你可能很懂理財,也可能一竅不通。以下的10個理財觀念,對任何人都可適用,掌握這些原則與方法,幫你作出正確的理財抉擇。
1. 看財經局勢,做趨勢計畫
2.不要只為了賺錢而投資
3.用情緒理財是最失敗的策略
趙夫子
2014/02/21
According to standard economic theory, firm managers should maximize expected profits
without regard to the variability of reported earnings. However, literature on the reasons
for managers’ concern about the volatility of financial performance dates back to 1984,
when Stulz offered a viable economic reason for firm managers’ concern.
Since then, there have been alternative theories and explanations; a recent review of the literature
presented four reasons to justify active risk management:
In each explanation, the volatility of profit leads to lower value to at least some of the firm’s
stakeholders. In the first, it is noted that managers have limited ability to diversify their
investment in their own firm, due to limited wealth and the concentration of human capital
returns in the firm they manage. This fosters risk aversion and a preference for stability.
In the second, it is noted that, with progressive tax schedules, the expected tax burden is
lessened by reduced volatility in reported taxable income. The third and fourth explanations
focus on the fact that a decline in profitability has a more than proportional impact on the
firm’s fortunes. Financial distress is costly, and the cost of external financing increases rapidly
when a firm’s viability is in question. Any one of these reasons is sufficient to motivate
managers to be concerned about risk and carefully assess both the level of risk associated
with any financial product and potential risk-mitigation techniques.
Managers can consider three generic risk-mitigation strategies
Risk avoidance involves reducing the chances of idiosyncratic losses by eliminating risks
that are superfluous to the institution’s business purpose. Common risk-avoidance activities
are underwriting standards, hedges or asset-liability matches, diversification, reinsurance or
syndication, and due diligence investigation. The goal is to rid the firm of risks that are unessential
to the financial service provided or to absorb only an optimal quantity of a particular risk.
What remains is some portion of systematic risk and the risks that are unique to an institution’s
business franchise. In both, risk mitigation is incomplete and can be enhanced. Any systematic risk
not required to do business can be minimized. Whether this is done is a business decision that the
firm can clearly indicate to stockholders. Likewise, in operational risk, the firm can address the risks
of providing service — including fraud, oversight failure, lack of control, and managerial limitations.
Aggressive risk-avoidance activities in both these areas will constrain risk, while reducing the
profitability from the business activity. Accordingly, the firm can communicate the level of
effort it makes to reduce these risks to shareholders and justify the costs.
The firm can eliminate some risks or at least substantially reduce them by transferring them.
Markets exist for the claims that many of these financial institutions issue and/or the assets
they create.
Individual market participants can buy or sell financial claims to diversify or concentrate the risk in
their portfolios. To the extent that the market understands the financial risks of the assets that the firm
creates or holds, the assets can be sold in the open market at their fair market value. If the institution has no comparative advantage in managing attendant risks, it has no reason to absorb or manage such risks rather than transfer them. In essence, for the firm, there is no value added associated with absorbing the risks.
However, the firm should absorb another class of assets or activities in which the risk is inherent.
In these cases, risk management must be aggressive, and there must be good reason for using further resources
to manage firm-level risk. These financial assets or activities have one or more of these characteristics:
Written by Dr. Chao Yuang Shiang (趙永祥 博士)
Faculty, Dep. of Finance, Nan Hua university
富人與窮人的時間觀
窮人為錢工作,富人讓錢為他們工作;
窮人管理金錢,富人卻善於管理時間;
富人時間不夠用,窮人不知如何殺時間。
時間在窮人手上變得一文不值,在富人手裡卻變得價值連城,
因此,窮人將會更窮,而富人也將更富。
為什麼每個人擁有的時間都一樣,但成就卻大不相同呢?你通常是花錢買時間還是賣時間賺錢?有人開車繞了半小時只為了找一個免費車位,有人花錢找人辦事讓自己可以做別的更重要的事。當時間不再只是度量衡而是有行有市可以買賣,你的時間值多少錢,你願意用多少錢買別人的時間,未來會有交易所,請先標好你的定價。
會管理時間就會管理金錢也會管理自己的人生,讓人生更精彩的關鍵就在於同樣的時間內透過規劃、分工可以做更多的事情,讓家庭、事業、婚姻、健康都能兼顧。
千萬不要讓遲到、懶惰,這些小事浪費在您寶貴時間上。
十個理財重要觀念
你可能很懂理財,也可能一竅不通。以下的10個理財觀念,對任何人都可適用,掌握這些原則與方法,幫你作出正確的理財抉擇。
1. 看財經局勢,做趨勢計畫