Liability-based mandate就是Liability-driven investing么

NO.PZ2018120301000005问题如下 Margitasks Cécile to analyze liability-basemantes for a meeting with VillashFountion. Villash Fountion is a tax-exempt client. Prior to the meeting,Cécile intifies whshe consirs to two key features of aliability-basemante.Feature 1: It cminimize the risk of ficient cash inflows for a company.Feature 2: It matches expecteliability payments with future projectecash inflows.Is Cécile correwith respeto keyfeatures of liability-basemantes? A.YesNo, only Feature 1 is correctC.No, only Feature 2 is correct A is correct. Liability-basemantes are investments thtake investor’s future obligations into consiration. Liability-basemantes are manageto matexpecteliability payments with future projectecash inflows. These types of mantes are structurein a wto ensure tha liability or a streof liabilities ccovereanthany risk of shortfalls or ficient cash inflows for a company is minimize feature1 是不是cash flow的特点呢？

NO.PZ2018120301000005 问题如下 Margitasks Cécile to analyze liability-basemantes for a meeting with VillashFountion. Villash Fountion is a tax-exempt client. Prior to the meeting,Cécile intifies whshe consirs to two key features of aliability-basemante.Feature 1: It cminimize the risk of ficient cash inflows for a company.Feature 2: It matches expecteliability payments with future projectecash inflows.Is Cécile correwith respeto keyfeatures of liability-basemantes? A.Yes No, only Feature 1 is corre C.No, only Feature 2 is corre A is correct. Liability-basemantes are investments thtake investor’s future obligations into consiration. Liability-basemantes are manageto matexpecteliability payments with future projectecash inflows. These types of mantes are structurein a wto ensure tha liability or a streof liabilities ccovereanthany risk of shortfalls or ficient cash inflows for a company is minimize risk of ficient cash inflows就是在说shortfall risk，然后L因为要cover liabilities,所以feature1也算对。是这样吗?

NO.PZ2018120301000005 问题如下 Margitasks Cécile to analyze liability-basemantes for a meeting with VillashFountion. Villash Fountion is a tax-exempt client. Prior to the meeting,Cécile intifies whshe consirs to two key features of aliability-basemante.Feature 1: It cminimize the risk of ficient cash inflows for a company.Feature 2: It matches expecteliability payments with future projectecash inflows.Is Cécile correwith respeto keyfeatures of liability-basemantes? A.Yes No, only Feature 1 is corre C.No, only Feature 2 is corre A is correct. Liability-basemantes are investments thtake investor’s future obligations into consiration. Liability-basemantes are manageto matexpecteliability payments with future projectecash inflows. These types of mantes are structurein a wto ensure tha liability or a streof liabilities ccovereanthany risk of shortfalls or ficient cash inflows for a company is minimize 老师，请问为什么cash flow matching的前提是bon持有至到期，才会没有pririsk。根据何老师上课所讲，衡量pririsk的应该是麦考利久期，而不是持有至到期，而且pririsk反映的是利率变动对价格的影响，跟到期日有什么联系？

NO.PZ2018120301000005 问题如下 Margitasks Cécile to analyze liability-basemantes for a meeting with VillashFountion. Villash Fountion is a tax-exempt client. Prior to the meeting,Cécile intifies whshe consirs to two key features of aliability-basemante.Feature 1: It cminimize the risk of ficient cash inflows for a company.Feature 2: It matches expecteliability payments with future projectecash inflows.Is Cécile correwith respeto keyfeatures of liability-basemantes? A.Yes No, only Feature 1 is corre C.No, only Feature 2 is corre A is correct. Liability-basemantes are investments thtake investor’s future obligations into consiration. Liability-basemantes are manageto matexpecteliability payments with future projectecash inflows. These types of mantes are structurein a wto ensure tha liability or a streof liabilities ccovereanthany risk of shortfalls or ficient cash inflows for a company is minimize 这道题一眼就能选出正确答案，但是再想一下就选错了，因为关注点偏向了cash上，就联想到ration是使得PV(asset)=PV(liability),ration(Asset)=ration(Liability), 这两个条件都没有提到cash flow match的问题啊，如果是matcash flow那不完全就是cash flow matching吗，连名字都是一模一样，就越想越错了，请老师点拨下，我哪里想的不对，谢谢~