The Code of Valuation with Bill Quantity of Construction Works enacted in 2008, which requires that the control price must be worked out and announced when the state-owned capital investment projects have being tendered. In this study, the impacts of announced and secret control prices are discussed based on independent private values model in first sealed bid auction. The study shows that if the control price had been announced, the quoted prices of the bidders and the payment of the owners would be reduced. When the number of bidders is given, the payment of owners would increase with the control price. When the control price is given, the payment of owners would reduce with the number of bidders.