中文摘要：

基于套利定价理论与利率期限结构理论,运用Tobit多元线性回归模型,得出债券发行定价的主要影响因素为债券无风险利率、债券期限溢价、债项信用评级、债券主体信用评级和债券赎回风险溢价,在此基础上再通过改进的CIR定价模型（ICIR）对2006～2010年各债券定价偏离现象进行研究的结果表明,在1%的显著性水平上,ICIR模型测算的债券理论价格通过了二级市场的定价检验,ICIR模型对债券发行定价偏离进行检验具有较强的合理性;同时,从发行年份来看,近五年来,债券定价偏离总体呈逐年下降趋势,债券发行定价与ICIR定价与二级市场定价逐步接轨,市场化程度越来越高。

英文摘要：

Research on arbitrage pricing theory and interest rate term structure theory,the use of Tobit multivariate linear regression model,bond pricing obtained the main factors affecting the risk free rate for the bonds,bond maturity premium,debt credit ratings,issuer credit rating of bonds,bond redemption back to the risk premium.On this basis,and through the improvement of the CIR pricing model（ICIR） of the 2006-2010 deviation of the bond pricing research,the results showed that significance level at the 0.01,the theoretical price of the bond measured by ICIR models passed the secondary market price tests,ICIR bond pricing model tested by a strong deviation from rationality.Judging from the year of publish,nearly five years,the bond pricing process showed an obvious decease trend,while bond pricing reached to the ICIR pricing and secondary market pricing,and the degree of marketization was increasing.