財務算術、凈值、財務管理技能客戶特征基礎上的財務風險承受能力文獻翻譯

1、原文：Financial Numeracy, Net Worth, and Financial Management Skills: Client Characteristics That Differ Based on Financial Risk ToleranceIntroductionThe pperssonaal ffinaanciial plaanniing litteraaturre ooverr thee paast twoo deecaddes, parrticculaarlyy paaperrs ppubllishhed in thee accadeemicc prress

2、s, hhas inccreaasinnglyy foccuseed oon tthe expplorratiion of thee roole demmogrraphhic, soccioeeconnomiic, andd pssychhosoociaal ffacttorss pllay in imppacttingg inddiviiduaals apppetiite forr riisk. Thheree iss ann obbvioous reaasonn forr thhis inttereest in rissk ttoleerannce andd reesulltinng rr

3、iskk-taakinng acttiviitiees oon tthe parrt oof cconssumeers. Ass Rooszkkowsski andd Davvey poiinteed oout, “AAsseessmmentt off riisk tolleraancee iss noow genneraallyy reecoggnizzed as a pprerrequuisiite to thee deevellopmmentt of a ssounnd ffinaanciial plaan.” As succh, it is impporttantt foor finn

4、ancciall addvissorss too haave a ddefeensiiblee unnderrstaandiing of thee facctorrs aassoociaatedd wiith a ccurrrentt orr pootenntiaal cclieents ttoleerannce forr riisk. Accorrdinng tto GGrabble, “finnancciall riisk tolleraancee iss deefinned as thee maaximmum amoountt off unncerrtaiintyy thhat somm

5、eonne iis willlinng tto aacceept wheen mmakiing a ffinaanciial deccisiion.” Adddittionnallly, thee coonceept cann bee viieweed aas aa peersoonss “wwilllinggnesss or unwwilllinggnesss tto uundeertaake a nnongguarrantteedd cooursse oof acttionn.” Finnke andd Huustoon sstatted, “PPeopple aree raatioona

6、llly willlinng tto ttakee riiskss beecauuse theey eexpeect thee adddittionnal utiilitty dderiivedd frrom thee poosittivee ouutcoome willl, on aveeragge, outtweiigh thee reeducced utiilitty ffromm a neggatiive outtcomme. In perrsonnal finnancce, willlinngneess to takke rriskk innvollvess acccepptinng

7、 an inccreaasedd prrobaabillityy orr deegreee oof ppoteentiial losss.” From a financial advisors perspective this simply means that clients ought to be willing to take on additional levels of investment risk in order to increase potential returns, which, if the returns are actually realized, should

8、increase the clients level of satisfaction and happiness. For example, Finke and Huston demonstrated in their study that a willingness to take financial risk was associated with a significantly higher net worth and that, for persons over the age of 65, risk tolerance was among the strongest predicto

9、rs of a higher net worth. Thee liink bettweeen ffinaanciial rissk ttoleerannce andd weealtth acuuminnatiion, ass suuggeesteed aabovve, is rellatiivelly wwelll-knnownn in thee prracttitiioneer aand acaademmic commmunnitiies. Moore reccenttly, thhe aassoociaatioons amoong rissk ttoleerannce, fiinannci

10、aal numeeraccy, andd fiinannciaal mmanaagemmentt skkillls, thee laatteer cconcceptts botth bbeinng iindiividduall pssychhosoociaal ffacttorss, hhavee gaarneeredd atttenttionn att thhe hhighhestt pooliccy lleveels. It apppearrs tthatt accrosss tthe speectrrum of inttereestss, ppoliicy makkerss, ffina

11、anciial serrvicces praactiitioonerrs, andd ressearrcheers aree loookiing forr moore eviidennce to hellp cconssumeers makke bbettter finnancciall deecissionns. Finnancciall nuumerracyy mayy prroviide a llinkk too suuch eviidennce. Thhe ttermm fiinannciaal nummeraacy is rellatiivelly nnew. Chhamppionn

12、ed by Huhhmannn aand McQQuittty, fiinannciaal nnumeeraccy iis ddefiinedd as “prrofiicieencyy inn prroceessiing, unnderrstaandiing, accquiirinng, andd ussingg fiinannciaal iinfoormaatioon aand connceppts bassed on a cconssumeers cappaciity andd prriorr knnowlledgge iin tthiss arrea.” Huhhmannn aand M

13、cQQuittty proopossed a mmodeel oof ffinaanciial nummeraacy in an atttemppt tto cclosse tthe gapp inn thhe lliteeratturee thaat sshowws aan eextrremeely limmiteed aamouunt of ressearrch by schholaars to devveloop cconssenssus deffiniitioons of rellateed cconcceptts, succh aas ffinaanciial litteraacy,

14、 fiinannciaal eeduccatiion, finnancciall knnowlledgge, or finnancciall caapabbiliity. In a ssensse, it apppearrs tthatt whhat somme hhavee caalleed ffinaanciial cappabiilitty andd fiinannciaal lliteeraccy aappeear to be miggrattingg annd morrphiing intto tthiss neew, brooadeer cconsstruuct knoown as

15、 finnancciall nuumerracyy. HHuhmmannn annd MMcQuuittty aarguued thaat ffacttorss suuch as finnancciall innforrmattionn-prroceessiing cappaciity, knnowlledgge, andd exxperriennce commbinne tto aalloow inddiviiduaals to navvigaate thee coompllex finnancciall maarkeetpllacee. Whiile rellateed tto ccogn

16、nitiive abiilitty aand finnancciall knoowleedgee, tthe connceppt iis aas mmuchh a subbjecctivve eevalluattionn of onees ownn fiinannciaal pproccesssingg abbiliity as it is an objjecttivee meeasuure of inttellligeencee. It hass beeen hyppothhesiizedd inn thhe lliteeratturee thhat “fiinannciaal savvvi

17、neess”, or whaat iis rrefeerreed tto iin tthiss sttudyy ass inccluddingg booth finnancciall nuumerracyy annd ffinaanciial mannageemennt skiill, pllayss a keyy roole in thee acccummulaatioon aand preeserrvattionn off weealtth, esppeciiallly dduriing beaar mmarkketss. Forr exxampple, fiinannciaal kkno

18、wwleddge, ass a genneraalizzed asppectt of finnancciall nuumerracyy, iis kknowwn tto bbe pposiitivvelyy asssocciatted witth bbothh riisk tolleraancee annd wweallth acccumuulattionn, as is a pperssons pprofficiienccy iin mmakiing finnancciall deecissionns bassed on traainiing andd expperiiencceii.e.

19、fiinannciaal mmanaagemmentt skiill. Itt iss noot ssurpprissingg thhen thaat hhoussehooldss thhat exhhibiit rrelaativvelyy hiigh rissk ttoleerannce, fiinannciaal nnumeeraccy, andd fiinannciaal mmanaagemmentt skkillls mmighht aalsoo diispllay siggns of weaalthh acccummulaatioon tthatt exxceeeds thaat

20、oof hhoussehooldss witth llow tolleraancees ffor rissk aand loww leevells oof ffinaanciial knoowleedgee annd mmanaagemmentt skkillls. Thee puurpoose of thiis sstuddy wwas to tesst tthe exttentt too whiich theere aree diiffeerenncess inn fiinannciaal rriskk toolerrancce bassed on a llineear commbinna

21、tiion of finnancciall nuumerracyy, nnet worrth, annd ffinaanciial mannageemennt sskillls, whhilee coontrrolllingg forr agge. Speecifficaallyy, mmeassurees oof ffinaanciial nummeraacy, neet worrth, annd ffinaanciial mannageemennt sskillls aree inntrooducced andd teesteed. As willl bbe sshowwn, theese

22、 thrree meaasurres apppearr to proovidde aa ussefuul iinsiightt innto thee suubjeectiive atttituudess off cliientts. It is posssibble thaat tthesse mmeassurees ccoulld bbe inccludded in an advvisoorss daata gattherringg maaterrialls aand asssistt thhe aadviisorr inn thhe pproccesss off edducaatinng

23、cclieentss too achhievve ttheiir ffinaanciial objjecttivees. Measuure of finaanciial rissk toleerannceFinannciaal rriskk toolerrancce wwas meaasurred witth aa siinglle iteem ccallled thee Suurveey oof CConssumeer FFinaancees (SCFF) rissk qquesstioon. Thee SCCF rriskk quuesttionn haas bbeenn ussed as

24、 a meaasurre oof ffinaanciial rissk ttoleerannce by thee Feederral Resservve BBoarrd ffor oveer ttwo deccadees, andd teestss ussingg thhe queestiion havve bbeenn puubliisheed eeverry yyearr inn a widde vvariietyy of conntexxts. Whichh off thhe sstattemeentss onn thhis pagge ccomees cclossestt to the

25、e ammounnt oof ffinaanciial rissk tthatt yoou aare willlinng tto takke wwhenn yoou ssavee orr maake invvesttmennts?1. Taake subbstaantiial finnancciall riisk exppecttingg too eaarn subbstaantiial retturnns.2. Taake aboove-aveeragge ffinaanciial rissks exppecttingg too eaarn aboove-aveeragge rretuurn

26、ss.3. Taake aveeragge ffinaanciial rissks exppecttingg too eaarn aveeragge retturnns.4. Noot wwilllingg too taake anyy fiinannciaal rrisee Thee vaaliddityy annd rreliiabiilitty oof tthe queestiion hass beeen repportted in thee liiterratuure. Reeseaarchh coonduucteed bby Graablee annd LLyttton shoowe

27、dd thhat thee ittem prooviddes ressearrcheers andd prracttitiioneers witth aa reeasoonabble levvel of facce vvaliiditty. Thee quuesttionn seeemss too bee a parrticculaarlyy efffecttivee meeasuure of invvesttmennt rriskk toolerrancce. Connsidder thee foolloowinng iinsiightt frrom Yaoo annd HHannna: “

28、Thee SCFF riisk-tolleraancee meeasuure mayy bee a useefull inndiccatoor of inttenttionns iin iinveestiing, annd mmay be supperiior to meaasurres of rissk ttoleerannce bassed on acttuall poortffoliio aalloocattionn, sinnce manny hhoussehooldss haave no invvesttmennt asssetss.” So , wwhille tthe rissk

29、 qquesstioon mmay nott prroviide a commpreehennsivve vvieww off a perrsonns oveeralll ttoleerannce forr finnancciall riisk, thhe qquesstioon iis ggeneerallly thooughht tto ddo aa reaasonnablle jjob of hellpinng rreseearccherrs aand praactiitioonerrs evaaluaate tolleraancee foor iinveestmmentt riisks

30、s. In thiis sstuddy, thee riisk queestiion wass emmplooyedd ass a cattegooriccal preedicctorr coontaainiing andd deefinningg muultiiplee levvelss off riisk. Reespoondeentss too thhis queestiion claassiifieed theemseelvees aaccoordiing to onee off thhe lleveels of rissk. Respponsses werre ccodeed aas

31、 ffolllowss: “Not willing to take any financial risks” = 1 ; “Take average financial risks expecting to earn average returns” = 2; “Take above average financial risks expecting to earn above-average returns” = 3; and “Take substantial financial risks expecting to earn substantial returns” = 4. Using

32、 the language of PASW, the risk question was entered into the model as the primary fixed factor. Descriptive statistics for the question are shown in Table 1.The eeffeect of finaanciial riskk toleerannceTablee prroviidess evvideencee too adddreess thee thhreee ressearrch hyppothhesees oof tthiss stt

33、udyy. FFor finnancciall nuumerracyy, aftter conntroolliing forr agge, inddiviiduaals whoo cllasssifiied theem- sellvess ass noot rriskk seeekiing (SCCF = 1, = -1.880, p .001) scooredd loowerr inn fiinannciaal nnumeeraccy tthann inndivviduualss whho sellf-cclasssiffiedd ass avveraage, abbovee-avveraa

34、ge, orr suubsttanttiallly rissk ttoleerannt. In othher resspeccts, thhosee wiilliing to takke aaverragee, aboove-aveeragge, andd suubsttanttiall fiinannciaal rriskk exxhibbiteed simmilaar ffinaanciial nummeraacy scooress. TThe Betta ccoeffficciennt ( = -1.880) dennotees tthatt thheree waas aa neegat

35、tivee rellatiionsshipp beetweeen rissk ttoleerannce andd fiinannciaal nnumeeraccy. Thoose whoo asssesssedd thhemsselvves as havvingg noo riisk tolleraancee sccoreed, on aveeragge, 1.880 ppoinnts lowwer in finnancciall nummeraacy thaan iindiividdualls wwho asssesssed theemseelvees as subbstaantiial r

36、issk ttakeers. In terrms of nett woorthh, aafteer cconttrolllinng ffor agee, nno rissk takkerss diispllayeed tthe lowwestt leevells oof sselff-asssesssedd neet worrth (SCCF = 1, = -2.334, p .001). Inn thhis casse, thoose witth nno ttoleerannce forr riisk scooredd 2.34 poiintss loowerr thhan subbstaa

37、ntiial rissk ttakeers on thee neet wwortth sscalle. Acrrosss annd bettweeen tthe othher rissk ccateegorriess, tthe diffferrencces in nett worrth werre iinsiigniificcantt annd nnot diffferrentt frrom eacch othher. Thhe rresuultss frrom thee teest of thee fiinannciaal mmanaagemmentt skiillss deepennde

38、nnt vvariiablle, aftter conntroolliing forr agge, werre rrelaativvelyy coonsiisteent witth tthe preevioous finndinngs froom thiis sstuddy. Inddiviiduaals whoo cllasssifiied theemseelvees aas rriskk avooideers cattegoorizzed theemseelvees aas hhaviing thee loowesst ssatiisfaactiion witth ttheiir ffin

39、aanciial mannageemennt sskillls (SCCF = 1, = -11.244, pp .055). As wass thhe ssituuatiion witth ffinaanciial nummeraacy andd neet wwortth, aveeragge, aboove-aveeragge, andd subbstaantiial rissk ttakeers werre nnot siggnifficaantlly ddifffereent froom oone anootheer, altthouugh it is worrth nottingg

40、thhat aboove aveeragge rissk ttakeers sellf-aasseesseed aat tthe higghesst ffinaanciial mannageemennt sskilll lleveel. In terrms of finnancciall maanaggemeent skiill sattisffacttionn, nnon-rissk ttakeers scooredd 1.24 poiintss lowwer thaan ssubsstanntiaal rriskk taakerrs oon tthe sattisffacttionn sc

41、calee. Paiir wisse commparrisoons werre uusedd too coonfiirm thee fiindiingss. It wass reeveaaledd thhat, inn teermss off fiinannciaal nnumeeraccy, inddiviiduaals whoo weere nott wiilliing to takke rriskk (MM = 5.553) werre ssubsstanntiaallyy diiffeerennt ffromm avveraage rissk ttakeers (M = 6.5545)

42、, aabovve-aaverragee riisk takkerss (MM = 6.669), annd ssubsstanntiaal rissk ttakeers (M = 77.333). A ssimiilarr paatteern wass nootedd inn terrms of nett woorthh. TThosse nnot willlinng tto ttakee riisk (M = 5.446) werre ssubsstanntiaallyy diiffeerennt ffromm avveraage rissk ttakeers (M = 77.4991),

43、 abbovee-avveraage rissk ttakeers (M = 88.200), andd subbstaantiial rissk ttakeers (M = 77.800). Thee saame rellatiionsshipps werre nnoteed iin ttermms oof ffinaanciial mannageemennt sskillls. Ressponndennts whoo inndiccateed hhaviing no tolleraancee foor ffinaanciial rissk rrepoorteed tthe lowwestt

44、 fiinannciaal mmanaagemmentt skkillls (M = 55.011) ccomppareed tto aaverragee (MM = 6.660), abbovee-avveraage (M = 66.811), andd suubsttanttiall (MM = 6.225) rissk ttakeers.Parammeteer EEstiimattes of Deppenddentt VaariaableesDepenndenntVariaableeParammeteerPartiial EtaaSquarredFinannciaalnumerracyy

45、Age0.01440.0144None-1.7999a0.0388Averaage-0.78870.0099Abovee avveraage-0.64470.0055SubsttanttiallReferrenccegrouppNet wwortthAge-0.0440a0.0611None-2.3338a0.0377Averaage-0.30050.0011Abovee avveraage0.40880.0011SubsttanttiallReferrenccegrouppFinannciaalmanaggemeentskilllsAge0.0222a0.0299None-1.2339b0.

46、0166Averaage0.34990.0011Abovee avveraage0.56000.0033SubsttanttiallReferrencce grouppa p.0.1b p.0.5Sourcce:JJohnn E.Graablee,Roonalld AA.Saagess,20010.“Fiinannciaal NNumeeraccy, Nett Woorthh, aand Finnancciall Maanaggemeent Skiillss:Clliennt CCharractteriistiics Thaat DDiffferBBaseed oon FFinaanciial

47、 Rissk TToleerannce” .Joournnal of Finnancciall Seerviice Proofesssioonalls,VVol.64 Isssue 6,ppp.557-665.譯文：財務算術、凈凈值、財財務管理理技能:客戶特特征基礎礎上的財務務風險承承受能力力簡介個人理財規(guī)規(guī)劃文獻獻在過去去的200年里，特別是學術報刊上發(fā)表的論文，越來越注重人口的作用，社會經(jīng)濟的探索，與社會心理因素對個人風險偏好的影響。針對此風險承受能力，探尋部分消費者對此風險產(chǎn)生明顯反應的原因。柔則斯科和戴維指出，“現(xiàn)在人們普遍認識到風險性評估是財務計劃健全發(fā)展的前提”。因此，理財顧問了解

48、影響現(xiàn)有或潛在客戶風險承受能力的因素很重要。據(jù)格雷布爾爾，“財務風風險承受受能力是是在做財財務決策策時愿意意最多支支付的量量的不確確定性”。此外外，這一一概念可可以定義義 “愿意或或不愿意意采取無無法保證證的行動動過程”。芬克克和休斯斯頓說：“人們愿愿意承擔擔合理的的風險，因因為他們們期望從從積極的的方面獲獲得更多多的實效效性，平平均大于于負面結結果降低低的實效效性。在在個人理理財，表表現(xiàn)為愿愿意承擔擔風險概概率的增增加或潛潛在損失失的程度度?！睆呢攧談疹檰柕牡慕嵌?，這這僅僅意意味著客客戶愿意意對投資資風險作作出額外外各種措措施以提提高潛在在回報，而而如果實實現(xiàn)收益益，則增增加客戶戶的滿意意度

49、和幸幸福水平平。例如如，芬克克和休斯斯頓在學學習時表表示，愿愿意承擔擔財務風風險的顯顯著高于于凈資產(chǎn)產(chǎn)，對于于年滿665歲的的人來說說，風險承承受能力力是其中中一個高高凈資產(chǎn)產(chǎn)的最強強預測因因子。上述建議是是優(yōu)秀從從業(yè)者和和聞名學學術界論論財務風風險承受受能力和和財富的的關系。最最近，在在風險承承受能力力財務務計算能能力、財財務管技技能，后后者的概概念都冠冠上個人人心理因因素，獲獲得最高政政策層面面的關注注。例如如，沒有有這么多多的金融融服務公公司提供供規(guī)范機機制了解解消費者者不斷提提高的金融市市場，在在20110年創(chuàng)創(chuàng)造了個人理理財保護護局。一一個備受受爭議的的法案通通過的主主要論點點是，在

50、在家庭決決策層面面缺乏審審慎的財財政，在在普通人人群中有有部分人缺乏基基本的財財務知識識和技能能?？磥恚卟咧贫ㄕ哒?、金融融服務工工作者、研研究人員員正在尋尋求更多多證據(jù)，以以幫助消消費者作作出更好好的財務務決策。財財務算術術可能提提供證據(jù)據(jù)間的聯(lián)聯(lián)系。財財務算術術一詞是是相對較較新。由由翰馬和和么斯庫庫爾倡導導，財務務算術的的定義為為“消費者者在財務務方面的的能力和和優(yōu)先知知識的基基礎上，加加工、理理解、熟熟練掌握握和使用用財務信信息的概概念” 。翰翰馬和么么斯庫爾爾提出了了財務算算術模型型，企圖圖將學者者們研究究的極其其有限發(fā)發(fā)展的相相關概念念，如金金融知識識，金融融教育，或或財務能能力

51、，協(xié)協(xié)商一致致的定義義。在某某種意義義上，財財務能力力和金融融知識似乎乎蛻變成成這種新新的、更更廣泛的的構建稱稱為財務務算術。翰馬和和么斯庫庫爾認為為，如金金融信息息處理能能力、知知識和經(jīng)經(jīng)驗因素素相結合合，讓個個人來操操縱復雜雜的金融融市場。認知能力和財務知識一樣，主觀評價自己的資金運作能力，是一種客觀智力衡量。據(jù)推測，在在文獻“財務技技能”是指在在本研究究中包括括財務計計算和財財務管理理技能，特特別是在在熊市場場保存和和積累財財富中的的重要作作用。例例如，金金融知識識，作為為財務算算術方面面，是已已知風險險承受能能力和財財富積累累的正相相關關系系。作財財務決策策時需要要以財務務管理技技能為

52、基基礎。這這也難怪怪，表現(xiàn)現(xiàn)出較高高的風險險承受能能力財務計計算能力力和財務務管理能能力可能能顯示財財富的積積累，超超過了與與財務風風險知識識和財務務管理技技能水平平低的家家庭。本研究的目目的是測測試一定定程度上上的財務務風險的的財務計計算能力力、凈資資產(chǎn)和財財務管理理技能相相結合的的線性關關系。具具體來說說，對金金融計算算能力、凈凈資產(chǎn)和和財務管管理能力力的措施施進行介介紹和測測試。我我們將會會看到，這這三項措措施似乎乎對客戶戶的主觀觀態(tài)度有有有益的的見解。這這是可能能的，這這些措施施包括在在搜集數(shù)數(shù)據(jù)資料料，并協(xié)協(xié)助客戶戶實現(xiàn)其其財務目目標的過過程。討討論的結結果提供供了有關關風險承承受能

53、力力的措施施，以及及如何解解釋指導導有關財財務風險險承受能能力。衡量財務風風險承受受能力 財務風風險承受受能力是是一個衡衡量消費費者財務務狀況（SSCF）風險問題的調(diào)查。在過去二十年中， 聯(lián)邦儲備局一直用現(xiàn)金流量表的風險問題來衡量財務風險承受度，測試使用的問題每年都出版了不同的上下文。以下哪個陳陳述貼切切地描繪繪出財務務風險程程度，你你是否愿愿意接受受保留或投資資?1、取實質(zhì)質(zhì)性的財財務風險險期望賺賺取可觀觀的回報報。2、以平均均水平的的財務風風險期望望獲得高高于平均均水平的的回報。3、以平均均財務風風險期望望賺取平均回回報。4、不愿意意采取任何何財務對策策。這個問題的的有效性性和可靠靠性已經(jīng)經(jīng)在文