外文翻譯---對家庭現(xiàn)金流管理實踐的深入研究

1、<p>　　本科畢業(yè)論文（設(shè)計）</p><p>　　外 文 翻 譯</p><p><b>　　原文：</b></p><p>　　An In-Depth Look at Family Cash-Flow Management Practices</p><p>　　Time orientation.

2、Although rarely stated explicitly, time orientation clearly is a consideration for the informants. All the informants are focused on short-term safety. They offered little thought of long-term planning in their comments

3、other than some nonspecific goals. Lorrie indicated her time orientation when she talked about “savings being important,” but not important enough to cut “their current life style.” She went on, “Saving is something peop

4、le are interested in, but in reality, peop</p><p>　　Ease and convenience. Managers constantly looked for ways to make cash-flow management easier. Sam, Lorrie, Sandy, and Nora all remarked that the practices

5、 recommended by textbooks and promoted in the popular press are neither easy nor convenient. Ease is a reason for visual clues and automatic bill payments. Another tool is the development of routines to help minimize pla

6、nning that, in turn, minimizes the commitment of mental resources. Informants established routines such as using insurance co</p><p>　　Other ease and convenience factors included selecting a bank by location

7、 and “readability of statements” for Gary. Credit cards are convenient because they are: (1) a tool to match demands with income, (2) “the easiest way to pay for them [concert tickets],” and (3) useful “when out of town.

8、” Automatic transfers from savings to checking prevent overdrafts. Sam admitted to keeping small checking accounts open “because if I have to borrow money, I can borrow from these places in a hurry.” Ease and</p>

9、<p>　　Safety. Another consideration is the financial manager’s need to feel a sense of safety in personal finances. Safety means, “having the funds available to cover current bills,” “providing protection if funding

10、 gets tight,” and “avoiding an overdraft.” Sam does this by having a line of credit tied to his checking account. Cindy, Lorrie, Nora and Angie all use “false balances,” a balance that remains when the check register sho

11、ws a zero balance, done to protect against overdrafts. Angie creates he</p><p>　　Financial attitudes. Several attitudes or feelings emerge from the data, items important in the family’s cash-flow management

12、patterns. The first is a general idea that the family is “doing okay,” as expressed by Cindy, Lorrie, and Sam. Nora said she feels “l(fā)ucky.” Sandy commented, “Life is good.” Lorrie stated, “Every month we do okay and . .

13、. nobody is knocking on my door.” Sandy said they “are doing better financially” than when they were first married. Only Nora feels like “we are losing gr</p><p>　　Believing they are normal is an important n

14、eed among the informants. They want to feel and seem like everyone else. In conversations before and after the tape recorder was running, the informants asked about the purpose of the study. Initially Sandy, Nora, and Ci

15、ndy were hesitant about participating in the study, saying, “I don’t do things correctly, why would you want me?” As discussions continued they commented, “I am normal” when comparing their cash-flow processes to those o

16、f others. All the</p><p>　　Conclusions</p><p>　　Four major conclusions can be drawn concerning the management practices of the seven families in this study. First, the financial managers in this

17、 study seem generally pleased with their overall financial situations and their corresponding approach to financial management.</p><p>　　Second, they focus on the short term, an important consideration for e

18、ducators and planners. The concerns and issues of the financial manager revolved around current cash flow versus the broader financial resource management tasks of budgeting, insurance, asset growth and net worth. Lead-i

19、n questions were asked about long-term issues, but the financial manager’s response focused on short-term safety. The financial manager’s goal is neither line item control nor an increase in net worth, but havi</p>

20、<p>　　The short-term focus brings with it a lack of time and interest for long-term planning. The lack of focus on the long term was visible not so much by what informants said, but by what was not said in the int

21、erviews. Financial managers seldom discussed long-term cash-flow management issues. The long term was only discussed when the informant was asked a direct question or in passing, as an informant might refer to the future

22、 and a need to prepare. Typically, the need to prepare revolved around re</p><p>　　Third, on the surface at least, it appears that what financial management practitioners recommend and what these seven finan

23、cial managers actually do are greatly different. At times, however, this apparent difference is not as great as it seems. Sam’s scribbling actually represents a form of budgeting, as do Sandy’s and Cindy’s mental picture

24、s of the monthly cash flow. In spite of the fact that their actions sometimes indicated otherwise, the financial managers said that they did not use the rec</p><p>　　Finally, there is a tension regarding sav

25、ings (or the lack thereof) and the use of credit. They typically have little, if any, emergency savings, nothing that approaches funds equal to three-to-six-months of take-home pay. They indicated that saving was a diffi

26、cult task for several reasons. It is not a priority; the priority is the payment of bills. Savings is often the money left over at the end of the month, not money set aside first. A mental hurdle for many people is only

27、putting a small amo</p><p>　　The use of credit, the near mirror-image of savings, is another area in which financial managers took careful action. All informants believe that they are controlling the family’

28、s debt load. But they indicated that the rewards of waiting do not surpass the cost of buying something on credit. For that reason, they use credit to achieve additional goods. They see themselves as unable to save and r

29、etain the funds until a goal can be achieved. Debt payments are something they have to make, whereas s</p><p>　　Credit cards are often used in preference to other credit alternatives with lower rates because

30、 they are simple, easy, convenient, and money can be obtained quickly. Financial managers are aware of other credit alternatives and use them when the return seems to be worth the additional inconvenience. The informants

31、 did, at times, pay off credit card debt with second mortgages. Although this practice represents an additional risk, it often reduces interest rates and, at times, lowers total monthly</p><p>　　Financial ma

32、nagers indicated that they had increased the amount of debt they had for two reasons. First, the fact that they had successfully paid small debt loads made them confident they could handle larger amounts. Second, they be

33、lieved that larger debts would be less of a burden in the future with expected salary increases. Such attitudes and practices have the potential for leading to bankruptcy when an unexpected occurrence leaves the family u

34、nable to pay.</p><p>　　Implications for Financial Management Professionals</p><p>　　Clearly, findings from seven families from small Midwestern communities interviewed regularly over a period of

35、 four years offer a limited picture of family cash-flow management practices. Nevertheless, the similarities in practices and motivations among the families mean that the findings should not be dismissed without consider

36、ation. The findings offer insights into the processes of families who could benefit from a set of financial management tools designed to their specifications. Specificall</p><p>　　Focusing on the short term

37、represents a reversal in the underlying philosophy for financial management educators, from an emphasis on the achievement of long-term goals to a focus on short-term tools. The key is to modify short-term tools so that

38、their use would have the desired effect on long-term preparedness. This philosophical shift reflects a change from conceptual foresight, where anticipated future events are used to guide the present, to perceptual foresi

39、ght, where the future is projecte</p><p>　　The redesign of financial management tools requires a reorganizing of the underlying objectives. Tools must be convenient and easy to use in the short term and help

40、 achieve long term economic well-being. Such tools must provide anticipated rewards that exceed the costs, in terms of time and mental energy, required to implement them. Tools must limit, to a degree, the mental energy

41、and time necessary to perform long term planning.</p><p>　　New tools could be patterned after the long-term safety tools already in place. These tools include items such as employee-provided health and, some

42、times, life insurance. Homeowners are required by a lender to have home insurance. Automobile owners and state licensing agencies require that a person have some level of auto insurance. All employees have Social Securit

43、y and often have a retirement plan if they are working for a major employer.</p><p>　　Source: Glenn Muske and Mary Winter,2001,”An In-Depth Look at Family Cash-Flow Management Practices”. Journal of Family a

44、nd Economic Issues. vol. 22,no.4, pp.353-372.</p><p><b>　　譯文：</b></p><p>　　對家庭現(xiàn)金流管理實踐的深入研究</p><p>　　時間取向。雖然很少明確表示，時間取向顯然是對報告人的考慮。所有的報告人都集中注意短期的安全。比起一些非特定性的目標，他們很少在意見中想到長

45、期規(guī)劃。羅莉指出她的時間取向，當她談到了“儲蓄的重要性”，但沒有重要到打斷“他們目前的生活方式?！?她接著說，“儲蓄是人們感興趣的東西，但在現(xiàn)實中，人們要享受他們所擁有的一切。”每個經(jīng)理的工作重點是在短期內(nèi)（建議的開支是否合適？）。家庭理財人員的判斷并不包括長期問題，與安吉和鮑勃作為例外。</p><p>　　輕松和方便。家庭理財人員不斷尋找辦法，使現(xiàn)金流管理更加容易。山姆，洛賴，桑迪和諾拉表示，所有的教科書和大

46、眾媒體推廣的做法既不容易，也不方便。容易是視覺線索和自動繳費的理由。另一個工具是程序的發(fā)展，來幫助對精神資源擔保的最低估計規(guī)劃。報告人設(shè)立程序，比如使用“每月結(jié)算”的保險公司、每月支付相同金額在信用卡賬單上、每星期花費相同金額購買雜貨。一些報告人指出一致的工資幫助。最令人沮喪的變化是，當他做按鐘點計算的職務(wù)，他的實得工資的不同每個發(fā)薪期，使規(guī)劃更困難。</p><p>　　其他的輕松便利的因素包括銀行地點的選擇和

47、加里的“報表的可讀性”。信用卡是方便，因為它們是：（1）計算與收入相匹配的需求的工具，（2）“最簡單的方式來支付他們[演唱會門票]，”和（3）有利于“出門在外”。從儲蓄賬戶自動轉(zhuǎn)移并檢查是為了防止透支。山姆承認保持支票賬戶的開放“因為如果我不得不借錢，在緊急時我可以從這里借到錢?！碧皆儓蟾嫒巳绾我约澳睦锸占攧?wù)信息時輕松便利也會出現(xiàn)。報告人說：“我們聽到”、“大家都說，”或“我讀了它的地方?！?信息來自同事、朋友、“我們的銀行家和保險業(yè)

48、的代表”、“一個朋友的父親”、報紙、雜志，如魅力、婦女節(jié)、麥考爾的、和良好的內(nèi)務(wù)管理。幾位報告人從“垃圾信用卡的郵件”中收集信息。兩個報告人，安吉和加里，聽從理財規(guī)劃師的建議。該信息的使用是根據(jù)信托的財務(wù)經(jīng)理的來源而定。從一個值得信賴的個人信息可能比信息使用來源不明更有用。</p><p>　　安全。另一個要考慮的因素是財務(wù)經(jīng)理需要去感覺的個人理財?shù)陌踩庾R。安全意味著 “有資金用于支付當前的賬單”、“如果得到資

49、金緊張時提供保護”和“避免透支。”山姆通過活期賬戶約束它的信用額度。辛迪和羅莉，諾拉和安吉都使用“假統(tǒng)籌”，它可以保持一定的余額，在支票登記冊顯示余額為零時，防止透支。安吉創(chuàng)建了帶有“心靈游戲”的虛假余額，因為她為提前一個月支付的健康保險金賬單記錄了240元。另一部分安全是報告人關(guān)于“浮動”期間，或從寫支票時，直到它實際上是從自己的賬戶中扣除時間的知識。</p><p>　　對資金的態(tài)度。一些態(tài)度或感覺從數(shù)據(jù)中產(chǎn)

50、生，記錄家庭現(xiàn)金流量管理模式的重要。辛迪、洛賴和山姆表示，家庭“做得還不錯”是第一個總體思路。諾拉說，她覺得“很幸運。”桑迪說：“生活是美好的。”洛賴說：“每個月我們做很好，而且……沒有人敲我的門?！鄙５险f，他們“比當他們第一次結(jié)婚有了更好的經(jīng)濟狀況。” 只有諾拉感覺：“我們正在節(jié)節(jié)敗退?！鄙５?、薩姆和諾拉的工作中也有這種感覺，他們的評論說“我們總是在管理”意外開支。</p><p>　　相信他們是正常的，是一個

51、報告人之間的重要需要。他們想要感到與其他人一樣。在之前和之后的錄音談話中，報告人都會詢問研究的目的。最初桑迪、娜拉和辛迪對參與研究很猶豫，他們說：“我不知道那么做是不是正確的事情，為什么你會選擇我？” 隨著討論的繼續(xù)，當他們與別人比較現(xiàn)金流量過程中的，他們說：“我是正常的”。所有報告者在一段時間評論了“正常的”或與他們?nèi)绾翁幚碜约旱馁Y金問題中相似的情況。羅莉表示，她和其他人一樣是“月光族”，消費完他們大部分工資。</p>

52、<p><b>　　結(jié)論</b></p><p>　　四項主要結(jié)論可以得出有關(guān)本研究的七個家庭的管理實踐。首先，本文研究的家庭理財人員似乎對他們的整體財務(wù)狀況及相應(yīng)的財務(wù)管理辦法感到大體上地滿意。</p><p>　　其次，他們著眼于短期，重點考慮教育工作者和策劃人。家庭理財人員的關(guān)注點和問題圍繞著相對于整個金融資源的預算、保險、資產(chǎn)增長和凈資產(chǎn)的管理工作而

53、言的目前的現(xiàn)金流量。在被問及長期的問題時，家庭理財人員的回應(yīng)是以短期安全為重點。家庭理財人員的目標既不是項目控制，也不是在凈值的增加，而是為了有足夠的資金來滿足當前的賬單。</p><p>　　以短期為中心帶來了對時間和長遠規(guī)劃興趣的缺乏。報告人認為對長期考慮的缺乏是明顯的，但是在采訪時并沒有說什么。家庭理財人員很少討論長期的現(xiàn)金流管理問題。當報告人被直接或間接討論長期現(xiàn)金流量時，報告人可能會提到未來的情況以及需

54、要的準備工作。通常情況下，需要的準備工作圍繞退休生活和子女教育。很少報告人描述對一個長期需要的準備而采取的行動。</p><p>　　第三，至少從表面上看，財務(wù)管理從業(yè)人員的建議與家庭理財人員實際上的處理有很大不同。然而，有時，這種明顯的差別并不像它看起來那么大。山姆的涂鴉實際上代表了預算編制形式一樣，桑迪和辛迪的每月現(xiàn)金流量的精神圖像也有同樣作用。盡管事實上他們的行為有時有不同的表現(xiàn)，家庭理財人員說他們沒有使用

55、推薦的做法，是由于其現(xiàn)金流管理例行性質(zhì)和使用這些工具的效益的缺乏。報告人或者沒有時間或不想花時間去實施這些做法。無論是被推薦的或是那些由家人和朋友提出的建議，所以七個管理者都會評估其成本和實際使用其做法的好處。重要的是要認識到財務(wù)管理者考慮當開發(fā)一個系統(tǒng)時將使用的成本和效益。目前，該建議的做法著眼于使用資凈資產(chǎn)作為幸福的主要指標的長期前景。但是，這七個財務(wù)管理者全部集中在短期內(nèi)（一到兩次薪水前）關(guān)于一個主要的關(guān)注點：保持當前票據(jù)支付。&

56、lt;/p><p>　　最后，儲蓄的緊張（或缺乏）以及信貸的利使用。如果有的話，他們一般只有很少應(yīng)急儲蓄，近似的資金相當于三至六個月的實得工資。他們表示儲蓄是一個艱巨的任務(wù)，有以下幾個原因。這不是重點，重點是對賬單。儲蓄往往是留在月底的錢，而不是一開始預留的錢。許多人心理障礙只是每次投入少量積蓄。他們認為這樣做并沒有取得什么進展。相反，即使不經(jīng)常發(fā)生，他們希望每次投入大量資金，但是在過程中他們會失去興趣。當他們過度扣

57、繳聯(lián)邦稅保證金時，財務(wù)管理者會投入存款，這種做法適用于所有七個報告人。一些選項允許稅收退款。</p><p>　　信貸的利用，近似儲蓄的鏡像，是需要財務(wù)管理者采取謹慎的行動的另一個領(lǐng)域。所有被調(diào)查者認為，它們是控制家庭的債務(wù)負擔。但他們表示，等待的回報不超過購買的東西的信貸成本。出于這個原因，他們用信用卡來購買額外的貨物。他們認為自己無法維持和保留資金，直至目標可以實現(xiàn)。債務(wù)的支付是他們必須實現(xiàn)的，而儲蓄是可選的

58、。的確，正如一些報告人指出的，良好的資金管理的做法是一旦購買一些新的物品，就盡快將債務(wù)還清。因此，他們避免把常規(guī)花費并入那部分錢，不包括有能力購買的地額外資產(chǎn)，即使是資產(chǎn)貶值的錢。</p><p>　　比起其他信貸利率較低的替代品，信用卡通常是優(yōu)先使用的，因為它們簡單，易行，方便，可迅速獲得資金。財務(wù)經(jīng)理們知道其他信貸替代品，并且當他它們的回報價值高于帶來的額外不便時使用它們。有時，報告人通過第二按揭還清信用卡債

59、務(wù)。雖然這種做法代表了額外的風險，但它往往降低了利率，有時，還能降低每月總付款額。有時采取這一行為來減少每月收到的賬單總額，與總成本無關(guān)。</p><p>　　財務(wù)管理者表示，他們增加他們的債務(wù)數(shù)額的原因有兩個。首先，他們已成功地付出小部分的債務(wù)負擔，這使他們堅信他們其實可以處理更大的數(shù)額。其次，他們認為，較大的債務(wù)將是在未來支付，而未來他們預計會通過加薪來減少負擔。當發(fā)生意外事件的家庭無法支付時，這種態(tài)度和做法

60、有可能導致破產(chǎn)。</p><p>　　對財務(wù)管理人才的啟示</p><p>　　顯然，從七名來自中西部的小社區(qū)家庭得來調(diào)查結(jié)果，要求在為期四年中定期提供家庭現(xiàn)金流管理的做法的圖片。然而，家庭中的做法和動機的相似性意味著結(jié)果不應(yīng)該沒有考慮被解雇。這一發(fā)現(xiàn)對人類家庭的進程提出見解：要有利于家庭的財務(wù)管理，旨在規(guī)范工具。具體來說，報告者需要更好的決策規(guī)范以及短期規(guī)劃的實踐，而不是長期管理的更加廣

61、泛的決策規(guī)范。</p><p>　　對短期的聚焦代表了財務(wù)管理教育的基本理念從重點強調(diào)對長期目標的實現(xiàn)上到短期工具的逆轉(zhuǎn)。關(guān)鍵是要修改短期工具，使它們的使用將得到預期長期準備的效果。這種觀念的轉(zhuǎn)變反映了從概念的預測，即使用預期未來事件來指導現(xiàn)在，轉(zhuǎn)變?yōu)橛兄X的預測，即以現(xiàn)在為基礎(chǔ)而投射未來，（迪肯及格倫菲爾鮑，1988年）。在現(xiàn)金流量管理方面，重點將是通過簡單、方便的工具使用實現(xiàn)短期的現(xiàn)金流管理的改善。相比之下，

62、目前建議的做法是基于未來的凈資產(chǎn)的最大化為短期提供工具。</p><p>　　財務(wù)管理工具的重新設(shè)計需要基本目標的重組。工具必須方便易用，并且能在短期內(nèi)幫助實現(xiàn)長期的經(jīng)濟增長。這些工具必須提供在時間和精力方面超過了成本的預期回報，并且貫徹落實。工具必須在一定程度上對進行長遠規(guī)劃限制必要的精力和時間。</p><p>　　新工具可仿照已有的長期安全的工具。這些工具包括為雇員提供健康，并有時候