开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

Ivy1917 · 2025年05月04日

不是很理解

NO.PZ2024101001000039

问题如下:

Question When conducting a discounted cash flow valuation of a company that has a defined benefit pension plan, it is most appropriate to:

选项:

A.A.add the funded status of an underfunded plan to debt.

B.B.subtract the funded status of an overfunded plan from debt.

C.C.subtract future service and interest costs from free cash flow.

解释:

Solution
  1. Correct because to account for the first impact, analysts apply an asymmetrical treatment of underfunded and overfunded plans. The funded status for an underfunded plan is considered debt in an enterprise value calculation and/or bridge from enterprise value to equity value. An overfunded plan is ignored in valuation.

  2. Incorrect because an overfunded plan should be ignored in valuation.

  3. Incorrect because interest costs should not be deducted. Even though service costs are not cash expenses, service cost should be deducted from free cash flow in a discounted cash flow model. Net interest expense/income should not be included in the discounted cash flow model as it represents the unwinding of the discounted pension obligation.

Employee Compensation: Post-Employment and Share-Based
  • explain financial modeling and valuation considerations for post-employment benefits

可以解释一下选项是为什么么

1 个答案

王园圆_品职助教 · 2025年05月04日

同学你好,本题考察的就是以下讲义截图的内容

A和B对应第一个截图,只有在under funded status下,对公司估值的时候才需要将该笔负债作为负债计入Equity = EV-debt的计算中的debt部分,因为当养老金是净负债的时候,公司确实是未来对这个养老金有持续给付的义务的,就应该作为负债考虑进去——所以A对

而如果养老金是over funded情况下,即是净资产的状态下,由于这个资产本质是属于全题退休工人的而不是属于公司的,这部分资产就不能作为资产的一部分,不应该在估值的时候计入这笔资产——所以B错

C对应第2个截图——net interest expense本身是由于PBO向后延一年才产生的,所以零时刻的PBO已经包含这种由于PBO向后推一年才产生的利息费用了,而PBO本身就已经在估值的时候被enterprise value减去了,所以就不用再把interest expense单独从enterprise value中减去了。所以只有service cost需要计入FCFF的现金流计算,而interest expense是不需要的——所以C错


  • 1

    回答
  • 0

    关注
  • 4

    浏览
相关问题