本研究重新切割iTraxx Europe各標準化分券之累積損失承擔額度，改變其起賠點或止賠點之信用架構，讓每一客製化分券為各一獨立契約，各為一項信用商品；再透過動態違約模型，刻劃存活機率受到市場上信用事件影響與衝擊，令存活率之變動由一混合卜瓦松跳躍過程所驅動，以跳躍來描述信用事件之發生。
透過此動態模型評價各類客製化分券，從評價結果可以發現，重新切割承擔累積損失之信用架構造成信用價差變動之主要原因來自於兩個面向：一為分券承擔損失機率之改變與損失侵蝕分券達承擔上限之可能；另一為重新切割損失承擔範圍導致資產間違約相關性也隨之改變。而敏感度分析結果發現，提升信用事件危害程度、違約相關性、發生頻率，降低回復率，都使得0-4%分券之信用價差下降，而其他分券上升，乃因資產違約之可能性上升，市場風險提高，使0-4%風險分券更加明確之故。
投資人面對改變信用架構之客製化分券選擇時，須考量此類因素變動對客製化分券之影響，搭配自身風險偏好與需求，作為投資人購買分券之依據，進行客製化分券契約設定。

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