法学专业外文文献翻译--使用发薪日贷款的原因
双语经济：学生贷款对经济产生的涟漪效应
What are the roads not taken because students must take out loans for college? A collection of studies shows that the burden of student debt may well cause people to make different decisions than they would otherwise — affecting not just individuallives but also the entire economy.一些学生由于不得不举债上大学，他们未来所选择的道路会有什么不同吗？一系列研究表明，学生贷款的压力很可能会促使人们做出与没有贷款压力时不同的决定——这不仅会影响个人生活，而且还会影响整个经济。
For one thing, it appears that people with student loans are less likely to start businesses of their own. A new study has found that areas with higher relative growth in student debt show lower growth in the formation of small businesses (in this case, firms with one to four employees).首先，似乎背负学生贷款的人自己创业的可能性较小。
一项新研究发现，在学生贷款增长率相对较高的地区，小公司（这里指拥有1到4名雇员的公司）的创办率较低。
The correlation makes sense. People normally have only a certain amount of "debt capacity," said Brent W. Ambrose, a professor of risk management at Pennsylvania State University and a co-author of a preliminary paper on the research along with Larry Cordell and Shuwei Ma of the Federal Reserve Bank of Philadelphia.这种相关性有一定的道理。
发薪日贷款 原理
发薪日贷款原理发薪日贷款是指在发放薪资的当天，员工可以向金融机构申请贷款，以解决短期的资金需求。
这种贷款的原理是基于员工的工资收入作为贷款的担保，因此相对于其他贷款方式，发薪日贷款更加灵活、快捷。
发薪日贷款的原理主要有以下几点：首先，发薪日贷款是建立在员工工资收入的基础上，因此贷款人可以通过核对员工的工资流水和工作单位的证明来确认借款人的还款能力和信用状况。
其次，发薪日贷款一般采用短期贷款的形式，借款人可以根据自己的实际需要选择贷款金额和贷款期限，一般不需要提供抵押物或担保人。
最后，发薪日贷款的还款方式相对灵活，一般可以选择一次性还款或者分期还款，方便借款人根据自己的实际情况进行还款。
发薪日贷款在现实生活中有着广泛的应用。
对于一些急需资金的员工来说，发薪日贷款可以解决短期的资金周转问题，避免因为资金不足而造成的困扰。
同时，对于金融机构来说，发薪日贷款也是一种有效的贷款方式，通过与企业合作，可以获取到稳定的借款人群体，并且能够通过借款人的工资流水进行风险控制，降低贷款风险。
然而，发薪日贷款也存在一些风险和注意事项。
首先，借款人需要谨慎选择贷款机构，选择正规的金融机构进行贷款，避免遇到非法放贷机构，遭受不必要的损失。
其次，借款人需要合理规划贷款金额和期限，确保能够按时还款，避免因为逾期还款而产生额外的利息和罚款。
最后，借款人需要根据自己的实际需求，合理选择贷款金额，避免因为贷款额度过高而增加自身的还款压力。
发薪日贷款作为一种灵活快捷的贷款方式，可以帮助员工解决短期的资金需求。
通过依托员工的工资收入作为贷款担保，发薪日贷款能够为借款人提供方便快捷的贷款服务。
然而，借款人在选择发薪日贷款时需要谨慎选择贷款机构，合理规划贷款金额和期限，并且根据自身需求进行借款，以确保能够按时还款，避免贷款风险。
毕业论文(设计)外文文献翻译及原文
金融体制、融资约束与投资——来自OECD的实证分析R．SemenovDepartment of Economics，University of Nijmegen，Nijmegen（荷兰内梅亨大学，经济学院）这篇论文考查了OECD的11个国家中现金流量对企业投资的影响.我们发现不同国家之间投资对企业内部可获取资金的敏感性具有显著差异,并且银企之间具有明显的紧密关系的国家的敏感性比银企之间具有公平关系的国家的低.同时，我们发现融资约束与整体金融发展指标不存在关系.我们的结论与资本市场信息和激励问题对企业投资具有重要作用这种观点一致，并且紧密的银企关系会减少这些问题从而增加企业获取外部融资的渠道。
一、引言各个国家的企业在显著不同的金融体制下运行。
金融发展水平的差别(例如，相对GDP的信用额度和相对GDP的相应股票市场的资本化程度），在所有者和管理者关系、企业和债权人的模式中，企业控制的市场活动水平可以很好地被记录.在完美资本市场,对于具有正的净现值投资机会的企业将一直获得资金。
然而，经济理论表明市场摩擦，诸如信息不对称和激励问题会使获得外部资本更加昂贵，并且具有盈利投资机会的企业不一定能够获取所需资本.这表明融资要素，例如内部产生资金数量、新债务和权益的可得性，共同决定了企业的投资决策.现今已经有大量考查外部资金可得性对投资决策的影响的实证资料（可参考，例如Fazzari（1998）、 Hoshi(1991)、 Chapman（1996）、Samuel(1998））.大多数研究结果表明金融变量例如现金流量有助于解释企业的投资水平。
这项研究结果解释表明企业投资受限于外部资金的可得性。
很多模型强调运行正常的金融中介和金融市场有助于改善信息不对称和交易成本，减缓不对称问题,从而促使储蓄资金投着长期和高回报的项目,并且提高资源的有效配置（参看Levine（1997)的评论文章）。
因而我们预期用于更加发达的金融体制的国家的企业将更容易获得外部融资.几位学者已经指出建立企业和金融中介机构可进一步缓解金融市场摩擦。
论带薪年休假法律制度作文
论带薪年休假法律制度作文英文回答：Paid annual leave is a legal system that ensures employees are entitled to a certain amount of paid time off work each year. This system is designed to provide employees with the opportunity to rest, relax, and recharge, which ultimately leads to increased productivity and job satisfaction.The benefits of a paid annual leave system are numerous. Firstly, it promotes work-life balance by allowing employees to take time off work without worrying about loss of income. This is especially important in today's fast-paced and demanding work environment, where burnout and stress are common. By taking regular breaks, employees can maintain their physical and mental well-being, leading to improved job performance.Secondly, a paid annual leave system helps to attractand retain talented employees. In a competitive job market, offering paid time off is a valuable perk that can differentiate an employer from others. Employees are more likely to choose and stay with an employer that valuestheir well-being and offers a generous leave policy.Furthermore, paid annual leave contributes to apositive company culture. When employees are given the opportunity to take time off and recharge, they are more likely to feel appreciated and valued by their employer. This can lead to increased loyalty, morale, and overall job satisfaction. Additionally, a well-rested and rejuvenated workforce is more likely to be engaged and motivated, resulting in higher productivity levels.In terms of the legal framework, many countries have laws in place to regulate paid annual leave. These laws typically set a minimum number of days or hours that employees are entitled to, based on their length of service. Employers are required to comply with these laws andprovide employees with the specified amount of paid leave. Failure to do so can result in legal consequences andpenalties.In conclusion, a paid annual leave system is a crucial component of a healthy and productive work environment. It benefits both employees and employers by promoting work-life balance, attracting and retaining talent, and fostering a positive company culture. The legal framework surrounding paid annual leave ensures that employees' rights are protected and that employers fulfill their obligations.中文回答：带薪年休假是一种法定制度，确保员工每年享有一定数量的带薪休假时间。
民间借贷风险外文文献翻译2014年译文3000多字
文献出处：Ricardo Correa. The Study of Private Lending Risks [J]. Journal of Banking & Finance, 2014，26(3): 15-26.（声明：本译文归百度文库所有，完整译文请到百度文库。
）原文The Study of Private Lending RisksRicardo CorreaAbstractPrivate lending，with its various form and characteristics，has unique risks．Thus，to ensure the effectiveness，systematic ness and completeness of legal regulations，the legal regulations on private lending risks should be carried out through the categorization of risks．Based on the re-evaluation of researching method，the way to legal regulations on private risks divides the private lending risks into subject risks and operational risks．It also asks to trace the origin of private lending risks and explore the legal regulations on private lending risks，i．e．，registration according to different genres，classification guidance of private lending as well as the coupling of registration and classification guidance．Finally，the way to legal regulations on private risks seeks to construct a comprehensive system to regulate the private lending．Key words: private lending; categorization of risks; legal regulations1 The typical reflection of folk lending risk typing methodRisk duality, uncertainty and exposure, suggests that the risk is the contradiction between objective reality and subjective expected deviating relationship, which induced by the uncertainty of objective existence is contrary to expectation of opportunities and possibilities. In view of the subjective understanding on the incompleteness of bounded rationality and objective information, risk regulation (risk regulation will require the "subject" should be to seek the breakthrough ofmethodology to make up for congenital deficiency of subjective and objective, typed research method is the optimal choice. The reason has this function, because "' typed method introduced broke the" abstract "and" specific "on the methodology of law of binary opposition, and quickly became a mediation" that connects the two. To be specific, typed has the function of abstract concrete, concrete abstraction can get through the subjective and objective " and the second pulse", to reduce the objective and subjective, thus effectively regulation risk. Again, folk lending the type is various, characterization, its hidden risks also reveals the uniqueness, therefore, the legal regulating of the private lending risk need to risk types into a cornerstone, to ensure that the risk system, completeness and effectiveness of regulation.From the point of the present study, many scholars have used the typed methods was carried out on the private lending risks., for example, many scholars believe that the formal finance is the deepening development of folk lending and the result of regulation, investigate its root, in monetary financing ways, there were little difference. Therefore, typed on the private lending risks in the process of division, can draw lessons from the regulation of Basel 2, divide the risks of private lending for credit risk, operational risk, market risk and strategic risk types; Also have some scholars based on legal issues existing in the private lending, private lending risks can be divided into risk of interest rate risk, identity and USES risk; And scholars from the private law and public law level typed divides, its risk is divided into public law and private law risk; From the financial system, financial regulation and financial regulation to study the three aspects and so on. In a larger extent, the above all kinds of risk classification method is more based on the characteristics of the financial industry. It is important to note, however, different sectors, disciplines have different ways of thinking, focus and value choice, to a certain extent, the risk of the financial industry classification standard, management standard is not completely accord with the requirement of risk been regulated in law. Typical folk lending typed partition method, most of them from the Angle of finance or the financial sector risk, more focused on the specific risks, although have typed in the name of, but no reality of the typing, which is difficult to realize effective regulation of private lending risks.In view of the financial sector risk types of classification method, this article only in Basel on the division of risk types, for example, to prove the risk classification from the viewpoint of illegal learning bring risk regulation of the troubles and problems. From the perspective of risk regulation, the Basel agreement "will be divided into credit risk, market risk, operational risk, legal risk, reputation risk and liquidity risk six types. By many scholars, however, this kind of classification has a larger question, they think that operational risks include legal risks, and to some extent, liquidity risk, market risk, including further, many people think of sensitivity of reputation risk. Therefore, we should put risk is divided into credit risk, market risk and operation risk three types. First of all, from the point of view of law, the law emphasizes more on non-market risk regulation. Therefore, the market risk can be ruled out in this paper. Followed by questions about operation risk definition. In the new Basel capital accord, the original definition of operational risk is the risk other than some of the market risk and credit risk, this definition method is fuzzy, lack of pertinence. Since the operation risk is the risk of market risk and credit risk, the inevitable requirement of market risk and credit risk definition must be clear. Different institutions to credit risk and market risk, however, there are large difference between the range of designated, it will further increase the uncertainty of operating risk. Take a step back, even if the definition of operational risk within the financial institutions is certain, however "the bank's own definition of operational risk may be different in the regulatory definition of operating risks (regulatory definition might be more widely)".In a sense, in real life for breach of promise is the symbolization of credit risk characterization, at the same time, the operation risk is also a manifestation of the person's behavior, both can be reflected in the behavior, and both can be called behavioral risk. So, can will be the realization risk, operation risk and credit risk --, under the general of behavioral risk types, thus realize the effective regulation of risk. It is obvious that the Basel agreement typed yes will be divided into the risk regulation institutions for risk regulation and the introduction of the legislative branch of risk regulation. Of course, I do not deny that the Basel agreement typed on the risk classification of finance, perhaps for the internal control the risks of financialinstitutions, meaning is very profound. However, from the perspective of law, finance or the financial sector to typed the risks of private lending division standard or method for risk regulation is slightly inferior. Because of this, the author will use legal thinking methods of private lending risks are typed, and regulation, the first use of law on the theory of subjective and objective relationship to private lending risk is divided into main risk and risk behavior of two types, and then build the folk lending subject classification difference registration and classification guidance regulation coupling double nested risk regulation mechanism, to effectively regulate the folk lending subject risk and the risk.2The standard of law under the view of folk lending risk typed and type analysis As mentioned above, since the legal regulating of the private lending risk from level typed analysis of law, then it is necessary to study how to make typing? Should be typed as the standard with what? Typical of the law "the relationship between subject and object" analysis method is the best choice. From the law of "the relationship between subject and object" thinking method to obtain the private lending risk deconstruction as the main body and object risk, then combined the subject and object risk considerations, its specific performance as follows: first, the law is clear right and obligation is the most fundamental, most the core elements of the law and the rights and obligations are to be subject to or not to take to implement the action, and based on "the adjustment object of law is behavior" as well as the main body is equal to its statements and expressions of a series of behavior, and behavior is indispensable to the risk analysis blindly elements, furthermore, is the inner meaning of external expression and implementation, lose the behavior of the subject must be pale, or even non-existent, reality subject cannot little.Second, the legal relationship including the subject, object, content, behavior and intellectual property, etc.) and three aspects of content, has been holding the legal thinking of the "relationship between subject and object" method, and the subject and object, which is the core of the legal research, stressed without there is no such thing as the subject and object of legal norms; Will the relationship between the legal relationship as the plural subjectand behavior. Based on the two points, the author divided the private lending risk as the main body of risk and risk behavior of two types, and within the framework of private lending risk type deliberative contents and the causes of private lending risks, and then realizes the private lending risk typed legal regulation.Folk lending risks.” Identity is vital for the judgment of the risk, the risk of identity different may lead to the nature of the risk, the risk liability is different, even decided to risk existence" in private lending activities, behavior subjects include natural persons, legal persons and other organizations, and in the different lending activities, different main body plays a different role, can be either borrowers and lenders, yes key is an intermediary, and risk Bear will also vary. In terms of our country folk lending, folk lending subject risk mainly refers to the folk lending legal relationship, because the people borrowing between main body and lead to the risk of inadequate, the folk lending subject because of the lack of legal business licenses is engaged in the business of lending and deposit-taking business, with a legal qualification but beyond the scope of business, etc., and the possibility of adverse legal consequence. Its main performance for private lending intermediary wind risks and lending between non-financial companies subject two types of risk.Private lending intermediary main risk Firstly, the natural type body discomfort, the risk of private lending the middlemen. Does not involve the third person of the civil lending between natural person is allowed by law, but now most folk lending by the familiar people borrowing, lending evolved into between strangers who type natural folk lending agent generates, and informal lending natural intermediary toward specialization. Among them, a lot of natural person no intermediaries to limit its business on the general introduction of lending or borrowing for range, but in the absence of fixed in accordance with the procedures to apply for legal license, illegal engaged in absorb deposits and issue loans and other financial business, easy to cause the inadequate subject risk problems. Second, the type of legal person private lending intermediary body risk. In real practice, folk lending middleman present institutions, the trend of, however, the current laws and regulations have not been to effectively confirm the legal status of private lending agencies, the rights and obligations is also alack of proper regulations, irregularities is very serious, lead to private lending risks occur.Risk of non-financial corporate lending between the main body first, general borrowing main body between the industry and commerce enterprise risk. National ban on borrowing between enterprises and enterprises, if each other to borrow money and contract interest, the court visual situation to confiscation of interest in accordance with the law, to the other party should be fined equivalent of bank interest, therefore, easy lending between enterprises due to a lack of lending in the enterprise qualification and folk lending risk. Second, folk lending institutions, the trend of "the folk lending subject including underground Banks, pawn shops, auction houses, small and medium-sized enterprise financing companies, small and medium-sized enterprise loan companies, asset appraisal, some basic bank will also become one of the main body of folk lending".Therefore, the folk lending subject has limited qualifications, not all of the civil subject can become main body of the rights and duties of the private lending. So, in the folk lending legal relationship, the principal may bear the corresponding risks due to its own inadequate.Folk lending risk regardless of the facts or legal actions are likely to cause, change and eliminate the legal relationship, and have certain legal consequences. Are dissimilar, inner concepts, ideas, without legal consequences, "because I just due to express themselves, just step into reality, I did not enter the range swayed by lawmakers? For the law, in addition to my behavior, I am not saving in”. Hegel said, shall bear legal consequences can be to people's behavior. Any behavior inevitably lead to consequences, but not any behavior leads to legal consequences. Private lending risk is to point to in the implementation of private lending, risk caused by act of misconduct or biased. It is important to note that because of the folk lending practices of misconduct or biased and the risk, not referring to the folk lending risk all the behavior main body, but to produce potential risks caused by borrowing risk, bear the unfavorable legal consequences that may lead to risk subject behavior caused by the risk. Private lending typical behavior risk is divided into private lending interest rate agreed over the provisions of the state standard of risk, risk posed by illegalengaged in financial business and malicious borrowing the risk, etc.Contract beyond the standards of the state interest rates caused by risk according to the views of Marxism, "usury in essence it is a kind of economic phenomenon, its own has its inherent law of development”. Illegal engaged in financial business risk caused by illegal engaged in financial business risk is to point to by the offender is not in accordance with the statutory procedures approved by the relevant departments, to the society is not in the name of any particular object of illegal fund-raising, illegal absorbing public deposits or absorb public deposits in disguised forms, illegal loans and other illegal behavior and should bear the risk of financial business.3 Types of risk within the framework of the legal regulating of the private lending riskTyped purpose lies in the specification, since the typed USES a particular legal environment of the theory of relationship between subject and object, therefore, the following will continue in private lending risk types within the framework of legal rules and regulations, implement starting from the purpose, forward backstopping explore the root causes of folk loan risk, to return to the realization of the purpose, in the folk lending subject and behavior risk, respectively for private lending registration and classification difference among the folk lending practices under the classification of direct regulation.译文民间借贷风险研究作者：里卡多•科雷亚摘要民间借贷样式繁多、表征多样，其背后隐藏的风险亦尽显独特性，因此，民间借贷风险的法律规制需要通过风险的类型化来保证风险规制的有效性、体系性及完备性。
从尤努斯的乡村银行看到我国的助学贷款论文
从尤努斯的乡村银行看到我国的助学贷款论文尤努斯教授是孟加拉国的一位经济学家和社会活动家，他创建了乡村银行（Grameen Bank），该银行致力于向贫困人群提供小额信贷，帮助他们摆脱贫困。
乡村银行的成功经验对于我国的助学贷款制度具有借鉴意义。
本文将从尤努斯的乡村银行的模式和原则，以及我国助学贷款制度的发展和现状两方面进行论述。
首先，尤努斯的乡村银行模式是一个以社区为单位的小额信贷机构。
在乡村银行的模式中，社区成员共同担保借款人的还款责任，形成了相互信任的群体。
这种借款模式既减小了贷款机构的风险，又激励借款人认真履行还款义务，提高了贷款的成功率。
同时，乡村银行基于借款人的经济状况，提供灵活的还款方式和低利率，以满足贫困人群的需求。
这一模式的成功经验启示我们，在我国的助学贷款中，可以借鉴社区共同担保的概念，建立起借款人与社区的关联，以减小银行的贷款风险。
其次，尤努斯的乡村银行坚持“小额贷款，长期合作”的原则。
乡村银行提供的贷款金额很小，但和借款人建立起长期的合作关系。
这样的长期合作使得银行能够更好地了解借款人的需求，为其提供更加个性化和有针对性的服务。
在我国的助学贷款制度中，可以借鉴这一原则，建立起银行与学生之间的长期合作关系。
银行可以根据学生的专业、学历、就业前景等因素，提供灵活的贷款条件和还款安排，以帮助学生更好地完成学业并找到合适的工作。
再次，尤努斯的乡村银行注重借款人的自我管理和培训。
乡村银行在发放贷款之前，会为借款人提供一段时间的培训，帮助他们学习基本的商业技能和管理经验。
这样，借款人可以更好地利用贷款，开展自己的经济活动，并按时还款。
这个培训环节不仅提高了借款人的还款能力，也增强了借款人的自信心和责任感。
在我国的助学贷款中，也可以设置类似的培训机制。
银行可以在发放贷款之前，对学生进行职业规划、理财管理、就业技巧等方面的培训，帮助他们更好地应对大学生活和未来的职业发展。
最后，我国的助学贷款制度近年来取得了长足的进步。
贷款与风险【外文翻译】
外文翻译原文loans and risksMaterial Source: An Introduction to the Mathematics of MoneyAuthor: David Lovelock, Marilou Mendel and A. Larry Wright Many students obtain student loans. These loans may be issued by individuals, businesses (as part of an employee’s benefit program), or by the government. A common type of student loan is a Stafford loan, which is guaranteed by the federal government. Typical conditions for a Stafford loan are that the repayment period of the loan is at most 10 years, the minimum monthly payment is $50, and there is no prepayment penalty (this last condition is important because many real estate loans, for example, charge a very high penalty for paying off the loan early). These loans are currently at a fixed rate, and there is a late fee for late payments. An important feature of these loans is that the student does not begin to repay the loan until 6 months after completing the academic program or leaving school.Home loans are available through banks, savings and loans, and mortgage brokers. Home loans can be at a fixed or adjustable rate.• An fixed rate loans are usually given for terms of 15 or 30 years. Usually, the interest rate for a 30-year loan is higher than that for a 15-year loan. In this case the borrower pays an added premium (a higher interest rate) for the privilege of paying off the loan over a longer period of time.• An adjustable rate loan offers a fixed rate for an initial period of time (typically 1 to 5 years). At the end of this initial period the rate may be adjusted, usually in relation to some government index, such as the Treasury bill rate. Generally, the initial rate for an adjustable rate loan is lower than the comparable rate for a fixed rate loan. The borrower is given this consideration to compensate for the uncertainty of future rates. At the end of the initial period, periodic reviews of the loan are made, and the rate is adjusted according to the index being used. Usually there is a cap—a maximum amount that the rate may be increased at any time.Home loans often carry a prepayment penalty. If homeowners wish to pay off their loans early in order to refinance at a lower rate, then a prepayment penalty maymake this a bad decision. A prepayment penalty may be as much as six months interest on 80% of the remaining balance.Business loans are available from many banks, individuals, and local, state, or federal government agencies. In many cases the seller of a business may “carry back” a loan to the buyer. In these cases there may be great flexibility in the structure of the loan. For example, a common practice is to defer payment of the principal and interest until the new owner has been in business for a fixed period of time. This is an example of a concession by the owner. In other cases there may be a “balloon” payment. In these cases the buyer makes periodic payments until a fixed date, at which time the remainder of the principal is due. This is an example of a concession by the buyer.Borrowers often have many choices when deciding how to finance purchases. The choices vary with respect to the term of the loan, the interest rate charged for the loan, whether or not payments include principal, and whether or not the loan is secured. For example, business loans tend to have higher rates than home loans, real estate loans for non-owner-occupied properties generally have higher interest rates than for owner-occupied properties, and fixed rate loans generally have higher initial interest rates than adjustable rate loans. The differences in choices are associated with differences in the associated risks. In this and other financial contexts, the term risk is synonymous with uncertainty.One source of risk is interest rate risk. The more quickly a loan is repaid, the lower the impact of unexpected increases in interest rates on the lender. Therefore, short-term loans and loans that include principal repayments are less risky than long-term loans and loans that do not include principal repayments.Another source of risk is default risk. Default risk is the risk that a borrower fails to make interest or principal payments when promised. Again, the more quickly a loan is repaid, the less risky the loan for the lender; if a borrower defaults on a loan, then the amount of the outstanding principal is lower for short-term loans that include principal repayments. Also, secured loans are less risky than unsecured loans. If a borrower fails to repay a loan that is secured by collateral, then the lender can take possession of the collateral.However, this is not the case with unsecured loans. These differences in risk result in differences in the rates charged for the various loans; higher rates are charged for riskier loans. However, even loans with the same interest rate don’t necessarily have the same total interest. We now look at four different ways ofrepaying a loan, all based on the fact that we borrow the same amount at the same interest rate.Loan 1: Consider an annuity in which we pay $1,000 at the end of each year for 5 years. Current interest rates are 8%. Table 5.1 shows the details of this loan repayment.The total interest paid is $1,007.29. This is typical of an amortization. An amortized loan is one for which constant principal and interest payments are made at regular intervals until the loan is repaid.Loan 2: Another institution offers to lend us the same $3,992.71 at 8% over five years, but we are only required to pay the interest at the end of each year and the original principal at the end of the fifth year. Table 5.2 shows the details of this loan repayment.The total interest paid is $1,597.08. This is typical of bonds. A bond is a loanthat an investor makes to a governmental agency or corporation for which the borrower pays the lender a fixed amount at regular intervals until the last payment, at which time the principal is repaid.Loan 3: Another institution offers to lend us the same $3,992.71 at 8% over five years, but we are only required to pay the principal and interest at the end of the fifth year. Table 5.3 shows the details of this loan repayment.Table 5.3. Zero Coupon BondNote that for example, the remaining principal at the start of year 3 ($4,657.10) includes the remaining principal at the start of year 2 ($4,312.13) plus the interest accrued during that year ($344.97). The interest for year 3 is calculated from the remaining principal at the start of that year ($4,657.10).Thus, interest is computed upon interest.The total interest paid is $1,873.89. This is typical of zero coupon bonds, which are discussed in Chap. 8. A zero coupon bond is a bond for which there are no regular payments. Thus, the only payment made is a lump sum payment at the end of the loan period.译文贷款与风险资料来源:货币数学运算的介绍作者：大卫·埃索；马里拉·孟德尔；赖瑞·怀特现在，许多学生获得了助学贷款。
美国年化利率大于300％的发薪日贷款的有关情况
美国年化利率大于300％的发薪日贷款的有关情况佚名【期刊名称】《西部金融》【年(卷),期】2012(000)001【摘要】U.S. payday loans are small, short-term, unsecured loans, provided by payday lender. Borrowers will repay on their payday. The amount of loans is generally between $100 and $1500, with maturity of 2 weeks. Its annualized interest rate is generally over 300% and NPL of 10%-20%. The ROE of 7 listed payday lending institutions is 15.4%1 American theory fields have different views on payday loans. State regulations on payday loans vary widely. Some allowed with no interest rate restrictions, some allowed but with many limitations （such as the interest rate cap of 60%）, and 13 states totally ban payday loans. The ceiling of interest rate allowed by federal law for military loan is 36%.%美国发薪日贷款由放贷人提供小额、短期、无担保贷款，借款人在发薪日还款。
额度一般在100美元到1500美元之间，期限2周，年化利率一般都在300％VA上，NPL为10％-20％，美国7家上市的发薪日贷款机构的ROE为15．4％。
境外现金贷监管政策对中国的启示
JRYJJournal of Finance and Economics金融与经济2018.06国外现金贷监管政策对中国的启示本文在介绍国外现金贷的内涵界定、主要特点、发展状况基础上，重点借鉴美国、加拿大、澳大利亚、英国、日本、中国香港、欧盟等发达国家或地区对于现金贷业务的监管法律和政策措施的丰富经验，得到应从顶层制度设计、事前准入监管、事中行为监管、事后处罚监管四个方面对中国现金贷业务进行规范和监管的启示。
[关键词]现金贷；发薪日贷款；存款预支型贷款；金融监管[中图分类号]F833[文献标识码]A[文章编号]1006-169X （2018）06-0084-05DOI ：10.19622/36-1005/f.2018.06.013钟鼎礼（1970-），江西南康人，管理学博士，中银消费金融公司总经理，研究方向为金融管理、个人金融与新金融。
（上海200002）■钟鼎礼J近一段时期以来，中国现金贷业务发展非常迅猛，但也存在着较大的金融风险和社会隐患，引起了社会各界的广泛关注和争论。
在2017年4月10日中国银监会下发的《关于银行业风险防控工作的指导意见》中首次提到“现金贷”，指出要做好以摸清现金贷风险底数为重点的清理整顿工作。
2017年4月14日下发《关于开展“现金贷”业务活动清理整顿工作的通知》和《关于开展“现金贷”业务活动清理整顿工作的补充说明》两份文件，明确提出将“现金贷”纳入风险专项整治工作。
2017年12月1日互联网金融风险和P2P 网贷风险专项整治工作领导小组办公室下发《关于规范整顿“现金贷”业务的通知》，严格规定了现金贷业务的开展原则和不同类型机构的整顿方案。
到底现金贷的问题和合理性表现在哪些方面？应该如何进行监管呢？本文就该问题进行探讨。
一、国外现金贷的发展状况现金贷一般是指小额现金的短期信用贷款，具备金额小、期限短、无场景、无指定用途、无担保、无抵押、利率高等典型特征。
国外现金贷方式发展非常迅速，这是因为具有以下特点：第一，易得性。
金融学 外文文献 英文文献 外文翻译 担保的作用和个人担保贷款的关系
金融学外文文献英文文献外文翻译担保的作用和个人担保贷款的关系外文文献原文Material Source: Hitotsubashi University Author: lichiro uesugiRole of collateral and personal guarantees in relationship lending: evidencefrom Japan's SME loan market1 IntroductionA key issue of interest in the recent literature on financial intermediation has been the role of relationship lending. Relationship lending is particularly common in the case of small business lending, because small businesses typically rely on bank loans for a substantial part of their financing needs but also tend to be informationally opaque. An important issue in this context is the use of collateral, which is a common feature of loan contracts between small firms and banks aroundthe world, and a number of theoretical and empirical studies have examined why it is so widespread and how it relates to the incentivesfor borrowers and lenders and the borrower-lender relationship. For instance, it has been argued that in the presence of information asymmetries between creditors and borrowers, collateral may mitigate the problem of adverse selection (Bester, 1985; 1987) and/or the problem of moral hazard (Bester, 1994; Boot, Thakor, and Udell, 1991). Collateral also affects the incentives of creditors, who will use it either as asubstitute for (Manove, Padilla, and Pagano, 2001) or complement to (Rajan and Winton, 1995; Boot 2000; Longhofer and Santos, 2000) screening and monitoring efforts. Another aspect of collateral that studies have concentrated on is that its presence may depend on the length and intimacy of the relationship between creditors and borrowers (Boot, 2000; Boot and Thakor, 1994; Sharpe, 1990). Existing empirical research has yet to reach decisive conclusions about the nature of these relationships.This paper seeks to contribute to the existing literature on collateral using a unique firm-level data set of the small and medium sized enterprise (SME) loan market in Japan. Explicitly differentiating physical collateral (such as real estate) and personal guarantees by business representatives, we investigate how the use of collateral and personal guarantees affects the incentives of borrowers, lenders, and the relationship between them. More specifically, we examine the following three issues. First, we examine whether riskier borrowers are more likely to be required to provide collateral or personal guarantees. Second, we investigate how collateral and personal guarantees affect banks’ monitoring of borrowers. Third, we examine the1correlation between the use of collateral and personal guarantees on the one hand and the closeness of borrower-lender relationships on the other.The data set we employ is based mainly on the “Survey of the Financial Environment” (SFE) conducted by the Small and Medium Enterprise Agency of Japan in October 2002. In order to focus on firms that mostly depend on bank loans for their financing, we limit the sample to firms satisfying the legal definition of an SME in Japan. We then combine the SFE data for each SME with information on their main bank obtained from the bank’s financialstatements in order to control for lender characteristics as well. Furthermore, to control for the effect of government credit guarantees on collateral and personal guarantees, in the main analysis of this paper we exclude from the sample all firms that enjoyed any form of government credit guarantee.As a result of this screening process, we end up with a sample of 1,702 firms. Our main findings can be summarized as follows. We find that firms’ riskiness does not have a significant effect on the likelihood that collateral is used. Thus, we cannot find firm evidence that the use of collateral mitigates moral hazard. We find, however, that banks whose claims are collateralized monitor borrowers more intensively, and that borrowers who have a long-term relationship with their main bank are more likely to pledge collateral. These findings suggest that collateral is complementary to relationship lending. In contrast, the complementarity between relationship lending and personal guarantees is weaker.As far as we know, this is the first empirical study that systematically examines the role of collateral and personal guaranteesin Japan’s SME loan market. The two main contributions of the paper are as follows. First, given that Japan is generally considered to have a relationship-based financial system in which the relationship-lender, the main bank, plays a central role in corporate financing (Rajan and Zingales, 2003), the study helps to improve our understanding of therole of collateral in relationship lending and complements existing studies that focus on the United States and Europe. Second, and more importantly, by distinguishing collateral and personal guarantees, the study detects an important role of collateral in relationship lending that has not been remarked on much before. As we argue below, although a typical SME in Japan has a long-term relationship with its main bank, it actually engages in transactions with several banks, which is not common in other countries. A possible corollary of this is that because of the informational2free-rider problem it creates, this practice may reduce the main bank’s incentive to screen and monitor borrowers. Since collateral defines the order of seniority among creditors, using collateral may mitigate the free-rider problem and enhance the main bank’s screening and monitoring. This incentive effect for the main bank becomes tenuous for personal guarantees, because personal guarantees do not define the seniority among creditors. Thus, our work provides empirical evidence onhow collateral affects relationship lenders’ incentives, and complements previous studies that focus on the problem of borrower incentives (moral hazard and adverse selection).The remainder of the paper is organized as follows. Section 2 develops our empirical hypotheses which are based on previoustheoretical models and empirical research. Section 3 describes the data and variables that are used in the paper, and explains our empirical model.Section 4 presents the results of our empirical analysis, andSection 5 concludes.2 Empirical hypotheses2.1 Borrower riskinessMuch of the empirical literature in this field examines theoretical predictions of asymmetric information models on the relationship between risk and collateral. If the bank cannot discern borrowers’ riskiness (hidden information), then collateral may serve as a screening device to distinguish between borrowers and to mitigate the adverse selection problem (Bester, 1985). This follows from the observation that a lower-risk borrower has a greater incentive to pledge collateral than a risky borrower, because of his lower probability of failure and loss of collateral. Hence, the lower-risk borrower will choose the contract with collateral.On the other hand, if the lender can observe the ex-ante risk, but there are information asymmetries with regard to actions taken by theborrower after the loan is extended, collateral potentially provides an incentive to mitigate moral hazard. Thus, opposite to models focusing on hidden information, those concentrating on hidden action suggest that it is observably riskier borrowers that will pledge collateral, because collateral induces more effort by the borrower (Boot, Thakor, and Udell, 1991), or reduces the incentives of strategic default (Bester, 1994).Because our data base only contains measures of firms’ observed riskiness3(namely, credit scores), we couch our first empirical hypothesis as follows:Hypothesis 1 (H1): The use of collateral is higher among observably higher-risk (low credit score) borrowers if the lender requires collateral in order to mitigate the extent of moral hazard.Alternatively, if borrowers pledge collateral as a signal of their unobserved high credit quality, then there is negative or norelationship between the use of collateral and the credit score.Consistent with the theory of moral hazard, most existing empirical studies, including Berger and Udell (1990; 1995), have found a positive relationship between colla teral and borrowers’ ex-ante risk. Jiménez, Salas and Saurina (2006)directly test the adverse selection and moral hazard hypotheses by separating ex-ante and ex-post measures of borrower riskiness, namely defaults prior to and after the loan origination. Their results suggestthat although observed riskiness increases the likelihood thatcollateral is used, there is also a negative association between collateral and default after the loan has been granted, which is consistent with the adverse selection argument.It should be noted that theories of collateral as a solution tomoral hazard and/or adverse selection problems assume collateral is external to the firm.Unfortunately, our measure of the incidence of collateral does not distinguish between firm (inside) collateral and personal (outside) collateral. Hence, throughout our analysis, we will assume thatcollateral is mostly inside, but allow for the fact that there may also be some outside collateral. As for personal guarantees, they clearly represent outside collateral.2.2 Screening and monitoring by the lenderRecent research on collateral also discusses how collateral affects lenders’ incentives with regard to information production, that is, the screening of borrowers’quality and the monitoring of their performance. These theories ofthe effect of collateral on lenders’ incentives apply to both insideand outside collateral. Manove, Padilla, and Pagano (2001), for instance, argue that, from banks’ point of view, collateral can be considered asa substitute for the evaluation of the actual risk of a borrower. Thus, banks that are highly protected by collateral may perform less screening of the projects they finance than is socially optimal.However, several theoretical studies argue that collateral may complement lenders’ screening and monitoring activities. In the presence of other claimants,4lenders’ incentive to monitor borrowers is reduced due to the informational free-rider problem. In order to enhance lenders’incentive to monitor, loancontracts must be structured in a way that makes lenders’ payoff sensitive to borrowers’ financial health. Rajan and Winton (1995) argue that collateral may serve as a contractual device to increase lenders’ monitoring incentive, becausecollateral is likely to be effective only if its value can be monitored. Moreover, the use of collateral as an incentive will be more extensive when the value of such collateral (as in the case of accounts receivable and inventories, for example) depreciates rapidly if business conditions deteriorate, than when the value of collateral is relatively stable (as in the case of, e.g., real estate). Longhofer and Santos (2000) argue that collateral serves as an incentive for information production by the principal lender in the presence of several creditors, because taking collateral is effective in making its loan senior toother creditors’ claims. Thus, the bank that provides collateralized loan is able to reap the benefits of screening and monitoring activities. Note that this argument does not straightforwardly apply to personalguarantees, because, in general, personal guarantees do not define seniority among several creditors.As we have a proxy variable for the intensity of monitoring by the principal lender, our second hypothesis for the empirical analysis is as follows:Hypothesis 2 (H2): The use of collateral decreases with theintensity of monitoring by the principal lender if collateral reduces lenders’ incentive to exert effort in loan management. Alternatively,if collateral serves as an incentive device to induce monitoring efforts by the principal lender in the presence of other claimants, then we expect a positive relationship between the use of collateral and monitoring intensity. To our knowledge, there are only two existing studies thatempirically assess whether the use of collateral and personal guarantees substitute for or complement screening and monitoring by the lender. Examining Spanish loan data, Jiménez, Salas and Saurina (2006) found that banks with a lower level of expertise (smaller banks and savings banks) in small business lending use collateral more intensively. This is consistent with the theory that collateral is used as asubstitute for the evaluation of credit risk. The present study complements these works investigating the relationship betweencollateral and screening by focusing on the relationship between collateral and monitoring using Japanese firm data. Our proxy variablefor monitoring intensity is the frequency of document submissions to5the main bank.2.3 Relationship between the borrower and the lenderThe existing literature on relationship lending provides conflicting predictions on how the strength of the relationship between borrower and lender affects the likelihood of collateral being pledged. By establishing a solid relationship with the borrower, the lender learns about the hidden attributes and actions of the borrower, thus reducing information asymmetries. Hence, the terms of loan contracts may become more favorable to the borrower if the firm has transactions with a specific relationship lender over a long period of time and thus establishes trust, resulting in a lower likelihood of collateral being pledged (Boot and Thakor, 1994). However, a solid relationship may become detrimental to the borrower if the bank exerts its information monopoly by charging higher interest rates or requiring more collateral (Sharpe, 1990). If such a hold-up problem is indeed common, then there is likely to be a positive correlation between the strength of a relationship and the use of collateral. It should be noted that these theories assume that the collateral is outside collateral. In addition, collateral can also be used as an incentive device in mitigating thesoft-budget constraint problem in relationship lending (Boot, 2000). For example, consider the case where a borrower in difficulty asks the bank for more credit and reduced interest obligations in order to avoid default. Although a transaction-based lender would not lend to such aborrower, a relationship lender that has already made loans might accept the borrower’s request in the hope of recovering a previous loan. However, once the borrower realizes he can renegotiate the loan contract relatively easily, he has an incentive to misbehave ex ante (the soft budget problem). In such cases, collateral will increase the ex-post bargaining power of the lender and hence reduce the extent of the soft-budget constraint problem, because collateral makes the value of the lender’s claim lesssensitive to the borrower’s total net worth. These theoretical considerations apply to inside collateral as well as outside collateral and lead to the following hypothesis:Hypothesis 3 (H3): Borrowers that establish a solid relationshipwith their principal lender are less likely to use collateral if the relationship reduces information asymmetries and enhances mutual trust between the borrower and the lender. Alternatively, borrowers with a strong relationship with their principal lender are more likely to use collateral if the effects of the hold-up problem or the mitigation of the soft-budget constraint problem dominate.6外文文献译文资料来源: 日本一桥大学作者:lichiro uesugi担保的作用和个人担保贷款的关系:来自日本的中小企业贷款市场的证据在中小企业的贷款中关系贷款非常的普遍，小企业的贷款主要是依靠银行融资，但是小企业却存在财务不透明的问题。
法律重要的一些原因英语作文180字
法律重要的原因英语作文1Law plays an indispensable role in our society. It serves as the cornerstone for maintaining social order, ensuring fairness and justice, and promoting economic development.Firstly, law is crucial for maintaining social order. It provides clear rules and regulations that govern people's behaviors. For instance, traffic laws stipulate how we should drive on the roads to prevent chaos and accidents. Laws against vandalism and theft safeguard public properties and keep our communities safe and orderly.Secondly, law is essential for ensuring fairness and justice. It offers a standardized framework to judge disputes and conflicts. In the field of business, laws regulate commercial activities, ensuring fair competition among enterprises. This helps to create a level playing field and promotes economic growth in a stable manner.Moreover, law plays a vital role in punishing criminal acts. It protects citizens' personal and property safety. When criminals are brought to justice in accordance with the law, it deters potential wrongdoers and maintains social stability and harmony.In conclusion, law is of paramount importance as it provides the necessary framework for a civilized, orderly, and prosperous society. Wemust respect and abide by the law to enjoy its benefits and contribute to the common good.2Law plays an indispensable role in our society, safeguarding the rights and freedoms of individuals while maintaining social order and stability. The importance of law becomes particularly evident in various scenarios.During the pandemic, for instance, laws were enacted to ensure public health and safety. Mandatory mask-wearing, social distancing measures, and restrictions on large gatherings were implemented. These laws, though imposing certain constraints on personal freedom, were crucial for protecting the well-being of the entire community. They prevented the rapid spread of the virus and saved countless lives. At the same time, laws also ensured that individual reasonable freedoms were respected. For example, people were still allowed to go outdoors for essential activities and to express their opinions within legal boundaries.In the digital age, the significance of law is no less. The internet has brought about rapid information dissemination, but it has also raised issues such as the spread of false information and violations of privacy. Laws regulating information dissemination help maintain a reliable and trustworthy online environment. They protect citizens' right to privacy and ensure that their personal information is not misused. At the same time, laws also guarantee the freedom of speech on the internet, allowing peopleto express their views and opinions freely as long as they do not violate the law or harm the rights of others.In conclusion, law is not only a restraint but also a protection. It strikes a balance between individual freedom and social interests, creating a harmonious and orderly society. We should respect and abide by the law to enjoy the benefits it brings.3Law plays an indispensable role in our modern world, especially in international interactions. It serves as the bedrock that maintains order and justice among nations. Take international trade as an example. In this complex and vast field, legal norms act as a reliable safeguard for the legitimate rights and interests of various countries. Without clear and enforceable laws, trade disputes would arise frequently, causing chaos and losses. For instance, when it comes to intellectual property protection, specific legal provisions ensure that innovative products and technologies are properly protected, encouraging the exchange and development of advanced knowledge.Furthermore, in the resolution of international disputes, the authority and impartiality of the law are of paramount importance. When conflicts occur between countries over territorial or resource issues, the application of international law provides a peaceful and rational way to solve the problem. It prevents the escalation of conflicts into violent confrontationsand maintains global stability. For instance, the disputes over maritime boundaries have been addressed through legal means, based on established international maritime law.In conclusion, law is not only a tool for governance but also a guarantee for the smooth progress of international cooperation and communication. Its significance lies in providing a stable and predictable framework, allowing different countries to interact and develop on an equal and just basis.4Law is of paramount importance in our society as it serves as the cornerstone for maintaining order, promoting fairness, and driving social progress. One of the significant roles of law is in facilitating educational equity and safeguarding citizens' right to education. For instance, laws ensure that all children, regardless of their background or economic status, have access to quality education. This not only empowers individuals but also enriches the entire society by cultivating a well-educated workforce that can contribute to various fields and drive economic growth.Another area where law plays a crucial role is environmental protection and sustainable development. Laws impose strict regulations on industries to control pollution emissions and promote the use of renewable resources. Through these measures, we are able to preserve our natural environment for future generations. For example, laws may requirefactories to install advanced filtration systems to reduce harmful substances released into the air and water.In conclusion, law is not just a set of rules but a powerful force that shapes a civilized and prosperous society. It provides a framework within which people can live peacefully, pursue their dreams, and contribute to the common good. Without the guidance and enforcement of law, chaos and injustice would prevail, hindering our progress towards a better world.5Law plays an indispensable role in our society. It is not merely a set of rules but a powerful force that shapes our moral and value systems. Laws guide citizens to adhere to social morality and cultivate a sense of integrity. For instance, traffic laws require us to follow traffic rules, which not only ensures our own safety but also reflects our respect for the rights and safety of others. This kind of compliance gradually becomes a part of our moral code, making us more responsible and self-disciplined.Moreover, laws punish immoral behaviors, thereby upholding justice and kindness. Consider cases of fraud or theft. When law enforcement steps in and holds the perpetrators accountable, it sends a clear message that such actions are unacceptable. This not only deters potential wrongdoers but also reassures the public that justice will prevail.Laws also contribute to the stability and order of society. They provide a framework within which people can interact and conduct their affairswith confidence. Without the rule of law, chaos and injustice would likely prevail, undermining the very fabric of our communities.In conclusion, the importance of law cannot be overstated. It molds us into ethical and responsible citizens, safeguards fairness and justice, and maintains the harmony and stability of society. We must respect and abide by the law to build a better world for ourselves and future generations.。
工资制度中英文对照外文翻译文献
工资制度中英文对照外文翻译文献(文档含英文原文和中文翻译)Management Style and FairPaymentTom HusbandThis article discusses the relationship between management style within a firm and the procedures used to determine internal wage and salary differentials. At a time when management styles are apparently becoming less authoritarian and paternalistic in favour of greater worker participation there is obviously a danger of firms using payment techniques which are inappropriate to the current management/worker relationship. Some simple models of workers and organization are used to identify four broad styles of management. These styles are then related to the job evaluation and performance rating techniques in common use in British industry today. Some general conclusions are drawn concerning future trends in payment to suit management style.IntroductionProblems of internal pay structuring have always been of keen interest to both managers and students of British industry. In recent years however the setting of rational and fair pay differentials has taken on a particular significance. Our social andmanagerial attitudes to criteria for reward are changing fast. The whole question of pay relativities is now seen to be central to the establishment of a just industrial society. Within individual firms managers and employees are questioning the traditional approaches to work structuring and wage payment. There is a distinct move from both sides of industry towards a greater degree of employee consultation and participation in the running of the firm. This trend has brought with it fresh approaches to the analysis of work and the determination of equitable wage and salary differentials.A great many British companies have already applied themselves to solving the dynamic problems of work analysis and reward. The majority are probably only now deciding how best to approach these same problems. It is fair to say that a great deal of confusion and even controversy surrounds the issues involved. In the last decade managers have been deluged with new techniques of pay administration.All of these techniques are valid when applied under appropriate conditions. The dilemma which has faced managers is to know which of the techniques is relevant to the solution of their particular problems. There have been many sad cases of mismatch between technique and situation.Managers need an overall company strategy for work analysis and pay. The integration of techniques into a total package of wage and salary administration must reflect the management style employed in the company, as well as recognize the many constraints put on managerial control.Many companies are now facing up to situations where management styles are altering and technological and other influences are changing fast. The company pay strategy has to mirror these changes if it is to remain effective.Ideally the internal payment structure should reflect the organization structure (and hence the structure of responsibility carried across job hierarchy). However there is no single ideal structure of organization and consequently there can be no single ideal structure of pay. Each firm has a range of needs which are met or partially met by the measures taken by management. We can begin the argument by examining the management styles associated with the needs of the employee/ manager relationships - the so-called 'psychological contract'.Management Styles and the Psychological ContractObviously the management style used in fulfilling the psychological contract reflects the way in which managers in the company expect employees to behave. Some managerial teams expect their employees to simply have what is known as a 'calculative' involvement with the company. They are expected to do what is required by the goal-setters (the management team) and no more. The contract is fulfilled by paying sufficient wages or salaries to motivate the employees to meet the goals set by the managers. Many small family firms operate this management style and there are possibly a great many large companies too. It is convenient to label this type of management view of the organization as 'goal oriented'. In the extreme such managers might perceive only a single goal (profit ratio, market share, etc) without requiring the employees to have any identification or 'moral involvement' with that goal. A totallydifferent conceptual model of the organization allows for the achievement of a whole range of needs24 Personnel Review Vol 4 Number 4 Autumn 1975by the organization. Managers who conceive of their companies in this fashion see the need for balancing the 'system' of needs. Employees (and especially other, junior managers) are perceived as people whose actions should influence the entire organization not just their own department or subsystem of, for example, production control or purchasing or marketing, etc. The view held here is that it is no good to have nine tenths of the company's needs being met and the other tenth ignored. It is a 'systems' approach and is a model which is apparent in the management philosophy of our larger and more progressive industrial companies.Between these two polar models of organization there is obviously scope for many other concepts. A pluralistic model, for example would allow for different constituent parts of the organization to have their own separate goals.The models that managers hold of men as distinct from the goals of the company are described in a massive literature of organizational psychology. It is possible in this area also to establish extreme, polar concepts. One extreme would be the assumption that man is a 'rational-economic' animal. Because of this a manager holding such a view might use McGregor's well-known Theory X approach to his subordinate. McGregor1 points out that 'rational-economic' man assumptions imply that man is lazy by nature and is motivated primarily by financial incentives. The employee is seen to need direction and control so that he will work towards the organization's goals. He is seen to be unambitious and reluctant to take responsibility. The assumptions associated with Theory X are, of course, built into the foundations of the Classical organization theories. The employee, in short, is seen to react to his environment.The model of man seen to be at the opposite from the reactive, Theory X man is McGregor's Theory Y approach. Assumptions on which Theory Y are based include the fact that most men do not dislike work, they seek a challenge from the work environment and in fact welcome the opportunity to achieve a 'moral' involvement with the organization. Under appropriate conditions the employee, says Theory Y, will seek out responsibility and is capable of imagination, ingenuity and creativity.There have been several attempts to classify the various models of man and organization, a notable example being the typology developed by Etzioni2. For the purpose of this present discussion, however, the simple model constructed by Limerick3 to show the type of management style implied by management's assumptions about men and organization seems appropriate. The model takes the form of the matrix shown in Figure 1 below:Reactive Man Self-Active ManGoal Organization AuthoritarianManagementConsultativeManagementSystem Organization PaternalisticManagementParticipativeManagementFigure 1 The Limerick Matrix of Management StylesThe matrix suggests that if management holds Theory X (reactive man) assumptions and sees the organization as being single goal orientated, the style implied is authoritarian. At the other extreme, should the assumptions be of Theory Y nature and the organization be seen as systems orientated, the model implies that the strategy is participative. It must be borne in mind, of course, that this classification represents pure types of organization which probably do not exist as such in practice. It is meant to be a relative model which shows only the extreme assumptions and implied strategies. It is, however, very important to be able to put the problem of differing styles into some perspective.Equitable PaymentThe four styles of management proposed in the model can be considered with special reference to problems of equitable payment. Authoritarian management is typified by the proposals of the Classical management theorists (eg Fayol,Urwick, Gulick). The organization is managed along the universal principles of planning, organizing, motivating and controlling and the structure is pyramidal with great emphasis on line authority. There is rigid specialization and departmentalization. Participation by non-management in meeting the organization's goal is severely restricted.In paternalistic management the systems needs of the organization must be met by those employees who are not seen to be reactive. Thus, for example, some large, sophisticated industrial organizations typically perceive themselves to have 'systems' of needs, the non-managers and even junior management are seen as reactive while the senior management team is often assumed to consist of self-active men. Here the senior managers assume that they have to meet their subordinates' needs for them; say by providing preferential pension schemes and welfare benefits and cheap canteens, sometimes with little consultation with the employees involved. A paternalistic organization is also typified by a pyramidal structure and an emphasis on line authority. Paternalism is improved over the authoritarian strategy in that employees are often allowed to present alternatives for action in non-task activities. Many British concerns are run on clearly paternalistic lines. There are several well-known, large organizations (typically the major employers in their respective communities) which adopt a 'cradle to grave', protective attitude to their employees. In the past such firms tended to discourage trade union representation believing that a company union or association could better meet the needs of their workpeople.In a paternalistic company one would expect the pay level for shop floor and clerical workers to be relatively low, the employees being compensated by superiorwelfare benefits and greater job security in general. In an authoritarian firm the pay levels in the lower job grades could be expected to be slightly higher (for the same economic and technological conditions) than in the paternalistic company. In fact, however, some of the larger well established paternalistic concerns often have a reputation for paying basic wages and salaries above the norm.A consultative management strategy implies that man is seen as self-active but requires to be directed so that his needs are integrated with the goal of the organization. The manager's functions are, as in the authoritarian strategy, to plan, organize, motivate and control but in this case the process is carried out in such a way that maximum autonomy for employees is allowed without endangering the goal of the organization. The strategy implies a pyramidal structure with only a limited recognition of the non-managers' right to be heard. Participation is allowed to the extent that employees can present alternatives for action in task activities. The style of management is man-to-man but the strategy is also characterized by the use of joint consultative conferences and the like.Participative management assumes that self-active man will make a responsible contribution to the achievement of the system's needs. The manager's function is to act as a monitor of the system needs and to create conditions in which they can be met. This strategy implies a fluid, 'organic' structure and recognizes both formal, line authority and the authority of non-executives as a result of their personal expertise. Group work is encouraged and, in participating, employees are allowed to present and evaluate alternative courses of action.In the consultative and participative strategies, then, employees are encouraged to view the organization as a unitary system. Because of this, one would expect to find the pay of low level jobs being compared, formally, to that of the higher-level jobs. In short, one could expect an approach to an all-company job evaluated pay structure since employees are concerned more with the company as a whole compared with their counterparts in companies managed by the first two strategies outlined above. Participation and PaymentThere appears to be some movement towards greater involvement of all employees in the management of British firms. The mood of the day suggests that authoritarian management is fast becoming unacceptable to employees and that even paternalism is unwelcome.At least one large British corporation has developed work designs which eliminate the need for the traditional foreman.The workers operate in teams which decide, for themselves,on the allocation of work duties, shift rota details, holiday arrangement details and the like. More importantly the workers participate, in the true sense, in writing the team's job description and consequent pay grade. Obviously this type of job design and organizational thinking greatly affects a company's philosophy of work and reward. If the apparent trend towards greater participation continues we can therefore expect to see a greater emphasis on the workers' 'knowledge' authority. The managerial style used by a company is clearly important in deciding the most appropriate forms of work analysis and reward. It is obviously wrong for a companywhich is, say, essentially paternalistic to install pay systems which depend on true participation for their effectiveness. Yet this is not at all unusual.If there really is a strong move towards consultative and participative management styles across British industry what are the implications for payment techniques in the future? Managers usually apply two types of technique - one, job evaluation, to provide a ranking of job value in terms of basic wages or salaries and, two, merit rating (or performance appraisal, or incentive systems) to provide a means of rewarding individual employee effort and achievement.Job evaluation techniques which yield a single, company-wide payment structure would seem to offer promise within participative firms. Two fairly recent ideas fit the specification ideally. Elliott Jaques' widely discussed time span of discretion system developed in his famous Glacier Project suggests that all jobs at all levels within a firm can be evaluated and rewarded in terms of a single criterion. That criterion is the responsibility carried by the employee in his job and is measured in terms of the time he has to wait to find if his tasks or decisions have been effective. The longer the time span the greater the responsibility and the higher the reward. In addition Jaques has found that when time span values are plotted against the corresponding 'felt fair' wages or salaries a specific distribution exists. Thus he can analyse all jobs in the company in terms of the time span mechanism and produce a payment structure which relates, on one graph, the pay of the labourer and copy typist gto that for the sales manager and managing director. The time span approach has not so far been widely implemented for job evaluation purposes (although it is a well recognized and valuable approach in other areas such as management development). Is it likely to become more popular? If the trend in management style is towards more participation the answer must surely be no. Because the evaluation criterion (time span) and the pay distribution are so well defined and specified it is extremely difficult to see how employees can participate in its implementation. Employees are forced to accept that the company 'knows best' (paternalism implied) or that the company has the right to enforce the system of its choice (autocracy implied).A second, and superficially similar proposal, comes from Paterson whose decision band technique of job evaluation and payment structure is currently being widely discussed. Paterson's sole criterion of job value is the hierarchical level of decision-making required by the job. The higher the decision level (policy-making as against routine, procedural decisions) the greater the responsibility implied and the higher the reward. The decision band method is applied to all jobs in the company and provides a specific shape of payroll distribution. (When wages and salaries for the jobs are plotted on a log scale against their decision levels a straight line should be achieved. Paterson argues that this exponential relationship is a necessity for internal payment equity.) Again, as in Jaques' proposals, there appears to be too much predetermination to allow for much employee participation in applying the scheme. However Paterson is much less rigid in his approach and accepts that certain job factors have to be bargained and paid for in addition to the payment levels established by decision band grading. The fact that Paterson's method is now in use in several British firms and is about to be applied to all jobs within the Danish civil serviceimplies its acceptability. The method probably will be used considerably in future since, although the decision level framework is inflexible, the analysis of jobs emphasizes the 'knowledge' authority of the employee to a very considerable extent. In short the system puts high value on information and advice for decisionmaking as well as the decision-making itself. It must be said however that, in itself, the decision band approach is unlikely to be widely applied as a job evaluation technique within craft union job families. The great attraction of the method is the provision of a payment structure and evaluation framework which can be used as a valuable guide in bargaining and consultation situations.The conventional methods of job evaluation can be applied in an autocratic or democratic fashion by management. The hybrid forms of job evaluation, developed by firms of consultants,which tend to make use of the most relevant aspects of a number of separate schemes possibly hold the greatest promise for participative firms. By allowing as many employees as is feasible to participate in the ranking and grading of jobs, management can develop a genuinely acceptable profile of the job values. The snag with conventional and hybrid schemes is that they provide separate payment structures for separate job families. A system such as the decision band method is then required to knit the component pay structures into a company-wide whole.In payment for individual performance the greatest emphasis seems to lie, still, on incentive schemes for manual workers. In the orthodox incentive system management control depends heavily on stop watch time standards. Employees are inclined to be seen as having the 'calculative involvement' noted earlier in the goal oriented philosophy. In moving from an individual incentive system to measured daywork the workers are seen to be less reactive and more self-active.26 Personnel Review Vol 4 Number 4 Autumn 1975They are consulted with a view to improving methods and production planning. In the plant-wide bonus schemes (such as the Scanlon or the Rucker Plans) the employees are seen to have a 'moral involvement' with the company's total objectives. To achieve this degree of involvement often requires that the employees gain access to information which has been considered to be traditionally for management eyes only. It calls, in fact, for true participation.Thus the orthodox piecework systems tend to fit best with an authoritarian management style; measured daywork with a consultative style; plant wide schemes with participation. Where do the paternalistic companies fit? Typically they employ merit rating systems which assess (through the supervisor's rating) how well the employee matches the company norms in terms, typically, of quality and quantity of work, initiative, team spirit and timekeeping.The appraisal of managers' performances has recently been seen to be appropriately tackled by the Management-by- Objectives approach. This calls for a considerable degree of participation or at least consultation in agreeing with a subordinate manager what constitutes realistic future targets for him to achieve. On the face of it this type of approach appears to have continuing promise for the future. There are some mechanical problems often associated with applying MBO but itsparticipative forward-looking basis is surely appropriate.We come to the view then that as firms change their management styles from authoritarian/paternalistic to consultative/ participative they must review the nature of their payment strategies. Hopefully the management style will match the mood of the firm's employees and, in turn, be reflected in the determination of an equitable payment structure. It is obviously wrong to apply techniques, however sophisticated, which will call for a management style which does not exist in the company. Equally it is just as wrong to persevere with techniques which were right for the management style and the mood of the employees ten years ago but inappropriate today.If the trend towards consultation and participation does gather force we can expect to see job evaluation in terms of the hybrid type with maximum employee participation in its implementation. We can also expect a move towards a single company-wide payment structure using a system such as Paterson's decision band framework to integrate the separate job family structures. The trend towards measured daywork and plant-wide incentives should also gather force. Executives can expect to have their performances appraised more and more by an MBO type of system (although the details may vary from the current MBO models).We must not be too sure however that there will be a rush away from authoritarian/paternalistic styles. People in industry, as in all walks of life, are resistant to change. The managers who are most important in making participative payment strategies operational are those in the middle levels. Unfortunately, many such managers do not or cannot accept the validity of worker participation and would, consequently, be unable to apply the newer schemes successfully. However it is difficult to see the trend being resisted in the long run. We should be ready for it and plan payment strategies accordingly. It is too important an issue to ignore.管理风格和公正的工资制度约翰本文主要涉及在固定范围内公司的管理风格和确定内部工资差别的程序的关系。
英文薪酬的由来作文
英文薪酬的由来作文1. Back in the day, when people first started working, there was no such thing as a salary. People simply worked to survive, to put food on the table and a roof over their heads. It was a simple and straightforward way of life, where the value of work was measured by its immediate impact on one's basic needs.2. But as societies grew and evolved, so did the concept of compensation. People began to realize that their time and effort had value beyond just survival. They started to demand more than just the bare minimum, and the idea of earning a living wage was born.3. With the rise of industrialization, the need for a standardized system of payment became even more pressing. Employers needed a way to fairly compensate their workers, and workers needed a way to ensure they were being paid what they deserved. Thus, the idea of a fixed salary was introduced.4. The concept of a salary was a game-changer. It allowed workers to have a sense of stability and security, knowing that they would receive a set amount of money for their work. It also provided employers with a way toattract and retain talented employees, by offering them a competitive salary.5. Over time, the idea of a salary has become deeply ingrained in our society. It has become a symbol of success and status, with people often judging others based on their income. It has also become a driving force behind many career choices, as people seek out jobs that offer a higher salary.6. However, the concept of a salary is not without its flaws. It can create inequality, with some people earning significantly more than others for doing the same job. It can also lead to dissatisfaction and burnout, as peoplefeel trapped in jobs they don't enjoy but can't afford to leave.7. In recent years, there has been a growing movement towards alternative forms of compensation, such as performance-based pay and flexible working arrangements. These approaches aim to create a more fair and balanced system, where people are rewarded based on their actual contributions and not just their time spent on the job.8. Ultimately, the concept of a salary is a reflection of our evolving understanding of work and its value. It has its pros and cons, its supporters and critics. But one thing is for sure: it is deeply ingrained in our society and will likely continue to shape the way we work and live for years to come.。
英语作文造成贷款的原因
英语作文造成贷款的原因English:There are several reasons why people may need to take out a loan. One common reason is to finance a major purchase, such as a car or a home, that they may not have the full amount of cash on hand for. Loans can also be used to cover unexpected expenses, such as medical bills or home repairs. Another reason people may take out a loan is to consolidate debt. By taking out a loan with a lower interest rate, individuals can pay off higher interest debt and save money in the long run. Additionally, some people may take out loans to invest in their education or start a business, with the hope that the potential returns will outweigh the costs of borrowing.中文翻译:人们需要贷款的原因有几个。
一个常见的原因是为了资助一项重大购买，比如一辆车或房屋，他们可能手头没有足够的现金。
贷款也可以用来支付意外费用，例如医疗账单或家庭维修。
人们可能贷款的另一个原因是为了整合债务。
通过贷款获得较低利率，个人可以偿还较高利率的债务，从长远来看省钱。
英语作文造成贷款的原因
英语作文造成贷款的原因【中英文版】The reasons behind the loan caused by English essay writing can be multifaceted, ranging from the pressure of academic performance to the necessity of purchasing resources.It"s a common scenario where students find themselves in a financial bind due to the demands of crafting a perfect composition.英语作文导致贷款的原因多种多样，从学术成绩的压力到购买必要资源的需要，都可能是诱因。
学生因为追求完美作文而陷入经济困境，这已成为一种普遍现象。
Financial constraints may lead some students to seek loans to afford expensive English tutoring or advanced writing software.The expectation to excel in English, particularly essay writing, can push individuals to seek additional support beyond their means.经济限制可能导致一些学生寻求贷款，以负担昂贵的英语辅导或高级写作软件。
对英语尤其是作文写作的极高期望，可能会使人们超出自己的经济能力去寻求额外帮助。
Moreover, the constant pressure to submit high-quality assignments can result in a cycle of debt for students who lack the necessary skills or resources.This pressure often stems from the fear of failure or the desire to maintain a competitive edge in the academic realm.此外，不断提交高质量作业的压力，可能导致那些缺乏必要技能或资源的学生陷入债务循环。
发薪日贷款：英雄还是恶棍？
工资日贷款：英雄还是恶棍？Adair Morse*Booth School of BusinessUniversity of Chicago摘要高利率的工资日贷款对于陷入财务危机的个体究竟是好是坏。
以自然灾害作外生冲击，我运用倾向匹配评分，三重不同规范探究了信贷获得与福利之间的关系。
我发现灾后加利福利亚的止赎数量增加，但是工资日贷款的存在减少了止赎（每1000户减少1.2次止赎）,此外还减少了盗窃的发生，每1000户减少2.67次盗窃，但对入室行窃与车辆盗窃并没有影响。
我的结论适用于遇到紧急状况的个人。
需要说明的是,并不是所有的工资日贷款客户都是因为紧急事件而借款。
11我从以下讲座中受益匪浅Berkeley, Columbia, Duke, the European University Institute, the FDIC, the Federal Reserve Bank of Cleveland, the Federal Reserve Bank of New York, Harvard Business School, MIT, New York University, Northwestern University, Ohio State University, UCLA, University of Chicago, University of Illinois, University of Maryland, University of Michigan, University of Southern California, Wharton, Yale, the WFA, and the European Summer Symposium in Financial Markets (Gerzensee).此外我还要感谢David Brophy, MichaelBarr, Alexander Dyck, Fred Feinberg, E. Han Kim, Amiyatosh Purnanandam, Amit Seru, Tyler Shumway, and Luigi Zingales for their helpful comments.人们对于融资提高企业价值鲜有争议2，但对消费信贷是否为家庭产生福利却不存在共识。
普惠金融背景下美国发薪日贷款的监管路径及启示
普惠金融背景下美国发薪日贷款的监管路径及启示
靳丽曼
【期刊名称】《海南金融》
【年(卷),期】2017(000)009
【摘要】发薪日贷款是突破传统借贷模式的一种新型放贷模式,具有申请程序简单、利率高、期限短等特点.作为多层次金融市场的有力补充,发薪日贷款在提高社会福利、实践普惠金融等方面具有重要价值.美国从联邦与州两个层面对发薪日贷款实
施监管,已形成了较为完善的监管体系.发薪日贷款与我国现金贷在贷款特征、贷款
模式、面临的问题等方面具有极大的相似性,美国对其系统的监管经验更是可为我
国现金贷的监管提供理论指导.
【总页数】6页(P44-49)
【作者】靳丽曼
【作者单位】山东大学法学院,山东济南250100
【正文语种】中文
【中图分类】D912.28
【相关文献】
1.美国发薪日贷款演变、监管及启示 [J], 巴曙松;王志峰;王凤岩
2.金融危机背景下美国金融监管体系对我国的启示 [J], 李崇军
3.纽约证券交易所与泛欧证券交易所合并背景下美国跨境监管的路径选择 [J], 肖奎;程宝库
4.普惠金融视角下农村非银行小额贷款组织发展现状、路径及建议——以巴中为例
[J], 中国人民银行巴中市中心支行课题组
5.普惠金融背景下的内蒙古活体抵押贷款研究 [J], 陈小龙
因版权原因，仅展示原文概要，查看原文内容请购买。
澳大利亚发薪日贷款经验对我国超短期现金贷款的启示
澳大利亚发薪日贷款经验对我国超短期现金贷款的启示殷金霞
【期刊名称】《黑龙江金融》
【年(卷),期】2017(000)010
【摘要】我国目前发薪日贷款行业处于起步阶段,对发薪日贷款几乎没有规制。
澳大利亚对发薪日贷款日趋复杂化的监管框架,无疑对我国发薪日贷款的规制具有借鉴意义。
【总页数】3页(P23-25)
【作者】殷金霞
【作者单位】中国人民银行佳木斯市中心支行
【正文语种】中文
【中图分类】F832.4
【相关文献】
1.美国高校贷款管理经验对我国高校化债工作的启示 [J], 陈玥;
2.美国高校助学贷款立法经验及对我国的启示 [J], 王黎黎
3.团体贷款的经验对我国国家助学贷款问题的启示 [J], 汪涛;张其荣
4.我国高校助学贷款的r制度困境及国外经验启示 [J], 祁彩静
5.国外开展农村土地抵押贷款业务的经验及对我国的启示 [J], 中国人民银行金塔县支行课题组
因版权原因，仅展示原文概要，查看原文内容请购买。
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中文1380字外文文献翻译使用发薪日贷款的原因Adwina杰克逊婚礼贷款也是个人贷款的一种类型。
婚礼当天是每个人生命中最重要的一天。
而婚礼贷款可以让它变得与众不同。
如果您邀请了所有朋友和亲戚，则您必须举办一个大聚会。
难道您不疲倦于阅读个人贷款担保的各种优点？众所周知的一点是其滋生的品种十分成功。
无论是何种案件，发薪日贷款都是直接记入到借户的银行账户上。
因为费用的不确定性，他们还无法维护申请与批准之间的期望空白，然而这种不确定性又是贷款所必要的。
尽管如此，借款人仍然能够在服务费上调的情况下获得一笔即时贷款。
这里有众多的理由支持您利用发薪日贷款公司。
首先，现金预付款的个人贷款是短期贷款，因此，您就不会涉及长期的财务费用和收费。
这里有众多的理由使用发薪日贷款公司。
首先，现金预付款的个人贷款是短期贷款，因此，您不会涉及长期的财务费用和收费。
您的目标不仅是要通过搜索大量的贷款人产品，找到最合理的贷款利率和贷款程序，并为自己节省下每年数以万计美元的按揭还款，而且还要通过简化贷款程序和减少文书工作来节省时间和减少麻烦。
当您在选择抵押提供者时，应记住以下一些事项：1、购买率你应该得到即时免费的网上报价，并能够安全地进行在线申请。
2、在线申请担保贷款是指使用某些价值对象的贷款，这里是指作为还款保证并提供低利率的一种方法——抵押。
由于担保贷款作为一种货款债权的担保承诺，对于那些提供担保贷款的人来说那是一个巨大的贷款人市场。
根据贷款的安全性，个人贷款分为有担保贷款和无担保贷款。
具有不良信用记录的借款人不得不提供更高的利率来贷款，进而支付更大的数额。
虽然这些过程费时，但它们并不是多余的。
这就解释了为什么快速贷款需要执行较高的利息率。
通过转移正常的贷款程序，贷款的提供者也面临着一定程度的风险。
可以使用一个安全的在线申请，并让一位合格的贷款专家帮您寻找一份最适合的贷款计划。
3、获取资格预审查明您可以为您的未来置业借用多少钱！4、获取预先核准获得免费的、没有义务预先核准的承诺信来证明您的资格。
5、贷款处理和核准这是当您的贷款被处理，并经过承销获得最后批准。
采取这些步骤来确保贷款的进行，将保证您的最佳利益，也有利于您和您的家人。
它还将有助于节省您的钱。
这笔贷款可以在5至25年的期限内任一时期偿还，这取决于您提供安全的贷款可支配的收入和数额公平的股权财产。
债务在生活中是一项艰巨的事情，减少在线处理贷款时的债务提示对做出即时贷款有着特殊的帮助。
在线处理的贷款并不仅仅意味着使用计算机进行分类和整理数据。
在你申请个人担保贷款之前，必须认真研究还款办法并理解其内涵。
大多数人通常都在最后还款期限之前或者在早于最初的还款惩罚到来之前偿还个人担保贷款。
利息率十分重要地取决于贷款金额，偿还期限和个人条件。
过渡性贷款可用于填补在现有的物业交易中遇到的现金短缺问题，还有其它更多时候。
每笔贷款都有不同的特点;你可以在贷款者提供的大量贷款内容中找到你所需要的。
美国联邦直接补贴的斯塔福德/福特贷款是直接贷款，这意味着你在学校时至少有一部分时间是不需要支付贷款利息的。
【发薪日贷款（也称为薪津提前或发薪日提前）是一个涵盖借款人的费用，直到他（她）的下一个发薪日的小型的短期贷款。
这种贷款有时也被称为现金预付款，但这个词也可以指对一个预先的信贷额度的现金提供，就像信用卡。
不同国家之间，甚至在美国不同洲之间，关于发薪日贷款方面的立法也存在很大差别。
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