桥投标中,报价并不是中标的唯一因素,但报价是中标因素中一个极其重要的因素,因此有必要研究报价编制、报价策略和方法,以期多中标,中好标。文中结合工程实例,从特大桥投标报价编制应关注的细节入手,探讨报价技巧和报价策略,提出投标报价应注意的问题,利于提高投标报价的效益和效率。     

Structural changes,bid–ask spread composition and tick size in inter-bank futures trading

This paper studies a period containing three major structural changes, which constitute a natural experiment in the NYSE.Euronext-LIFFE European short-term interest rate (STIR) futures market. These changes comprise (1) a 50% reduction in minimum tick size for the most heavily traded contract, (2) European Monetary Union and (3) the transition from open outcry to electronic trading. We analyse a number of microstructure features of the four largest European interest rate futures contracts throughout this period. In particular, we focus on bid–ask spread composition using a recent model which is appropriate for this market structure. Our analysis identifies the tick size as the largest bid–ask spread component in almost every instance, which suggests that participants in this STIR future market might benefit from a reduction in minimum tick sizes.     

完善政府采购投标保证金制度的思考

在政府采购活动中,设立投标保证金是招标文件的重要条款,在招投标活动中发挥着约束招投标行为、维护政府采购活动严肃性等积极作用。但目前投标保证金也存在相关法律制度不健全、缺乏有效的监督管理等问题。因此,必须进一步完善政府采购投标保证金的法律法规,加大监管处罚力度,这样才能充分发挥投标保证金的积极作用,保证政府采购招投标工作的顺利开展。     

Foreign investor trading and information asymmetry: evidence from a leading emerging market

This article examines the influence of foreign investor trading on information asymmetry in the Korean stock market, a representative emerging market characterized by a high level of information asymmetry between corporate insiders and outsiders, and among investors. We find a significantly positive relationship between foreign investor trading and the consequent bid–ask spread – the latter of which is considered as a proxy for the degree of information asymmetry – on both daily and weekly bases. Our results indicate that active foreign investor trading tends to exacerbate informational variation.     

Prices paid for farmland in Ontario: Does buyer type matter?

In the wake of the substantial increases in farmland values that have occurred in Ontario since 2008, concerns have been expressed regarding the potential influence of nonfarmer buyers, such as investment companies and foreign buyers, on prices paid for farmland. To examine whether these concerns may be warranted, this paper estimates the impact of nonfarmer buyers on sale prices for farmland in Ontario, using a hedonic approach and farmland sales data from 2002 to 2016. Analysis is also conducted to determine whether marginal implicit prices of specific farm attributes differ between farmer buyers and nonfarmer buyers. The results indicate that nonfarmer buyers have paid higher prices for farmland, but only in near‐urban areas. In addition, differences in marginal implicit prices for farmland attributes are found, where farmer buyers value more highly attributes related to the agricultural productivity of the property while nonfarmer buyers value more highly attributes related to nonagricultural use. These results imply that the higher prices paid by nonfarmers may be attributable to the bid‐rent theory, as nonfarmers may be bidding more than farmers for farmland in near‐urban areas due to higher expected returns from future urban use of the land.     

风电项目全过程造价控制管控要点分析

建设项目全过程造价控制是近些年提出的造价管理思想,它旨在项目建设全过程对建设成本进行动态的、多阶段、多维度的把控,反馈建设过程中存在的问题,最终实现节约建设成本、达成项目管理目标的作用。风电项目具有建设周期短、南方项目大型设备运输困难、施工降水量大、冰冻等特点,导致工程变更、签证、索赔情况频频发生,由此一来建设方的安全就显得尤为必要。而在具体实施过程中管控要点的切入是执行中的一个难点,许多造价人员不知道应该管控什么、从那里入手、管控到什么精度。本文将结合作者多年风电项目建设造价管理工作经验,针对全过程造价控制的管控要点进行分析。     

不平衡报价法在投标中的应用

不平衡报价作为一种常用的投标策略,在工程投标中常常被采用,只要运用得当,不仅可提高中标概率,同时在结算时可获得比较理想的收益。