The main drivers of strategic default are the scale of negative equity, and moral and social considerations.

策略性违约的主要动因是房屋负资产的规模，以及道德和社会考虑。

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The likelihood of strategic default rises more quickly once the rate of local home foreclosures reaches a critical level.

一旦当地的收房率达到临界水平，策略性违约的可能性就会大幅上升。

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However, homogeneous groups are more likely to have strategic default than heterogeneous groups due to different official penalties on strategic default.

然而，由于机构给予策略性赖账的惩罚不同，回报同质组策略性赖账的概率可能更大。

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But if the strategic default or deviation from absolute priority rule is allowed, the decision that maximizes value of equity will be consistent with one that maximizes corporate value.

但是，如果允许策略性债务违约或对绝对优先权原则偏离，股东权益价值最大化的破产决策将达到与公司价值最大化一致的结果；

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But if the strategic default or deviation from absolute priority rule is allowed, the decision that maximizes value of equity will be consistent with one that maximizes corporate value.

但是，如果允许策略性债务违约或对绝对优先权原则偏离，股东权益价值最大化的破产决策将达到与公司价值最大化一致的结果；

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