问题如下图：
选项：
A. 
B. 
C. 
解释：
答案中标黄的这两句话不太理解。CF matching 是principal repayment, duration matching是 liquidate position,两个有什么区别啊？ 谢谢
发亮_品职助教 · 2019年01月15日
Cash flow matching，在构建过程中，我们要确切地知道每一笔负债现金流发生的时间和金额；
然后从负债现金流发生的时间和金额设计合适的资产组合，使得债券资产的Coupon，和债券自然到期的本金现金流（Principal Repayment），恰好发生在负债现金流流出的时间点，金额也一模一样。这样现金流流入和现金流流入完全Cover；
也不存在Coupon的再投资，也不存在提前卖出债券时价格的不确定性，Cover liability完全不受利率的影响。
这是CF matching的特点。
而对于Duration matching，我们在构建中，让资产组合的一些数据满足负债的一些数据即可达到匹配，然后负债到期时，偿付的现金流来自Coupon、oupon再投资收益，以及卖出债券（ Liquidate position）的现金流。
可以看出最大的区别是CFM是现金流来自债券自然到期；Duration matching，需要提前卖出债券，且Duration matching的现金流有一部分来自Coupon再投资收益；也可以看出完美的CFM没有任何利率风险。
NO.PZ201812020100000105 问题如下 Is Cécile correctwith respeto key features of liability-basemantes? Yes. No, only Feature 1 is correct. No, only Feature 2 is correct. Ais correct. Liability-basemantes are investments thtake investor’s futureobligations into consiration. Liability-basemantes are manageto matchexpecteliability payments with future projectecash inflows. These types ofmantes are structurein a wto ensure tha liability or a streofliabilities ccovereanthany risk of shortfalls or ficient cashinflows for a company is minimize 本题是针对cash flow matching 问的还是针对上一级概念 liability-iven mante来问的?对于两个feature 有原版书对应的原文吗？
NO.PZ201812020100000105问题如下 Is Cécile correctwith respeto key features of liability-basemantes? Yes. No, only Feature 1 is correct. No, only Feature 2 is correct. Ais correct. Liability-basemantes are investments thtake investor’s futureobligations into consiration. Liability-basemantes are manageto matchexpecteliability payments with future projectecash inflows. These types ofmantes are structurein a wto ensure tha liability or a streofliabilities ccovereanthany risk of shortfalls or ficient cashinflows for a company is minimize 没说明是cash flow matching？
NO.PZ201812020100000105 问题如下 Is Cécile correctwith respeto key features of liability-basemantes? Yes. No, only Feature 1 is correct. No, only Feature 2 is correct. Ais correct. Liability-basemantes are investments thtake investor’s futureobligations into consiration. Liability-basemantes are manageto matchexpecteliability payments with future projectecash inflows. These types ofmantes are structurein a wto ensure tha liability or a streofliabilities ccovereanthany risk of shortfalls or ficient cashinflows for a company is minimize minimize cash flow ficient risk不是match才有的特点吗，但这道题只说是liability base approach
NO.PZ201812020100000105 No, only Feature 1 is correct. No, only Feature 2 is correct. Ais correct. Liability-basemantes are investments thtake investor’s futureobligations into consiration. Liability-basemantes are manageto matchexpecteliability payments with future projectecash inflows. These types ofmantes are structurein a wto ensure tha liability or a streofliabilities ccovereanthany risk of shortfalls or ficient cashinflows for a company is minimize 没看明白feature 2哪里有提是principal还是liqution price？
NO.PZ201812020100000105问题如下 Is Cécile correctwith respeto key features of liability-basemantes? Yes. No, only Feature 1 is correct. No, only Feature 2 is correct. Ais correct. Liability-basemantes are investments thtake investor’s futureobligations into consiration. Liability-basemantes are manageto matchexpecteliability payments with future projectecash inflows. These types ofmantes are structurein a wto ensure tha liability or a streofliabilities ccovereanthany risk of shortfalls or ficient cashinflows for a company is minimize 前面都懂，唯独不理解答案的这句话any risk of shortfalls or ficient cash inflows for a company is minimize怎么会扯到cash inflow呢？能否告知这个知识点在基础版讲义中的什么地方？