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七七 · 2024年07月21日

liability based mandate

NO.PZ2023032703000031

问题如下:

Margit asks Cécile to analyze liability-based mandates for a meeting with Villash Foundation. Villash Foundation is a tax-exempt client. Prior to the meeting, Cécile identifies what she considers to be two key features of a liability-based mandate.

Feature 1 It can minimize the risk of deficient cash inflows for a company.

Feature 2 It matches expected liability payments with future projected cash inflows.

Is Cécile correct with respect to key features of liability-based mandates?

选项:

A.

Yes

B.

No, only Feature 1 is correct.

C.

No, only Feature 2 is correct.

解释:

A is correct. Liability-based mandates are investments that take an investor’s future obligations into consideration. Liability-based mandates are managed to match expected liability payments with future projected cash inflows. These types of mandates are structured in a way to ensure that a liability or a stream of liabilities can be covered and that any risk of shortfalls or deficient cash inflows for a company is minimized.

Feature 1 It can minimize the risk of deficient cash inflows for a company.

我的理解,这句话说的是liability-based 可以最小化公司的现金流短缺风险。而公司现金流短缺风险跟公司生产经营过程中的现金流管理能力有关,liability-based不能帮助公司解决生产经营过程中的现金流管理问题,所以这个说法是错误的。请老师帮忙分析一下。

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发亮_品职助教 · 2024年07月21日

这是一道原版书课后题哈,这道题很多年了,都未勘误。这句话不要往企业经营上想,如果往那个方向想的话,liability-based mandate确实没办法降低公司cash inflow的风险。


Liability-based mandate只能降低公司在管理负债时,公司cash inflow不足带来的风险or shortfall risk。

所以这道题要默认这里是在讨论管理负债的cash flow问题。因为Liability-based manate其实就是专为管理负债设计的方法,所以这块看到他就应该直接联想到管理负债哈。不能往企业经营上想。


因为Liability-based mandate是直接预留了一块专项资产去匹配负债,所以就算将来公司的cash inflow不足,也不会影响到资产cover负债,于是降低了risk of deficient cash inflows for a company

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