NO.PZ2015121810000039
问题如下：
The sensitivity of a corporate bond’s spread to changes in the business cycle is most likely to be:
选项：
A.uncorrelated with the level of cyclicality in the company’s business.
B.positively correlated with the level of cyclicality in the company’s business.
C.negatively correlated with the level of cyclicality of the company’s business.
解释：
B is correct.
The sensitivity of a corporate bond’s spread to changes in the business cycle and the level of cyclicality tend to be positively correlated. The greater the level of cyclicality, the greater the sensitivity of the bond’s spread to changes in the business cycle.
考点：bond spread & business cycle
解析：问的是公司债spread对经济周期的敏感程度与公司业务周期性水平的相关性。由于越是周期性的行业，公司业务对经济周期越是敏感，因此投资者购买这家公司的债券风险就比较高，bond spread对经济周期的敏感程度越高；反之，越是非周期性行业，公司业务不管经济好坏都比较稳定，因此购买这家公司的债券风险较低，那么bond spread对经济周期的敏感程度也较低。两者是正相关的关系。
题意理解误区：
题目问的是spread本身与经济周期的敏感性。即敏感度高的spread随着经济周期的变化而变化。
误解点：题目不是问spread wide/narrow与经济周期变化的关系。
只有在敏感度确定之后，才有必要研究 spread wide/narrow与经济周期变化的关系。实则是第二阶段研究的问题。
不知道，这样理解是否合理？
