单选题 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.

【正确答案】 A

【答案解析】[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。