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lz523 · 2024年07月20日

这样答有什么问题吗?

NO.PZ2023010409000014

问题如下:

Dianna Mark is the chief financial officer of Antiliaro, a relatively mature textile production company headquartered in Italy. All of its revenues come from Europe, but the company is losing sales to its Asian competitors. Earnings have been steady but not growing, and the balance sheet has taken on more debt in the past few years in order to maintain liquidity. Mark reviews the following facts concerning the company’s defined benefit (DB) pension plan:

Ÿ The DB plan currently has 1 billion in assets and is underfunded by 100 million in relation to the projected benefit obligation (PBO) because of investment losses.

Ÿ The company to date has made regular contributions.

Ÿ The average employee age is 50 years, and the company has many retirees owing to its longevity.

Ÿ The duration of the plans liabilities (which are all Europe based) is 10 years.

Ÿ The discount rate applied to these liabilities is 6%.

Ÿ There is a high correlation between the operating results of Antiliaro and pension asset returns.

Determine whether the risk tolerance of the DB plan is below average or above average. Justify your response with two reasons.

选项:

解释:

如题

1 个答案

Lucky_品职助教 · 2024年07月21日

嗨,从没放弃的小努力你好:


同学你好:


你是想让我帮看下你的回答是否合适么?但我没有看到你的答案,可能是你忘记粘贴进来了把。


我就简单的说一下这道题的答题思路。这道题在你选择 below average 还是 above average 之后(选择 below),回答两个理由就可以。可以从这5个方面选出两个。


第一个,DB计划资金 underfunded by €100 million,这降低了风险承受能力。


第二个,该公司的销售额正在输给其亚洲竞争对手。盈利一直稳定,但没有增长,过去几年,为了保持流动性,资产负债表上的债务增加了。这意味着高流动性需求和低风险承受能力。


第三个,公司员工的平均年龄为50岁,而且已经有很多退休人员。并且该计划的负债的 duration 为10年。这意味着DB计划的投资周期短,风险承受能力低。


第四个,适用于这些负债的贴现率为6%,这是相对激进的,然而,DB计划仍然资金不足,因此风险承受能力低于平均水平。


第五个,Antiliaro的经营业绩与养老金资产回报之间存在高度相关性。相关性越高,多元化程度越低,风险承受能力越低。

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

lz523 · 2024年07月21日

不好意思 我以为会贴上的,这里字数超限制了 我再提问吧 多谢了

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