For better understanding of the dynamics short-term interest rates, the paper establishes a basic model of term structure for China's interbank offered rate.

为了更好的描述我国短期利率的动态特性，本文以我国同业拆借利率作为研究对象，构造了我国同业拆借利率期限结构的基础模型。

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As to the ability for explanatory power of short-term interest rate and that for capturing conditional volatility, there are remarkably differences among each model.

就模型对短期利率变化的解释能力和捕捉利率波动的能力而言，各模型也存在着显著的差异。

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The results show that all the single-factor models cannot match dynamic change of the short interest rate, and the CKLS model does the best among them.

实证结果表明所有的单因子短期利率模型都不能很好地描述中国上海证券交易所债券市场上的短期利率变化，CKLS模型是它们中表现最好的单因子利率模型。

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