互聯(lián)網(wǎng)金融外文文獻(xiàn)翻譯

外文出處：DeBonisR,SilvestriniA.Internetfinanceanditsinfluenceontraditionalbanking[J].AppliedFinancialEconomics,2016,3(5):409-425.原文InternetfinanceanditsinfluenceontraditionalbankingDeBonisR,SilvestriniAAbstractsWiththerapiddevelopmentofinformationtechnology,Internetfinancialmodelgraduallyrise.ThispapersummarizestheInternetfinancialmodelonthebasisoftheconcept,featuresandfunctionsofInternetfinancialmodelinstrategy,customerchannels,financing,pricingandfinancialdisintermediationoftheimpactofthetraditionalcommercialbank.ThispaperarguesthatInternetfinancialmodelintheshorttermwillnotstandinthewayofcommercialbank'straditionalbusinessmodelandprofit,butinthelongtermcommercialBanksshoulduseoftheInternetfinancialmodel,inordertoobtainthenewdevelopment.Atthesametime,thesustainedandhealthydevelopmentoftheInternetindustrytorelyonInternetfinancialenterpriseselfdiscipline,positiveinnovation,butalsoattractmorecustomers,strengthentheconstructionofsystemsecurity.Keywords:Financialinnovation;Internetfinancial;FinancialdisintermediationAtpresent,mobilepayment,onlinebanking,mobilebankingandfinancialbusinessinChina'sboomingfinancialinnovationssuchascloud,thusformedanewkindoffinancialmodel--theInternetfinance.Bigdataeraandbrandcreation,spreadtothedevelopmentoffinancialinstitutionsisbothachallengeandopportunity.AlongwiththedevelopmentoftheInternetfinancial,emergingInternettraditionalfinancialcompaniesandfinancialinstitutionswillbeafiercecompetitifuturemayevenchangethetraditionalfinancialmanagementmodeandoperationpattern.TheInternetfinancialconcepts,featuresandfunctionsTheconceptoftheInternetfinancial.Afteryearsofdevelopment,Internetcompaniesstayinbusinessdoesnotprovidetechnicalsupporttofinancialinstitutionsandservicelevel,thedataaccumulatedthrough thedepthofmininginformation,toexpandourbusinesstothefinancialsector,buildfinancialmodelsandInternetbecometheemergingfieldofcombininginformationtechnologyandcapital.Internetfinancialmodelisdifferentfromindirectfinancingofcommercialbank,itisalsodifferentfromdirectfinancingcapitalmarket'sthirdfinancialfinancingmodel.FromtheperspectiveofthefinancingmodeofInternetfinancialmodeinessenceisakindofdirectfinancingmode.Butcomparedwiththetraditionalmodeofdirectfinancing,Internetfinancingmodelhasalargeamountofinformation,lowertransactioncosts,highefficiency,etc.AdoptappropriatetheInternetfinanceisakindoffinancialmodelintheinformationage.TheauthorbelievesthattheInternetfinanceisbasedonmoderninformationtechnologyinfinancial activities,with functionsof financing,payment andtransactionintermediary.ThecharacteristicsoftheInternetfinancial.Availabilityoffinancialresources.Financialexclusionisdefinedas:peopleinthefinancialsystemlackaconditioninwhichtheshare of financialservices,includingthesocialvulnerablegroupsinthelackofwaysormethodsisclosetofinancialinstitutions,aswellasintheuseoffinancialproductsorfinancialservicesexistdifficultiesandobstacles.Thecurrentmanagementmode,thetraditionalcommercialBanksunabletoefficientlydealwithsmallcompanies,andpartoftheindividualcustomer'sbusinessrequirements,leadtothefinancialexclusionofcertaincustomers.Internetfinancialmode,thecustomercanbreakthroughthegeographicalrestrictions,ontheInternetlookingforfinancialresources,alleviatethefinancialexclusion,enhancethelevelofsocialwelfare.Tradingtherelativeinformation.Thetraditionalfinancingmode,thefinancialinstitutionstoobtaininvestmententerprises,especiallysmallmicroenterpriseinformationcostishigher,incomeandcostdoesnotmatch.Internetfinancialgenerationanddisseminationofinformationthroughsocialnetwork,anyenterpriseandindividualinformationwillcontactwithothersubjects.BothpartiestocollectinformationviatheInternet,canbemorecomprehensiveunderstandingofabusinessorpersonalfinancialandcreditsituation,reducetheinformationasymmetry.Whenloandefaultobject,Internetfinancialenterprisesthroughpublicdefaultandreducingratinginformation,increasethecostofdefault.Theallocationofresourcestomediation.Thetraditionalfinancingmode,themoneysupplyanddemandbothsidesinformationoftendon'tmatch.Capitaldemanderscan'tgetthemoneyintimetosupportatthesametime,capitalsuppliersalsocan'tfindgoodinvestmentprojects.Internetfinancialmode,themoneysupplyanddemandbothsidesnolongerneedtheintermediaryinstitutionssuchasBanksorexchangeset,canbedonethroughthenetworkplatformtoinformationscreening,matching,pricingandtrading,disintermediationeffectisobvious.TheInternetfinancialfunction.TheplatformfunctionFinancialenterprisesestablishtheplatformofnetworkfinancialviatheInternet,customerscanchoosethesuitablefinancialproducts,justmoveyourfingers,whichcancarryoutpayment,loan,investment,financialactivities,suchasconvenientandquick,fromrunnirands,andwgeraitingforcustomer.Theallocationofresources(i.e.,financing)function.Internetfinancialisessentiallyawayofdirectfinancing.Internetfinancialmode,wecaneasilycheckcounterpartytransactionrecords;Tofindtherightriskmanagementtoolsandriskdiversification;In-depthanalysisthedatabyinformationtechnology,comprehensiveain-depthdmastercompetitorsinformation,improvetheefficiencyofresourceallocation.AstheInternetfinancialmodel,theconceptof"sincethefinancial"arisesatthehistoricmoment.3,paymentfunction.Internetfinancialmode,betweenmerchantsandcustomerstopaybyathirdpartytocomplete,convenient,efficient,lowercost.Thethirdpartypaymentorwillweakenthecommercialbank,thestatusofthetraditionalpaymentplatform.Atpresent,thepeoplbankofChinaforabout200third-partypaymentcompaniesissuedpaymentbusinesslicense.In2012,ourcountrythirdpartyonlinepaymentmarketsizeof3.8trillion.Informationgatheringandprocessing.Traditionalfinancialmode,theinformationresourcesdispersed,confuseddataisdifficulttoeffectivelyhandletheapplication.Internetfinancialmode,peopleuse"cloudcomputing"principle,informationasymmetry,thepyramidcanbeflattened,realizethestandardizationofdata,structured,increasingtheserviceefficiencyofthedata.Second,theInternet'sinfluenceonthetraditionalcommercialbankingfinancialmodetoreviewthefinancialstrategy,toadapttothechallengesofInternetfinancialmodel.TheemergenceoftheInternetfinancialmodelforsmallandmedium-sizedbankprovidesanopportunitytocompetewiththebigBanks.Ifyoucanmakegooduseofthismodel,thepositiveinnovation,willcatchupwiththebigBanksinsome emergingbusiness,theformationof competitiveness.TraditionalbankingmaybebecauseoftheInternetfinancialmodelchangeinthecompetitivelandscape.SomeInternetcompanieshavenotsatisfyonlydothird-partyonlinepaymentplatform,butwiththeadvantagesofdataaccumulationandinformationmining,directlytothesupplychain,smallmicroenterprisecreditfinancingexpansion,thefuturemayimpactthecoreofthetraditionalbankingbusiness,robBankscustomerresources,alternativephysical channels, overturningtraditionalbankmanagementmodeandprofitableway.ThedevelopmentofbankingcustomerandchannelThecustomeristhebasisofcommercialBanksandotherfinancialinstitutionstothebusiness.InternetfinancialmodelforcommercialBankstoexpandthecustomerbase.I2012,theglobalInternetusersupto2012people;ChineseInternetusersis565million(2),thenumberofonlineshopping,193million(3).UnderthemodeofInternetfinancial,commercialBankscanbecombinedwithitsownstrategy,ontheonehand,toattractnewcustomers;Ontheotherhand,increascustomeradhesiveness,closebusinessrelationshipwithclients.Internetfinancialmode,thebankmaychangetotraditionaltargetaudienceandtraditionalphysicalnetworkadvantagweakening,s thepursuitofdiversificationpersonalizedserviceofsmallandmedium-sizedenterprisesandindividualcustomersmoreinclinedtoparticipateinavarietyoffinancialtransactionsviathe Internet. Commercial Bankswillchangetraditionalvaluecreationandrealizationway,abletoprovidefast,lowcostservicesoffiancialinstitutionstogetmarketfavor.Improveefficiencyofresourceallocation,effectivelysolvethesmallmicroenterprisefinancingdifficultproblem.Internetfinancialcompanieswithlargedata,cloudcomputing,andmicrolendingtechnology.ThesethreetechnologiescanmakeacomprehensiveunderstandingoftheInternetfinancialinstitutionsthebusinesspracticesofsmallbusinessesandindividualcustomersandcreditrating,andestablishadatabaseandnetworkcreditsystem.Inthecreditreview,investorswillnetworktradingandcredithistoryasareferenceandanalysisindicators.Loanobjectsuchasadefault,financialfirmsstillcanusetheInternetnetworkplatformtocollectandpublishinformation,increasingdefaultcost,reducetheriskofinvestors,intheserviceofsmallandmedium-sizedefinancinterpriseg, andpersonalloans has a uniqueadvantage.Therefore, theInternetfinancialmodelcangobeyondthetraditionalfinancingwayofresourceallocationefficiency,significantlyreducetransactioncosts,stronglysupportthedevelopmentoftherealeconomy.Thepricediscoveryfunction,andpromotethemercerizationofinterestrate.Internetfinancialmodelcanobjectivelyreflectthemarketsupplyanddemandbothsidespricepreferences,commercialBanksandotherfinancialinstitutionsrespondtointerestratemarketization.DebitofferInternetfinancialasatradingplatform,funds,creditonthebasisoftheliquiditypreferencechoice,riskfactors,suchasloanobject,thetwosidesbargainingtoclinchadeal,tradingmarketcompletely.Withmarket-orientedinterestrate,financialinstitutionscannotcompletelydependontheguidanceofthecentralbank'sbenchmarkrate,shouldtaketheinitiativetofindbenchmarkinterestratesinthemarke.TheInternetmode,financialinstitutions,financialmarketinterestratemovementscanbdoneviatheInternet,determinespecificcustomerbaseinterestrates.Ifcanalsoindepthstudyofdatamining,canevenformcompletelydeterminedbythemarket"rateindex",soastoimprovetheloanpricing.Tospeedupfinancialdisintermediation.TraditionalBanksinthefinancialbusiness,mainlyACTSasafinancialintermediaryfunction.Internetfinancialwillacceleratefinancialdisintermediation,makethefundsofcommercialBanksintermediaryfunctionmarginalized.IntheInternetfinancialmode,Internetcompaniestoprovidefinancialsearchplatformforcapitalsupplyanddemand,asmoneyinformationintermediaryrole.Fromtheperspectiveoffinancing,capitalsupplyanddemandbothsidesusingsearchplatformfortradingobject,afterthefinancingdealisdonebybothsides.Fromtheperspectiveofthepaythird-partypaymentplatform,canprovidecustomerswithpaying,automaticcollectingandtransfertheremittanceandsettlementandpaymentservices,withthetraditionalbankpaymentforminstead.Third,theInternetfinancialmodedevelopmenttrendandstrategyofcommercialBanks.Overall,theInternetfinancialinstitutionsdevelopmentspeedisfast,butthevolumeisrelativelysmall,shorttermwouldnotshakecommercialbank'straditionalbusinessmodelandprofitway.Sustained and healthy developmentofthefinancialindustry,theauthorthinksthat,theInternet,needtopayattentiontothefollowingfourpoints:first,theInternetfinancialenterpriseshouldself-discipline,businessdevelopmentcanotdrillloopholelegalandregulatoryloopholes,shouldbetosupporttherealeconomy as thestarting point.Second,theInternetfinancialenterprisesshouldactivelyinnovation,andconstantlygraftfunctionoffinancialservicesandinformationtechnology,explorenewbusinessareas,complementarywiththetraditionalfinancialbusinessmodel.Again,theInternetfinancialenterprisestownresources,breakthegeographicalboundaries,attractmorecustomers,operatingas"making a fool of. Finally, the Internet financialenterprisesshouldstrengthentheconstructionofsystemsecurity,toensurethesafetyofcapital,informationofthetrader.Fromthesocialenvironment,peopleshouldgivetheInternetfinancialenterprisesmoreopenandtolerantattitude.Underthepremiseofguaranteefinancialstabilityandsecurity,relevantdepartmentscanconsidertobreakthroughthegeographical,traderestrictions,encouragefinancialindustrycompetition,safeguardsocialfinancialecologicalenvironment.TraditionalmodelofcommercialBanksintheInternetagestillhasadvantages.CommercialBanks'capitalstrength,cognitiveandhighcreditstanding,perfectinfrastructure,physicaloutletsarewidelydistributed,entitybankcanestablishthetrustofthetangible.Inadditiontoprovidingtraditionalcommercialbankloanbusiness,wealthdepositoryandprovidepaymentandsettlementbusinessmedia,alsoforthesocietytoprovideliquidityinsurance,supportnormaleconomicactivity.Somefinancialbusinessneedsprofessionalexperiencejudgment,informationtechnologycannotcompletelyreplacethefacethevigorousdevelopmentoftheInternetfinancialbusiness,commercialBanksandotherfinancialinstitutionsshouldpaycloseattentiontothedevelopmentoftheInternetfinancialtrends,changingtheconceptofdevelopment,activelyadjuststrategy.CommercialBankstousetheInternetfinancialmode,candeepintegrationofInternettechnologyandthebank'scorebusiness,improvecustomerservicequality,expandtheservicechannels,improvethelevelofbusiness,toadapttotheInternetfinancialmodeltotheimpactofthetraditionalfinancialpattern,obtainnewdevelopment.Basedoncomparativeadvantage,insupport,servicetherealeconomyAtthesametime,createvalueforshareholders.譯文互聯(lián)網(wǎng)金融以及它對(duì)傳統(tǒng)銀行業(yè)的影響作者：伯尼斯；席爾瓦尼摘要隨著信息技術(shù)的快速發(fā)展，互聯(lián)網(wǎng)金融模式逐漸興起。本文在總結(jié)互聯(lián)網(wǎng)金融模式的概念、特征和功能的基礎(chǔ)上，闡述了互聯(lián)網(wǎng)金融模式在戰(zhàn)略、客戶渠道、融資、定價(jià)以及金融脫媒等方面對(duì)傳統(tǒng)商業(yè)銀行產(chǎn)生的影響。本文認(rèn)為，互聯(lián)網(wǎng)金融模式短期內(nèi)不會(huì)動(dòng)搖商業(yè)銀行傳統(tǒng)的經(jīng)營模式和盈利方式,但從長遠(yuǎn)來說商業(yè)銀行應(yīng)大力利用互聯(lián)網(wǎng)金融模式，以獲得新的發(fā)展。與此同時(shí),互聯(lián)網(wǎng)金融業(yè)的持續(xù)健康發(fā)展要依靠互聯(lián)網(wǎng)金融企業(yè)的自律、積極創(chuàng)新，還要吸引更多的客戶、加強(qiáng)系統(tǒng)安全建設(shè)。關(guān)鍵詞：金融創(chuàng)新；互聯(lián)網(wǎng)金融；金融脫媒當(dāng)前，移動(dòng)支付、網(wǎng)上銀行、手機(jī)銀行、云金融等金融創(chuàng)新業(yè)務(wù)在美國蓬勃發(fā)展，由此形成了一種新的金融模式——互聯(lián)網(wǎng)金融。大數(shù)據(jù)時(shí)代給金融機(jī)構(gòu)發(fā)展和品牌創(chuàng)立、傳播既帶來挑戰(zhàn)，也帶來機(jī)遇。隨著互聯(lián)網(wǎng)金融的發(fā)展壯大，新興互聯(lián)網(wǎng)金融公司和傳統(tǒng)金融機(jī)構(gòu)將展開激烈競爭，未來甚至可能改變傳統(tǒng)金融業(yè)的經(jīng)營模式和運(yùn)行格局?；ヂ?lián)網(wǎng)金融的概念、特征和功能互聯(lián)網(wǎng)金融的概念經(jīng)過多年發(fā)展，互聯(lián)網(wǎng)企業(yè)的業(yè)務(wù)沒有停留在向金融機(jī)構(gòu)提供技術(shù)支持和服務(wù)層面，通過深度挖掘積累下來的數(shù)據(jù)信息，將業(yè)務(wù)拓展至金融領(lǐng)域，構(gòu)建出互聯(lián)網(wǎng)金融模式并成為信息技術(shù)與金融資本相結(jié)合的新興領(lǐng)域?；ヂ?lián)網(wǎng)金融模式是既不同于商業(yè)銀行間接融資、也不同于資本市場直接融資的第三種金融融資模式。從融資模式角度看，互聯(lián)網(wǎng)金融模式本質(zhì)上是一種直接融資模式。但與傳統(tǒng)直接融資模式相比，互聯(lián)網(wǎng)融資模式具有信息量大、交易成本低、效率高等特點(diǎn)。互聯(lián)網(wǎng)金融是信息時(shí)代的一種金融模式。筆者認(rèn)為，互聯(lián)網(wǎng)金融是依托現(xiàn)代信息科技進(jìn)行的金融活動(dòng)，具有融資、支付和交易中介等功能。互聯(lián)網(wǎng)金融的特征。金融資源的可獲得性強(qiáng)。將金融排斥定義為：人們在金融體系中缺少分享金融服務(wù)的一種狀態(tài)，包括社會(huì)中弱勢群體缺少途徑或方式接近金融機(jī)構(gòu)，以及在利用金融產(chǎn)品或金融服務(wù)方面存在困難和障礙。當(dāng)前經(jīng)營模式下，傳統(tǒng)商業(yè)銀行無法高效應(yīng)對(duì)小微企業(yè)和部分個(gè)人客戶的業(yè)務(wù)要求，導(dǎo)致對(duì)某些客戶的金融排斥?；ヂ?lián)網(wǎng)金融模式下，客戶能夠突破地域限制，在互聯(lián)網(wǎng)上尋找需要的金融資源，緩解金融排斥，提升社會(huì)福利水平。交易信息相對(duì)對(duì)稱。傳統(tǒng)融資模式下，金融機(jī)構(gòu)獲得投資企業(yè)，特別是小微企業(yè)的信息成本較高，收益與成本不匹配?；ヂ?lián)網(wǎng)金融通過社交網(wǎng)絡(luò)生成和傳播信息，搜集信息，能夠較全面了解一個(gè)企業(yè)或個(gè)人的財(cái)力和信用情況，降低信息不對(duì)稱。當(dāng)貸款對(duì)象違約時(shí)，互聯(lián)網(wǎng)金融企業(yè)可以通過公開違約和降低評(píng)級(jí)信息等方式，增加違約成本。資源配臵去中介化。傳統(tǒng)融資模式下，資金供求雙方信息經(jīng)常不匹配。資金需求方無法及時(shí)得到資金支持的同時(shí)，資金供給方也不能找到好的投資項(xiàng)目?；ヂ?lián)網(wǎng)金融模式下，資金供求雙方不再需要銀行或交易所等中介機(jī)構(gòu)撮合，可以通過網(wǎng)絡(luò)平臺(tái)自行完成信息甄別、匹配、定價(jià)和交易，去中介化作用明顯互聯(lián)。網(wǎng)金融的功能。平臺(tái)功能。通過互聯(lián)網(wǎng)金融企業(yè)搭建的網(wǎng)絡(luò)金融平臺(tái)，客戶可自行選擇適合的金融產(chǎn)品，只需動(dòng)動(dòng)手指，即能開展支付、貸款、投資等金融活動(dòng)，方便快捷，免去客戶跑腿、等待之苦。資源配臵（即融資）功能?；ヂ?lián)網(wǎng)金融本質(zhì)上是一種直接融資方式。互聯(lián)網(wǎng)金融模式下，我們能夠方便地查閱交易對(duì)手的交易記錄；找到合適的風(fēng)險(xiǎn)管理工具與風(fēng)險(xiǎn)分散工具；通過信息技術(shù)深入分析數(shù)據(jù)，全面、深入掌握對(duì)手信息，提高了資源配臵效率。隨著互聯(lián)網(wǎng)金融模式興起，“自金融”的概念應(yīng)運(yùn)而生。支付功能?；ヂ?lián)網(wǎng)金融模式下，商家和客戶之間的支付由第三方來完成，方便、快捷，成本更低。第三方支付或?qū)⑾魅跎虡I(yè)銀行、傳統(tǒng)支付平臺(tái)的地位。目前，中國人民銀行為約200家第三方支付企業(yè)頒發(fā)了支付業(yè)務(wù)許可證。2012年，美國第三方互聯(lián)網(wǎng)在線支付市場交易規(guī)模達(dá)3.8萬億元。信息搜集和處理。傳統(tǒng)金融模式下，信息資源分散龐雜，數(shù)據(jù)難以有效處理應(yīng)用。互聯(lián)網(wǎng)金融模式下，人們利用“云計(jì)算”原理，可以將不對(duì)稱、金字塔型的信息扁平化，實(shí)現(xiàn)數(shù)據(jù)的標(biāo)準(zhǔn)化、結(jié)構(gòu)化，提高數(shù)據(jù)使用效率?；ヂ?lián)網(wǎng)金融模式對(duì)傳統(tǒng)商業(yè)銀行業(yè)務(wù)的影響重新審視金融戰(zhàn)略，適應(yīng)互聯(lián)網(wǎng)金融模式帶來的挑戰(zhàn)?；ヂ?lián)網(wǎng)金融模式的出現(xiàn)為中小銀行提供了與大銀行競爭的契機(jī)。如果能夠利用好這一模式，積極創(chuàng)新，將在一些新興業(yè)務(wù)上趕超大銀行，形成競爭力。傳統(tǒng)銀行業(yè)可能因?yàn)榛ヂ?lián)網(wǎng)金融模式發(fā)生競爭格局的改變。一些互聯(lián)網(wǎng)企業(yè)已不滿足只做第三方網(wǎng)絡(luò)支付平臺(tái)而是，憑借