Optimal Corporate Pension Policy: A Unified Framework

Katarzyna Romaniuk
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引用次数: 1

Abstract

This paper develops a general continuous-time framework for defining optimal corporate pension policy. Interactions between the firm's optimal investment and financing policies and the defined benefit pension plan optimal portfolio strategy are studied. We prove that the three decision rules are driven by speculation and hedging motives, the latter concerning in each case both the pension plan and firm variables. We emphasize that in normal times the optimal pension portfolio rule from the equity holders' perspective is acceptable to both the participants and PBGC. Yet it is no longer the case when the firm approaches financial distress. The PBGC should then exert a much stronger control than today exerted on the sponsoring company to prevent the further deterioration of the Corporation's financial status.
最优企业养老金政策:一个统一的框架
本文建立了一个定义最优企业养老金政策的一般连续时间框架。研究了企业最优投融资策略与固定收益养老金计划最优投资组合策略之间的相互作用。我们证明了这三个决策规则是由投机和对冲动机驱动的,后者在每种情况下都涉及养老金计划和企业变量。我们强调,在正常情况下,从权益持有人的角度来看,最优养老金投资组合规则是参与者和PBGC都可以接受的。然而,当公司接近财务困境时,情况就不再是这样了。PBGC应该对赞助公司施加比现在更强的控制,以防止公司财务状况的进一步恶化。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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