一 Term structure of interest rate 利率期限结构
纯预期理论 Pure expectation theory
收益率曲线反映的期限结构是由利率预期决定的。
The term structure reflected by the yield curve is determined by interest rate expectation.
利率预期上升，曲线向上倾斜。
Interest rates are expected to rise and the curve tilts upward.
流动性溢价理论 Liquidity premium theory
如果有流动性较低的溢价补偿，转而投资长期债券。
If there is a low liquidity premium compensation, invest in long-term bonds instead.
细分市场理论 Market segmentation theory
借款人与储户有灵活的投资时间选择。
Borrowers and depositors have flexible investment time options.
Commercial Paper
商业票据
• Commercial paper is a short-term debt instrument issued only by well-known, credit-worthy firms that is typically unsecured.
•商业票据是一种短期债务工具，仅由知名的、值得信贷的公司发行，通常无担保。
• Commercial paper is issued to provide liquidity or to finance a firm’s investment in inventory and accounts receivable. It is an alternative to short-term bank loans.
•发行商业票据是为了提供流动资金或为公司对存货和应收账款的投资提供资金。它是短期银行贷款的替代品。
Corporate Bonds
公司债券
Corporate bonds are long-term debt securities issued by corporations that promise the owner coupon payments (interest) on a semiannual basis.
公司债券是公司发行的长期债务证券，承诺每半年向所有者支付一次息票（利息）
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