Funding Ratio Peaks and Stalls
研究了资金比率随时间演变的路径，发现即使初始值高且回报假设合理，资金比率也可能从上升转为停滞再到急剧下降，揭示了单一资金比率指标的局限性。
Virtually all investment plans share the ultimate goal of providing financial support for some class of beneficiaries. A plan’s long-term financial health is typically measured by its funding ratio—the market value of assets divided by the present value of liability. Although this funding ratio is intuitively appealing, it may be misleading because it represents only a momentary snapshot of plan sustainability. Even with a high initial value and reasonable return assumption, the funding ratio’s time-path (orbit) often shifts from a rise to a “stall” to a precipitous decline. In this article, we focus on how funding ratios evolve over time, using the concept of “fulfillment return” to clarify the limitations of the single-point funding ratio measure.