资金价格、利率期限结构跟国债收益率曲线.pdfVIP

____________________________________________________________________________________________ 1 2 3 200030 1,2 350002 3 : Capital Price, the Term Structure of Interest Rates and Government Bond Yield Curve MIN Xiao-ping , TIAN Peng, Wu Wei ( School of Management, Shanghai Jiao Tong Univ., Shanghai 200030, China, Peoples Bank of China Fuzhou Central Sub-branch, Fuzhou 350002, China ) Abstract Capital prices are determined by the decision of the microeconomic agents and macroeconomic policy makers. The tool for measuring capital prices is interest rate. The term structure of interest rates is the benchmark to pricing capital. At a fixed time, market cross-section term structure is implied in the government bond trade. At different time, cross-section follows stochastic process that can be explained by the dynamic term structure models. Not to price unique cash flow, generally government bond yield curve isn’t real term structure of interest rates. Key words: capital price, interest rate, term structure, government bond yield