美国次贷危机不仅影响到整个美国经济,而且波及全球,导致全球金融危机。文章在阐述国债利率期限结构理论和国内外相关研究文献基础上,采用幂函数这一非线性回归模型对次贷危机时期我国国债收益率曲线的形状进行了静态拟合实证分析以及多个时点国债收益率曲线的动态分析。结果表明,我国国债市场已经逐渐走向成熟,能够较好地反映我国实际的经济运行状况以及世界金融市场受到的冲击,基本符合市场预期理论和流动性偏好理论。 The subprime mortgage crisis in the United States not only affects the entire U.S. economy, but also affects the whole world and leads to the global financial crisis. Based on expounding the term structure theory of treasury bills interest rate and domestic and foreign related research literature, this paper uses the power function, a nonlinear regression model, to make a static fit empirical analysis of the shape of China’s bond yield curve in the subprime crisis period, Dynamic Analysis of Bond Yield Curve. The result shows that the national debt market of our country has gradually matured, which can well reflect the actual economic performance of our country and the impact on the world financial markets. It basically conforms to the market expectancy theory and the liquidity preference theory.