One nonparametric model was established by use of the stochastic theory and kernel estimation method. By use of the data of the repurchasing rate in Shanghai stock market, the nonparametric model was empirically tested compared to Vasicek and CIR.

• 利用随机过程的原理和非参数的核函数估计方法建立了非参数的利率期限结构模型 ；采用上海证券交易所的国债回购利率数据对建立的模型进行了实证检验 ；并与 Vasicek、CIR模型进行了比较 .