违约成本

退出成本即退出壁垒（J.Bain，1956）指阻碍企业退出市场（行业）的因素，包括沉没成本、违约成本、行政法规壁垒，信誉损失，等等。

( Chen Lu , 2000 ); Exit cost is the exit barrier ( J.Bain , 1956 ), i.e.the obstacles for enterprise to exit a market / an industry , which includes sunk cost , penalty cost , law and regulation barrier , reputation ruin cost , etc.

基于信息差异和故意违约成本模型的信贷市场分析

Study about Credit Markets Based on a Model Including Information Difference and Deliberate Default Cost

通胀降低违约成本，因为抵押品的实际价值超过名义债务额的可能性加大。

It makes defaults less costly because real collateral is more likely to exceed nominal debt .

借款人获得贷款的同时提供这些资产作抵押，这样就构成了借款人的较高的违约成本。

Borrowers get loans while providing those assets as mortgage , which lead to a relatively high cost of default .

在15家大银行防止违约成本基础上，信用导数研究所设计了一个映射危险指数。

Credit Derivatives Research has devised a counterparty-risk index , based on the cost of insuring against default of15 large banks ;

根据博弈理论，民营企业信用缺失的根源在于信息不对称及违约成本过低。

According to the game theory , credit deficiency in the private enterprise stems from the asymmetry of information and low breach costs .

二应建立农村征信体系，提高诚信收益与违约成本；

Secondly , modem credit rating system should be established in the countryside , for this system can increase sincerity yield and deception cost .

从这个角度来看，个人信用制度的作用在于它进一步提高了违约成本，减少了理性违约的可能性；信用报告构成了信誉抵押品，部分替代了实物抵押品，减轻了信贷配给的程度。

Credit reporting system can reinforce the function of mortgage in terms of further increasing default cost and alleviating credit rationing through reputation collateral .

在信息不对称条件下，任何加大基金管理人违约成本和减少信息不对称的措施都有助于减少基金管理人的违规行为。

Under the circumstance of information asymmetric , any increase cost of breaking a contract and reduce information asymmetric will cut down fund manager 's mis-conduct .

根据该准则，因为对于风险较高的贷款来说所需支付的利息也会更高，所以银行能够在不考虑预期违约成本的情况下提前实现更高的利润率。

Under IFRS , because riskier loans are associated with higher interest payments , banks are able to cash in higher margins up front without allowing for the costs of expected defaults .

建立个人信用制度，提高违约成本，减少主动违约；

Build up credit system , raise the cost of default , reduce the active default stipulate the returning loan default fee in advance in order to reduce the returning in advance ;

当违约成本较低时，那些未能满足利益要求的责任人不仅不会自愿履行岗位职责，而且会寻找机会谋求更多的非法隐性收入。

When the cost of contravene promise cost is lower , the men won 't perform the commitment by himself , and will look for the chance for getting the illegal covered income .

此外，建立科学合理的社会信用制度，强化信用，提高违约成本，加强对企业的监管并健全激励和约束机制。

In addition , we need the establishment of scientific and reasonable social credit system , credit strengthening , increasing default costs , strengthening supervision over enterprises and improving the incentive and restraint mechanisms .

重复博弈是企业寻求合作的最佳对策，创建重复博弈的途径是建立中介机构、形成信息共享机制和增加违约成本。

Duplicate gaming is the best countermeasure for a company to seek for cooperation . The route of establishment of repeated game is to establish agents , to form information-sharing mechanism and to add breach costs .

在此基础之上，规模因素将被提取出来，得到在只考虑违约成本的情况下，规模因素对授信额度的影响。

Based on that then , the scale factor is extracted out of the default cost , and regardless of factors other than default cost , the effect of scale factor on line of credit is presented .

其次是构建信用监管制度和机制，通过提高违约成本来规范个人信用行为，最后提出建立和完善征信业行业协会。

Second , build a credit monitoring system and mechanisms , by raising the cost of default to regulate personal credit behavior , and finally put forward the establishment and improvement of credit information industry trade association .

首先，分析用人单位单方解约和毕业生单方解约的不同情形，得出就业协议解除条款主要约束毕业生，用人单位违约成本低廉的结论。

First , the author analyzes unilateral termination of employers and graduates of the unilateral termination in different situations , come to the conclusion that the employment agreement mainly constrains college graduates , the employers pay low cost .

然后，从信用制度缺陷这一机制原因出发，引入对失信者的惩罚机制，加强了违约成本，得到改进的博弈均衡是：（1）信用好的企业申请贷款，信用差的企业不申请；

Then , the thesis introduces penalty mechanism on those who violate the contract which strengthen the cost of violation based on limitation of credit system , finds a improved equilibrium : ( 1 ) Good credit SMES apply for loan while poor credit ones do not ;

另一方面通过违约成本的增加分析了对银行中小企业有限次重复博弈的影响，得出违约成本的增加，会使违约企业潜在收益下降的同时，其潜在的损失不断增大。

On the other hand , there is a notable effect of increasing default cost on the repeating game between banks and SMEs in limited times , that is when default cost increases , the potential profits of default enterprises will fall while the potential loss will increase .

markitgroup的数据显示，债务违约保险成本今年初约为51个基点，与目前的水平形成鲜明对比。

That compares with a level of about 51bp at the start of the year , according to data from Markit group .

衡量金融业债务违约保险成本的itraxx欧洲（itraxxeurope）高级金融指数过去三周上涨了20%。

The itraxx Europe senior financials index , which measures the cost of insuring financial sector debt against default , is up 20 per cent in three weeks .

在欧洲，基准的itraxx欧洲（itraxxeurope）指数中125家投资级成份股公司的债券违约保险成本，上周五一度飙升至156个基点的新高，收盘报于146个基点。

In Europe , the cost of insuring the debt of the 125 investment-grade companies in the benchmark itraxx Europe Index surged to a new high of 156bp , before closing at 146bp on Friday .

举一个例子：在2007年初，ABX指数由债务违约保险成本编制而成暗示，实际上没有次级抵押贷款会违约。

To take one example : at the beginning of 2007 , the ABX index - compiled from the price of protecting against default - implied that virtually no subprime mortgages would default .

对冲美国股票波动性（以芝加哥期权交易所Vix指数衡量）和美国投资级贷款违约的成本，目前恢复到了12个月前的水平。

Over the past 12 months , the cost of insuring against volatility in US stocks ( as measured by the CBOE 's Vix index ) and against default by US investment-grade credits , is unchanged .

在抵押房物的市场价值低于贷款的市场价值，即ltv大于1和违约交易成本时，如果借款人违约，银行即使处置抵押房屋也会受到损失。

At the market value of the house mortgage is lower than the market value of the loan , namely the LTV is big in1: 0.if the loanee breaks the contract , the bank will still be subjected to the loss even it handles the mortgage house .

西班牙国债违约保险成本昨日创出历史新高。

The cost of insuring against a Spanish default hit a record yesterday .

但是保护莱曼的债务不受违约的成本在迅速上升，这表明疑虑正在悄然跟进。

But a sharp jump in the cost of protecting against a Lehman debt default suggests that doubts are creeping in .

委内瑞拉拥有世界最高通胀水平，其政府债务的违约担保成本是最昂贵的。

Venezuela has the fastest inflation in the world , while its government debt is the most expensive to insure against default .

与此同时，亚洲债务违约担保成本大幅下降，表明对企业破产的担忧正在消退。

Meanwhile , the cost of protecting Asian debt against default dropped sharply , suggesting that the fear of corporate collapse is receding .

美国投资级债券的违约保险成本从1月份的80个基点，飙升至188个基点的高位。

The cost of protecting US investment grade debt against default soared to a high of 188 basis points , from 80bp in January .