题目
Securitization benefits investors by:
选项
A.providing more direct access to a wider range of assets.
B.reducing the inherent credit risk of pools of loans and receivables.
C.eliminating cash flow timing risks of an ABS, such as contraction and extension risks.
答案
A
解析
： A is correct. Securitization allows investors to achieve more direct legal claims on loans and portfolios of receivables. As a result, investors can add to their portfolios exposure to the risk–return characteristics provided by a wider range of assets. B is incorrect because securitization does not reduce credit risk but, rather, provides a structure to mitigate and redistribute the inherent credit risks of pools of loans and receivables. C is incorrect because securitization does not eliminate the timing risks associated with ABS cash flows but, rather, provides a structure to mitigate and redistribute those risks, such as contraction risk and extension risk. ： A是正确的。证券化允许投资者对贷款和应收账款组合实现更直接的法律索赔。因此，投资者可以在其投资组合中增加更多资产所提供的风险回报特征。 B是不正确的，因为证券化并没有降低信贷风险，而是提供了一种结构，以减轻和重新分配贷款和应收款池的固有信贷风险。 C是不正确的，因为证券化并没有消除与ABS现金流相关的时间风险，而是提供了一种结构来减轻和重新分配这些风险，例如收缩风险和扩张风险。