单选题 An investor has a portfolio that lies on the capital market line (CML), and the portfolio's expected return is more than expected return on the market portfolio. That investor's portfolio is best described as:
A. a lending portfolio.
B. a borrowing portfolio.
C. having more unsystematic risk than the market portfolio.

【正确答案】 B
【答案解析】[解析] 根据CML，一部分资产投资于无风险证券，另一部分投资于市场组合，此时的收益率介于无风险收益率与市场组合收益率之间，这类投资组合称为出借组合(lending portfolio)。以无风险收益率进行融资，并且全部投资于市场组合，此时的收益率大于市场组合收益率，该类投资组合称为融资组合(borrowing portfolio)，此时的总风险高于市场组合，而不是非系统性风险高于市场组合。