NO.PZ2023052301000072
问题如下：
Which of the following benefits of securitization is most likely to be important for investors?
选项：
A.
Increased efficiency
B.
Reduced liquidity risk
C.
The ability to tailor interest rate and credit risk exposures
解释：
The correct answer is C. Securitization provides a direct conduit between borrowers and investors. It also allows investors to tailor interest rate and credit risk exposures to suit their specific risk, return, and maturity needs.
A is incorrect because securitization creates efficiency for issuers and financial markets more directly than for investors. Securitization allows issuers to sell illiquid assets and operate more efficiently on a risk-adjusted basis. Moreover, because securitization creates tradable securities with higher liquidity than the original underlying assets, it makes financial markets more efficient.
B is incorrect because securitization improves overall liquidity in the financial system and reduces liquidity risk, which benefits participants in financial markets.
老师可以解释一下C选项吗？我的理解是C选项说资产证券化可以让投资者定制风险敞口等，这是和ABS的内部分层有关吗？
