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lyphardsun · 2025年04月02日

关于underfunded

NO.PZ2019100901000014

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:

●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.

●The company to date has made regular contributions.

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

●The duration of the plan’s liabilities (which are all Europe based) is 10 years.

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

●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.

解释:

the DB plan is below average



这个DAB plan不是已经underfunded了嘛,同时公司未来可以contribute的也一定足够,所以不是应该冒更大的risk去获得更多return吗,我这样的理解问题在哪?

1 个答案

Lucky_品职助教 · 2025年04月02日

嗨,努力学习的PZer你好:


虽然 Antiliaro 公司的 DB 养老金计划处于资金不足状态且公司未来贡献能力存疑,但并不意味着它应该冒更大风险获取更多回报。

公司盈利没有增长,资产负债表显示债务在过去几年不断增加。在这种财务状况下,公司承受风险的能力较弱。如果养老金计划冒更大风险去投资,一旦投资失败,公司财务状况会雪上加霜,甚至可能影响正常运营。比如投资高风险的新兴产业股票,若股价暴跌,养老金计划资金缺口会进一步扩大,公司也难以填补,可能陷入财务困境。

尽管计划资金不足,但它已经因投资损失出现赤字。此时若贸然增加投资风险,可能导致损失进一步扩大。而且目前采用的 6% 折现率已经比较激进,再提高风险并不可取。比如若将部分资金投入高风险的加密货币市场,一旦市场动荡,养老金计划资金可能遭受重创,难以维持养老金的支付。

公司员工平均年龄 50 岁且退休人员多,这意味着需要大量资金用于养老金支付,对流动性要求高。这就限制了养老金计划的投资选择,不能将大量资金投入高风险、流动性差的项目,无法通过冒更大风险来获取更高回报。例如不能将资金大量投入长期的风险投资项目,因为可能无法及时变现用于支付养老金。


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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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