流动偏好理论

传统的利率期限结构可分为三类：预期理论、流动性偏好理论和期限偏好理论。

The traditional interest rate term structure can divide into three kinds : the expectation theory , the liquidity preference theory and the preferred habitat theory .

然后对利率期限结构的三大传统理论：预期理论、市场分割理论和流动性偏好理论，及各种理论的优缺点进行了研究。

Secondly , it studied the three kind of traditional theories of rate term structure : expectation theory , market segmentation theory and liquidity preferred theory , and the advantages and disadvantages of each .

但是，由于流动性偏好理论的假设前提（有效市场假设）与现实不符，致使“国债期限越短，利息成本越低”的观点在实践中不一定成立。

However , due to the unrealistic hypothesis of effective market , the view point of " the shorter period , the lower the state debts interest cost will be " is not realistically right .