Recovery rates play an important role in Nth CDS pricing, while, it' s difficult to get realistic recovery rates. We assume that the recovery rates are stochastic and follow different Copulas with corresponding default times. Under this assumption, we develop a simulation algorithm to price the Nth CDS. According to the result of simulation pricing, the prices of Nth CDS are different under the condition of constant recovery rates,stochastic independent recovery rates and Copula structure recovery rates.%考虑到挽回率是违约互换定价的重要因素,同时获得准确的挽回率也是极其困难的,于是假设挽回率是随机的,并与对应资产违约时间呈Copula类相依结构.在该假设条件下提出一种对第n次违约互换定价的模拟算法.通过实证模拟发现,恒定挽回率,独立随机挽回率和Copula结构的挽回率对应的定价结果相差较大.
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