中文摘要：

假定违约是由公司资本结构和一个外在跳跃过程共同决定的，其中跳跃强度是依赖于公司的金融状况和宏观经济环境，从而使模型更切合实际．在此假设下，通过求解模型得到了可违约债券价格的显示表达式，进而研究了信用价差的性质和期限结构，分析了公司资本结构和宏观经济变量对信用价差的影响．

英文摘要：

In this paper, it is assumed that default event is decided by the company＇s capital structure and an external i ump process,where the default intensity depends on the company＇s financial situation and the macroeconomic environment, so the model is more realistic. By solving the model we derived the explicit expression of the default bond prices, and analysed the term structure of credit spreads and the impact that the company＇s capital structure and macroeconomic variables contributed on the credit spreads.