C选项

问题如下：

Which of the following statement is least appropriate?

选项：

VaR estimate takes liquidity risk into account.

sensitivity and scenario risk measures are complements of VaR.

sensitivity and scenario risk measures do not need to rely on history.

解释：

A is correct.

考点：risk measures的优缺点

解析：VaR没有考虑流动性风险，如果投资组合流动性较差，那么计算的VaR是被低估的。sensitivity and scenario analysis是VaR的补充，两者基于假设，可以测试portfolio在某个因素或者极端情况下的抵御风险的能力。