Robyn
2024-01-26 17:20Liability-base mandates are investments that take an investor’ future obligations into consideration. Liability-based mandates are manage to match expected liability payments with future projected cash inflows. These types of mandates are structured in a way to ensure that a liability or a stream of liabilities can be covered and that any risk of shortfalls or deficient cash inflows for a company is minimized.基于負(fù)債的授權(quán)設(shè)法使預(yù)期負(fù)債支付與未來預(yù)計(jì)現(xiàn)金流入相匹配。 這些類型的授權(quán)旨在確保可以涵蓋一項(xiàng)負(fù)債或一系列負(fù)債，并將公司的任何短缺或現(xiàn)金流入不足的風(fēng)險(xiǎn)降至最低。Liability-base mandates是啥東東，不理解。與之相對(duì)的還有其他mandates嗎？用于什么情況？
所屬：CFA Level III > Fixed-Income Portfolio Management 視頻位置 相關(guān)試題
來源： 視頻位置 相關(guān)試題
1個(gè)回答
Simon助教
2024-01-27 13:05
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同學(xué)，上午好。主要有三種：
負(fù)債驅(qū)動(dòng)的投資 (LDI: liability-driven investing)，例如：insurance company；
資產(chǎn)驅(qū)動(dòng)的投資 (ADL: asset-driven liability)，例如：Leasing company
sset-liability management (ALM)：考慮資產(chǎn)和負(fù)債，目標(biāo)是cover liability；以liability作為benchmark
ALM、LDI、ADL的區(qū)別：ALM既管理資產(chǎn)也管理負(fù)債；LDI是負(fù)債已知，只管理資產(chǎn)；ADL是資產(chǎn)已知，只管理負(fù)債
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