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(๑• . •๑) · 2020年03月13日

问一道题:NO.PZ2016031002000033

问题如下:

Economic benefits of securitization most likely include:

(i) reducing firms' funding costs that securitize assets.

(ii) increasing the liquidity of the financial assets that are securitized.

(iii) reducing excessive borrowing by banks.

选项:

A.

(i), (ii)

B.

(i), (iii)

C.

(ii), (iii)

解释:

A is correct.

The primary economy benefits of securitization include reducing the funding costs for firms selling the financial assets to the securitizing entity and increasing the liquidity of the underlying financial assets.

老师,reducing firms' funding costs that securitize assets,但是做securitization这件事的不是bank和SPV吗,这里说的firm是谁呢

1 个答案

吴昊_品职助教 · 2020年03月14日

指的就是borrower,母公司可利用SPV来为大型项目融资,而承担项目风险的仅为SPV,而非整个母公司。资产证券化相比普通公司债,有一个更低的融资成本,因为资产隔离,和母公司的财务困境就不挂钩了,更少受到母公司破产的影响,所以其信用质量较高,融资成本较低。