不明白为什么发债多的，反而市场流动性风险小？不是说债券是illiquid的吗，那发得少应该受到liquidity risk的影响也小？谢谢老师解答

问题如下：

Stedsmart Ltd and Fignermo Ltd are alike with respect to financial and operating characteristics, except that Stedsmart Ltd has less publicly traded debt outstanding than Fignermo Ltd. Stedsmart Ltd is most likely to have:

选项：

A.

no market liquidity risk.

B.

lower market liquidity risk.

C.

higher market liquidity risk.

解释：

C is correct.

Market liquidity risk refers to the risk that the price at which investors transact may be different from the price indicated in the market. Market liquidity risk is increased by (1) less debt outstanding and/or (2) a lower issue credit rating. Because Stedsmart Ltd is comparable to Fignermo Ltd except for less publicly traded debt outstanding, it should have higher market liquidity risk.

考点：Market Liquidity Risk

解析：债券发行量大，市场流动性风险小；反之，债券发行量小，市场流动性风险大，故选项C正确。