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小林CFA · 2022年05月28日

这样答可以拿全分吗?

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.

选项:

解释:

the DB plan is below average



It is below average. 

  1. The average employee age is 50 years old, which means there are a lot of employees are going to retire soon, and the liquidity needs is high.
  2. The DB is underfunded. 


是不是解释得太少了?

1 个答案

lynn_品职助教 · 2022年05月28日

嗨,爱思考的PZer你好:


同学的回答没问题哈,我们考场上就是没有那么多时间的。

第二点再复制一下原文会更好,The DB is underfunded by €100 million because of investment losses.

----------------------------------------------
就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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