備考FRM考試，考生一定要多做練習(xí)題，提前適應(yīng)考試的考試氛圍。今天為大家分享一下交易債券回收率的例題解析！希望對(duì)備考的你有所幫助！

With regard to the factors that determine recovery rates of traded bonds, which of the following statements is false?》》》點(diǎn)擊領(lǐng)取2021年FRM備考資料大禮包（戳我免·費(fèi)領(lǐng)?。?/strong>

A) The liquidity of the debtor’s collateral has an impact of recovery rates of the firm’s traded bonds.

B) The presence of more bank loans increases the recovery rates of the firm’s traded bonds.

C) The seniority of debtor’s debt has an impact of recovery rates of the firm’s traded bonds.

D) The value of the debtor’s collateral has an impact of recovery rates of the firm’s traded bonds.

答案：B》》》點(diǎn)擊咨詢FRM特惠課程

解析：Seniority defines the order of priority of the claimants with respect to the assets when the firm defaults. The value and the liquidity of the collateral have an impact of recovery rates. Bank debt would actually decrease the recovery rates of the traded bonds, because bank debt tends to be senior and has the highest level of collateralization, the more bank financing a firm uses, the lower the recovery rate on the traded bonds.

譯文：關(guān)于決定交易債券回收率的因素，下列哪項(xiàng)陳述是錯(cuò)誤的？

A）債務(wù)人抵押品的流動(dòng)性對(duì)公司交易債券的回收率有影響。

B）更多的銀行貸款增加了公司交易債券的回收率。

C）債務(wù)人債務(wù)的資歷對(duì)公司交易債券的回收率有影響。

D）債務(wù)人抵押品的價(jià)值對(duì)公司交易債券的回收率有影響。

答案：B【資料下載】FRM一級(jí)思維導(dǎo)圖PDF版

解析：資歷定義了公司違約時(shí)，索賠人對(duì)資產(chǎn)的優(yōu)先順序。抵押品的價(jià)值和流動(dòng)性對(duì)回收率有影響。銀行債務(wù)實(shí)際上會(huì)降低交易債券的回收率，因?yàn)殂y行債務(wù)往往是高 級(jí)的，并且具有zui高水平的抵押品，企業(yè)使用的銀行融資越多，交易債券的回收率就越低。

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