精彩推荐-高盛-资本市场战略(pdf17)

精彩推荐-高盛-资本市场战略(pdf17)

Introduction
Aperfectstormofadversemarketconditionsoverthe
pastthreeyearshasdevastatedmanycorporate
definedbenefitpensionplans.Negativeequitymarket
returnshaveerodedplanassetsatthesametimethat
declininginterestrateshaveincreasedbenefit
obligations.Inextremecases,thishasleftcorporate
pensionplanswithfundinggapsaslargeasorlarger
thanthemarketcapitalizationoftheplansponsor.
Theseeventshavefocussedcompaniesandtheir
investors,perhapsforthefirsttime,onevaluating
howpensionplanmanagementaffectsthehealthof
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theoverallcompany.
Thetaskisacomplicatedone.Thepensionfundand
itssponsorarelinkeddirectlyandindirectlyinmany
ways,notallofwhicharecapturedbythecommonly
studiedmetrics,whichtendtofocusonthefundasan
isolatedentity.Inordertofullycapturetheeconomic
impactofacompany’spensionplanonthecompany
asawhole,itisnecessarytoanalyzethefundinthe
contextofthecompany’scapitalstructure.Goldman
Sachshasrecentlydevelopedaframeworkfor
analyzingthebroadspectrumofcorporatefinance
decisionsthatarerelatedtoacompany’scapital
structure.Inthisreport,wedescribehowcompanies
canapplythisapproachinlightoftheirpensionplan
managementdecisions,andweillustratethis
applicationusingadetailedcasestudy.
First,weevaluatehowinvestmentandasset/liability
managementdecisionsmadebytheplanfiduciary,in
theinterestsofplanbeneficiaries,affectthe
shareholdersoftheoverallcompany.Oddlyenough,
thoughtheplanfiduciarychoosestheinvestmentmix,
thebeneficiariesthemselvesare,forthemostpart,
ratherinsensitivetotheinvestmentperformance,
sincetheirbenefitisnotaffectedbyinvestment
performance. Economically, the investment
performance,bothriskandreturn,isalmostentirely
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experienced by the company’s shareholders.
Furthermore,a“regulatorypenalty”isassociated

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