The assets of bankrupt firms are usually sold to unsuitable buyers at an extremely discounted price. Aiming to reduce the bankruptcy cost, the purpose of this paper is to propose a novel insurance system for associated loans.,In this insurance system, the joined firms are from the same industry and have a responsibility to buy the assets of potentially bankrupt firms at a relatively high price, because they could make better use of the assets than the buyers outside the industry. Further, the authors use the Shapley value to address the problem of bankruptcy cost allocation and additionally employ the method of Monte Carlo simulation to derive the numerical solution of the insurance premium of bankruptcy cost.,First, the relatively healthy and solvent firms in the insurance system could gain a larger proportion of benefits derived from the reduced cost of default, interestingly, the more so when the external cost of default is larger. Second, given the positive relationship between bankruptcy cost and asset correlation in practice, lenders and insurers face a trade-off to balance the cost against the benefit of asset correlation. Third, insurance premiums and bankruptcy costs decrease with the number of firms participating in this insurance system.,This paper proposes a novel insurance for associated loans, in which joined firms can pay a relatively low insurance premium due to the realization of reducing bankruptcy cost.

中文翻译：

---

一种新颖的关联贷款保险制度：降低破产成本的实现

破产公司的资产通常以极低的价格出售给不合适的买家。为了降低破产成本，本文的目的是提出一种新颖的关联贷款保险制度。在这种保险制度中，合伙公司来自同一行业，并有责任在潜在的破产公司购买资产。价格相对较高，因为与行业以外的买家相比，他们可以更好地利用资产。此外，作者使用Shapley值来解决破产成本分配问题，并另外采用蒙特卡罗模拟的方法来得出破产成本保险费的数值解。保险系统中相对健康和有偿付能力的公司可能会从违约成本降低中获得更大比例的收益，有趣的是，当外部违约成本越大时，收益也就越大。其次，鉴于实践中破产成本与资产相关性之间存在正相关关系，贷方和保险公司将面临权衡取舍，以平衡成本与资产相关性的利益。第三，保险费和破产成本随着参加该保险系统的公司数量的减少而减少。本文提出了一种新型的关联贷款保险，其中联营公司由于实现了降低破产成本而可以支付相对较低的保险费。鉴于实践中破产成本与资产相关性之间存在正相关关系，贷方和保险公司将面临权衡取舍，以平衡成本与资产相关性的利益。第三，保险费和破产成本随着参加该保险系统的公司数量的减少而减少。本文提出了一种新型的关联贷款保险，其中联营公司由于实现了降低破产成本而可以支付相对较低的保险费。鉴于实践中破产成本与资产相关性之间存在正相关关系，贷方和保险公司需要权衡取舍，以平衡成本与资产相关性的利益。第三，保险费和破产成本随着参加该保险系统的公司数量的减少而减少。本文提出了一种新型的关联贷款保险，其中联营公司由于实现了降低破产成本而可以支付相对较低的保险费。