In this paper,firstly we deduct the two regression equations which are used to test the expectation hypotheses of the term structure of interest rate and point out that the regression test is actually to test the joint hypotheses of rational expectation,the expectation hypotheses of term structure and the invariant of term premiums.

An Empirical Test of Interest Rate Term Structure and Research of Term Premium;

In the developed financial markets,the term structure of repo rate follows pure expectation hypothe- sis,and risk premium is not significant both economically and statistically.

With weekly data of repo term structures in the Shanghai Stock Exchange from January 4 1999 to November 8 2004,it is found that term structure of repo rates has obvious risk premium,and pure expectations hypothesis can t explain the term structure behavior.

An Empirical Analysis of the Liquidity Premium of Interest Rate in China;