中文摘要：

在中国银行间市场的回购市场上，回购利率具有明显的期间风险溢酬，风险溢酬随时间变化，并与回购利率期限结构水平明显相关．文章试图构造单因子、两因子本性仿射模型来解释回购利率的变化及风险溢酬，发现两因子本性仿射模型与单因子本性仿射模型相比，对回购利率期限结构变化的描述没有明显改进．回购利率期限结构扣除单因子模型给出的利率风险溢酬后，服从纯预期假设，单因子本性仿射模型可以解释银行间市场回购利率风险溢酬的变化．

英文摘要：

In the inter-bank market of China, repo rate has obvious term-premium. The term-premium is time-varying, and is obviously related to the level of the term structure of repo rates. One-factor, two-factor essential affine models are constructed to explain the term premium. It is found that, compared with one-factor model, two-factor model shows no obvious improvement in describing the changes of the repo rates. The repo rates, after deducting the premium imposed by one-factor essential affine model, are in accordance with pure expectations hypothesis, and one-factor essential affine model can explain the timevarying term premium of repo rates in the inter-bank market.