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Dylan02 · 2025年07月04日

需不需要分情况讨论?

* 问题详情,请 查看题干

NO.PZ202301040900001301

问题如下:

(1) Based on the information provided, discuss ADSE’s risk tolerance.

选项:

解释:

ADSE appears to have above average risk tolerance for the following reasons:

The plan has a small surplus (8% of plan assets); that is, the plan is overfunded by €8 million.

The company’s balance sheet is strong (low use of debt).

The company is profitable despite operating in a cyclical industry.

The average age of its workforce is low.

需不需要提及1. 其实liability的discount rate有些激进,2. 如果公司在underfunded的时候不想contribute,这样会降低risk tolerance呢?

谢谢

1 个答案

Lucky_品职助教 · 2025年07月06日

嗨,爱思考的PZer你好:


在题目给定信息中,未提及市场利率等可判断贴现率是否激进的基准,仅知负债贴现率为 6%,缺乏足够依据认定该贴现率激进,且风险容忍度更关注计划对波动的承受能力,而非估值方法本身;同时题目中养老金计划处于 800 万欧元盈余状态,并非资金不足,讨论资金不足时是否补缴属于脱离题目条件的假设性延伸,且公司当前资产负债表强劲、负债低,即便未来可能面临缺口,当前财务实力也支持较高补缴能力,因此答案中无需提及这两点。

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