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中文摘要：
这份报纸调查由用汉语使用回归和时间系列分析的信用传播时间系列吝啬回复、不稳定债券市场。然后， Longstaff-Schwartz 模型和 GARCH 模型被用于信用传播放了的价格选择。作者由为 20102012 在中国债券出售的时期采用公债和社团的契约的每日的契约价格比较这二个模型的特征。建议结果看那社团的契约的信用级别越高，越多降低信用传播选择的价格。
英文摘要：
This paper investigates the mean-reversion and volatile of credit spread time series by using regression and time series analysis in Chinese bond market. Then the Longstaff-Schwartz model and GARCH model are applied to price credit spread put option. The authors compare the features of these two models by employing daily bond prices of government bonds and corporate bonds for the period 2010–2012 in Chinese bond market. The proposed results show that the higher the credit ratings of the corporate bonds are, the lower the prices of the credit spread options are.
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