通过利用协整方法分析我国公司债券利率的形成机制,验证预期理论解释公司债券收益率效力的高低。实证分析表明,我国公司债券收益率在一定程度上符合利率期限结构预期理论,但不同期限品种之间预期传导效应不是很强,反映出我国目前公司债券市场还很不完善,存在着比较严重的短期投机行为。最后针对我国实际情况提出相应的对策建议。 By using the co-integration method to analyze the formation mechanism of the interest rate of corporate bonds in China, we can verify the validity of the expected theory to explain the effectiveness of corporate bond yields. The empirical analysis shows that the rate of return on corporate bonds in China to a certain extent in line with the expectations of the interest rate term structure theory, but the expected transmission effect between different maturity varieties is not very strong, reflecting the current corporate bond market in China is still very imperfect, there is more serious Short-term speculation. Finally, according to the actual situation in our country put forward corresponding countermeasures and suggestions.