问题
单项选择题
An analyst does research about asset-backed securities. Which of the following is least accurate Special purpose vehicles:（）
A. create a subsidiary of the sponsoring corporation to hold assets.
B. reduce exposure to the bankruptcy risk of the sponsoring corporation.
C. are non-operating entities created to carry out a special purpose such as leasing assets or securitizing receivables.
答案
参考答案：A
解析：
特殊目的工具(special purpose vehicles，SPV)并不是公司的附属机构，与原来公司没有关系，即使原来公司破产了也不影响SPV，这样可以减少发行人的破产风险，增强所发行的资产支持债券的信用等级。特殊目的工具是一种非经营性的机构，以为满足租赁资产或应收账款证券化等特殊目的而创设的，选项C符合定义。
