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