Randox Industries has the following investment policy statement: "In order to achieve the safety and liquidity necessary in the investment of excess cash balances, the CFO or his designee may invest excess cash balances in 30 - day U. S. Treasury bills, or in bankers acceptances with maturities of less than 31 days or 30 - day certificates of deposit, where the credit rating of the issuing bank is A + or higher. " This policy statement is.（）
A. appropriate because these are all safe, liquid securities.
B. inappropriate because it is too restrictive.
C. inappropriate because both banker’s acceptances and certificates of deposit are illiquid.
参考答案：B
解析：
The policy statement is inappropriate because it is too restrictive. A policy statement should focus on meeting the specific safety and liquidity needs of the firm but should also allow the flexibility to increase yield within these constraints. There are many other securities potentially suitable for cash management that would provide equivalent or better liquidity and safety of principal at least equivalent to that of the securities issued by A + rated banks.