本文给出了两个基于市场利率的浮息债券定价理论,然后选择具有一般均衡理论基础的CIR模型和基于具有纯无套利的Hull-White模型来建立利率期限结构的动态模型,并使用了时间序列和截面数据来估计利率模型参数。研究表明,无论哪种定价理论,都能得到接近市场价格的结果。这意味着,投资者和发行人在交易价格上能达成一致,从而吸引更多的投资者和发行人参与到浮息债市场中去,促进我国浮息债券市场和市场化利率体系的发展。 In this paper, two pricing models of floating rate bond based on market interest rate are given, then the CIR model based on general equilibrium theory and the Hull-White model based on pure arbitrage are used to establish the dynamic model of term structure of interest rate, Sequence and section data to estimate interest rate model parameters. Research shows that no matter what kind of pricing theory, can get the result close to the market price. This means that investors and issuers can reach an agreement on the transaction price so as to attract more investors and issuers to participate in the floating-point bond market and promote the development of China’s floating-point bond market and the market-oriented interest rate system.