原因在于投资者的总回报不仅取决于违约率，也取决于回收率，换句话说，也就是公司倒闭时投资者能获得的返还有多少。
The total return of investors is dependent not just on the default rate, but on the recovery rate when companies collapse; in other words, how much investors get paid back.
发达国家的违约事件极其罕见，而新兴市场则相反。这就让投资者难以估计信用违约掉期定价中的一项关键因素，即他们能从（发达国家中的）破产事件中回收多少钱。
Rich-country defaults are extremely rare (emerging markets, less so) which makes it difficult for investors to estimate how much they would recover in bankruptcy, a key determinant in CDS pricing.
标准的假设是回收率能达到40%，但从雷曼兄弟公司和冰岛的若干银行看来，一些投资者投入一美元还收不回10美分。
The standard assumption is that the recovery rate will be 40%, but with Lehman Brothers and Iceland's Banks it looks as if some investors will get back less than ten cents on the dollar.
但投资者也预计银行将开始回收以往特别指向房地产的措施。
But investors also were expecting the bank to start unwinding past moves aimed specifically at real estate.
当市场暴跌，投资者需要回收现金时，黄金自然成为抛售的资产，特别是在芝加哥商品交易所提高了黄金合约的保证金标准之后更是如此。
When markets tumbled and investors needed to raise cash, gold was the natural asset to sell, especially after the Chicago Mercantile Exchange raised the margin requirement for gold contracts.
创业投资收益回收是整个创业投资运作的核心阶段，关系到创业投融资过程的成败。
The proceeds reclaim of venture capital is the substantial step of whole operational process of venture capital, which is crucial to the success of venture capital.
但是，有的商业计划书却能迅速抓住投资人目光，而有的计划书却只能以进入“回收站”作为使命的终结。
However, some business plan quickly able to seize the attention of investors, while others can only plan to enter the "Recycle Bin" as the end of the mission.
财务净现值、内部收益率、动态投资回收期等是房地产投资的动态财务评价指标，它考虑了资金的时间价值，从项目的全寿命期考虑，比较合理和准确。
They concern about the timing value of the investment while considering the whole process of the project so that are reasonable as well as accurate.
假如再投资率高于赎回收益率，假定持有至偿还期，则有息债券的实践报答远远高于赎回收益率。
If the reinvestment rate is higher than the redemption yield then the actual return on the bond, assuming it is held to maturity, will be higher than the redemption yield.
作为高风险与高收益的结合体，创业投资的高收益依赖于“投入—回收—再投入”的不断资本循环以得到资本增值。
As a collection of high risk and high yield, capital appreciation of venture capital increases by a continuous capital circulation of "Investing-Recycling-Reinvesting".
Break-Even： 回收期：投资额等于净收入的时间点（以月为单位）；
Payback: the point of time where an investment equals its net sales (in months);
Break-Even： 回收期：投资额等于净收入的时间点（以月为单位）；
Payback: the point of time where an investment equals its net sales (in months);
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