中文摘要：

基于套利定价理论，运用Tobut模型，对2008—2011年-1049期短期融资券样本进行研究，得出短期融资券发行定价的主要影响因素为无风险利率、债券主体信用等级和债券发行规模，短期融资券交易定价的主要影响因素为无风险利率、债券主体信用等级、债券发行规模、上市首日换手率和上市首日价格波动率。在此基础上，通过改进的cIR定价模型（ICIR），对短期融资券定价偏离现象进行研究，结果表明，2008—2011年间，短期融资券定价市场化程度越来越高，在0．02的显著性水平上，ICIR模型测算的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现象进行检验具有较强的合理性。

英文摘要：

Based on arbitrage pricing theory, the use of Tobit model, 2008-2011, 1049 samples of commercial paper, commercial paper reached the main factors affecting the pricing issue for the risk-free interest rates, bond credit rating and bond principal Issue size, trading commercial paper as the main factors affecting pricing of risk-free interest rate, the bond issuer credit rating, bond issuance, listed on the first day listed on the first day of turnover and price volatility. On this basis, by improving the CIR pricing model （ICIR）, Research of pricing deviation of commercial paper, the results show that the, 2008-2011, commercial paper is becoming more market-oriented pricing in 0.01 Significant level, ICIR models the theoretical price calculated by the secondary market price test, ICIR bond pricing model to test the phenomenon of strong deviation from rationality.