NO.PZ201812100100000307
问题如下：
Based on Exhibits 2 and 3, as well as Holmstead’s assumption about future health care inflation, the debt-to-equity ratio calculated by Rickards for XYZ should be closest to:
选项：
A.
2.69.
B.
2.71.
C.
2.73.
解释：
C is correct.
To calculate the debt-to-equity ratio, both liabilities and total equity need to be adjusted for the estimated impact of a 100-bp increase in health care costs. The proposed increase in health care costs will increase total liabilities and decrease equity by the same amount. Consequently, the debt-to-equity ratio changes as follows:
Sensitivity of benefit obligation to 100-bp increase = $93 Adjusted liabilities = $17,560 + $93 = $17,653
Adjusted equity = $6,570 – $93 = $6,477
Adjusted debt-to-equity ratio = $17,653/$6,477 = 2.7255 ₤ 2.73
Consequently, a 100-bp increase in health care costs increases the debt-to-equity ratio to approximately 2.73.
考点：养老金假设的改变。
解析：如果假设health care inflation变高100个bp，health care inflation上升，未来的义务上升，PBO上升，所以负债上升。liability会增加93。
从资产负债表调平角度看，由于Health care inflation的改变不会改变asset，那么可以推出equity会相应减少93。计算出Debt-to-equity ratio=（17560+93）/（6570-93）=2.73。
【提示】
1、为什么不考虑expense增加12？
养老金费用一是会影响PBO的金额，二是会在损益表或者OCI里确认，损益表和OCI最终影响的就是equity。
expense的增加对liability的影响已经考虑在了93这个数字里面，不需要重复考虑了。
2、inflation上升为什么不影响plan asset？
但整体不影响plan asset，因为asset只受contribution和真实投资收益的影响。
Benefit obligation 是service cost 吗？ Benefit expense 是记录在 oci 里的重评估项吗
