第一部分，国债信用风险成因分析。
The first part is about analysis on formation causes of national debt credit risk.
对国债信用风险的研究是一个十分有意义的课题，它将唤醒人们对潜在的国家信用风险的重视。
It is a senseful study on the credit risk management of the national bond. It will catch the attention of people to the potential national credit risk.
但是大额的联合债券发行即使对信用风险很低的国家也有益，因为这种债券在流通性上足可匹敌美国国债市场。
But a large collective bond issue could have benefits even for countries with low credit risk, as it would rival America's Treasuries market for liquidity.
这难道意味着市场认为银行的信用风险比国债小吗？
Does that really mean the market considers Banks a better credit risk than the Treasury?
由于国债基本上没有信用风险，其利率不受违约风险的干扰，只反映和期限的关系，适合做基准利率。
The interest of treasure bond is basic interest because it has no credit risk, it cannot be disturbed by default, and only reflects the relationship between yield and term.
本文应用KMV公司信用风险管理的基本理念，利用我国1981 ~ 2002年国债债务的相关数据，对国债的信用风险进行了研究。
We did the study according to the basic models of credit risk management in KMV co. Ltd, and the relevant data of national bond from 1981 to 2002 in China.
信用风险溢价是指具有信用风险的企业债券的收益与相对无信用风险的国债的收益之间的差异(即信用价差)。
Credit risk premium is the differences between the yields of corporate bonds with credit risk and Treasury bill relatively with no credit risk (that "s credit spread)."
信用风险溢价是指具有信用风险的企业债券的收益与相对无信用风险的国债的收益之间的差异(即信用价差)。
Credit risk premium is the differences between the yields of corporate bonds with credit risk and Treasury bill relatively with no credit risk (that "s credit spread)."
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