The influence of pension plan risk on equity risk and credit ratings: a study of FTSE100 companies

DONAL MCKILLOP; MICHAEL POGUE

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The influence of pension plan risk on equity risk and credit ratings: a study of FTSE100 companies

机译：养老金计划风险对股票风险和信用评级的影响：对FTSE100公司的研究

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This paper examines the relationship between funding risk of defined benefit pension plans and both corporate debt ratings and equity risk measures for FTSE100 companies. Panel based models highlighted a direct relationship between pension plan risk and equity risk. Pension risk was also demonstrated to be factored into credit ratings with the analysis highlighting that the greater the pension risk, the greater the probability of obtaining a lower debt rating. From a rating agency viewpoint, this is positive news, particularly at present when agencies are being criticized for a perceived failure to reflect sub-prime mortgage problems in firm-specific ratings.

机译：本文研究了确定福利养老金计划的融资风险与FTSE100公司的公司债务评级和股权风险度量之间的关系。基于小组的模型强调了养老金计划风险与股权风险之间的直接关系。养老金风险也被证明是信用评级的因素，分析强调养老金风险越大，获得较低债务评级的可能性就越大。从评级机构的角度来看，这是个好消息，尤其是在目前，由于对代理机构的感知未能反映公司特定评级中的次贷问题而受到批评。

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来源
《Journal of pension economics and finance》 |2009年第4期|405-428|共24页
作者
DONAL MCKILLOP; MICHAEL POGUE;
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作者单位

Queen's University Management School. Queen's University Belfast;

School of Accounting, University of Ulster;

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正文语种 eng
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The influence of pension plan risk on equity risk and credit ratings: a study of FTSE100 companies

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