Bond ratings are a tool that we use to measure default risk and arrive at a cost of debt.

债券评级是一种工具，我们使用来衡量违约风险，并得出一个成本的债务。

Along with the development of the modern economy, the content of the credit risk is also extended further by traditional default risk.

随着现代经济的发展，信用风险的内涵也由传统的违约风险进一步扩大。

The default risk with incomplete information in the sense of uncertain true corporate value was analyzed.

研究关于真实公司价值不确定意义下的信息非完全时违约风险的评估.

In other words, changes in default risk were expected to affect the equity and mezzanine tranches in stable proportions.

换言之，预期违约风险变动的影响，股票和债券夹层稳定程度。

The exposure to non-default risk of loan portfolio is reflected accurately, at the same time IRB of banks has been improved.

准确地反映了贷款组合的非违约风险暴露，同时完善了银行的内部评级体系。

The accumulation of default risk of residential mortgage loan will influence asset quality and healthy development of commercial banks and bring severe test to their risk management.

住房抵押贷款违约风险的积聚将会影响商业银行的资产质量和健康发展，并给商业银行的风险管理带来严峻考验。

The results show that, in recent years, the new research direction of default risk structural models focuses on the improvement of the first time passage structural models.

研究表明，近年来，违约风险结构化模型的研究方向主有对首越边界时间模型的改进；基于信息不对称因素对结构化模型的修正；

Based on empirical results, related theories and status analysis, the thesis gives four strategies on how to perfect the management of residential mortgage loan default risk.

在此基础上，提出了完善商业银行个人住房抵押贷款违约风险管理的对策。