第一章测试1.Which one is not part of a larger family of financial techniques known as structured finance.? （ ）
A:Equity B:mortgage backed securities C:collateralized debt obligations D:project financing
答案:A
2.In the case of project financing, the cash flow generated by an asset or pool of assets is used as the basic source of loan repayment rather than the balance sheet of the originator of the transaction. （ ）
A:对 B:错
答案:B
3.What is the difference between corporate and sovereign finance? （ ）
A:These borrowings are based on the overall financial condition and creditworthiness of the government or corporation and its ability to generate cash from all governmental or corporate assets and activities. B:When a private sponsor undertakes a project, it generally funds the project with a combination of its own internal cash resources, external borrowing, and sometimes new equity. C:They are included on the balance sheet of the governmental or private entity concerned because they rely on the ability of the governmental or corporate originator to generate cash for servicing project debt through tax, general corporate earnings and/or borrowing in the financial markets. D:When governments undertake projects, they typically rely on allocations from their capital budgets which are funded primarily by tax revenues and domestic and international borrowings.
答案:BD
4.The potential disadvantages of project finance include: （ ）
A:the length of time that it takes to prepare, negotiate and document the financial arrangements B:difficulty in renegotiating and restructuring C:higher costs both in terms of both preparatory expenses and interest rate and other financing costs D:restrictions on sponsor/SPV freedom of action resulting from lender contractual control
答案:ABCD
5.The three main advantages of project finance that often offset the considerable disadvantages for the sponsor are: （ ）
A:complexity B:A sponsor may be able to share risks with other project participants and reduce its exposure to risk that it would need to assume entirely on its own if using traditional corporate finance. C:Debt raised by an SPV may not appear on the sponsor’s balance sheet which may enable the sponsor to (1) expand its debt capacity by avoiding restrictions on additional borrowing in its existing debt instruments and/or (2) limit any loss in connection with the project to its equity investment D:The general diversity of lenders and frequent presence of MDB’s and ECA’s in major project financings provides a “halo” effect which may help prevent adverse host government action
答案:BCD
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