CAJ | 학술논문

本文简单地阐述了传统的利率期限结构理论,通过连续复利的方式获得了我国国债的到期收益率.在此基础上,构造了国债收益率曲线并通过建模获得了收益率曲线的回归方程.同时,根据我国国债利率期限结构的形状和特点,用传统的利率期限结构理论对其进行理论说明,并指出国债产品设计与定价上的问题与改进建议.
본문간단지천술료전통적리솔기한결구이론,통과련속복리적방식획득료아국국채적도기수익솔.재차기출상,구조료국채수익솔곡선병통과건모획득료수익솔곡선적회귀방정.동시,근거아국국채리솔기한결구적형상화특점,용전통적리솔기한결구이론대기진행이론설명,병지출국채산품설계여정개상적문제여개진건의.
This paper simply illustrates traditional theory of term structure of interest rate, and obtains the yield to maturity of our country＇ s national debt through the method of continuous compounding. On this basis, the authors construct yield to maturity curve and obtain regression equation of the curve through establishing a model. Meanwhile, in the light of the shape and features of term structure of interest rate of China＇s national debt, the authors illustrate it with traditional theory of term structure of interest rate, put forth the suggestion of designing and pricing of the national debt.