本份文档包含：关于该选题的外文文献、文献综述
一、外文文献
标题: Online brokers lead the way for French internet finance
作者: Caffard, Christophe
期刊名称: International Financial Law Review
卷: 20；期: 3；页: 20-24
Online brokers lead the way for French internet finance
1 Regulated brokers
Regulated brokers are legal entities which have an investment services licence and are subject to the prudential regulations of the Comite de Reglementation Bancaire et Financiere (CRBF) and the Conseil des Marches Financiers (CMF).
* Choice of legal form: regulated brokers are not required to be incorporated in a specific legal form; however, under article 13 of the MAF Law, the CECEI checks whether the legal form of the brokerage company is appropriate for providing investment services. In practice, any type of commercial company is admitted: societes de capitaux (limited companies) or societes de personnes (partnerships). The formalities of share transfer, tax and the scope of liability of a company's management will be relevant factors to the choice of legal form.
* Application for an investment services licence from the CECEI: the most important part of the application is the description of the investment services, and a business plan including prospective financial statements for the following three years. The CMF will check whether the business plan is consistent with the investment services licence requested by the broker. The CECEI will ensure that the applicant's own initial funds are consistent with the business plan.
The scope of the investment services licence is variable and covers one or more ofthe following investment services:
Reception and transmission of orders to another investment services provider on behalf of investors, for execution. This is the core investment service provided by the
brokerage companies and, as such, a licence to provide this service is the minimum required for a brokerage company. Brokerage companies may request an investment services licence limited to the reception and transmission of orders. In this case, there will need to be a tripartite agreement between the investor, the broker and an investment services provider authorized to execute the orders of the investor. These single-- licensed brokerage companies are mere intermediaries remunerated by a commission paid by the investors. They are not entitled to benefit from the European passport under the ISD.
Execution of such order other than for own account. This is defined as the execution of orders on behalf of a customer under the provision of an agency or a brokerage agreement. The brokerage company authorized to execute orders received from the investors offers a larger range of services with more potential. The broker with an investment services licence covering the execution of orders will be in charge of executing the final orders on the regulated markets, provided it is has been authorized as a market member. Unauthorized brokerage companies transmit the orders they have received to authorized market members. Authorized brokerage companies may offer investors a quasi-immediate execution of orders on the markets.
Placing. This is the search for subscribers or purchasers on behalf of the issuer or seller of financial instruments. According to the CMF, in the case of a public offer of listed financial instruments placed by a market firm (for example on the Paris Stock Exchange or Nouveau March&), an online broker, which sells financial instruments online, is deemed to be providing his client with a reception-transmission of orders service and not a placing service. A placing service requires the broker to comply with capital adequacy ratios whenever it is associated with an underwriting commitment.
Account-keeping, custody and clearing. These are not considered to be investment services, but assimilated services restricted to credit institutions or investment firms, and are subject to the CMF's General Regulations.
CRBF regulators. CBF regulations subject brokerage companies to the following requirements: the minimum issued and paid-up share capital depends on the nature and number of investment services carried out; brokerage companies who offer
account-keeping, custody and reception, transmission and execution of orders must have a minimum paid-up share capital of Ffrl million (about $160,000). This is reduced to Ffr350,000 when the brokerage company is not involved in account-keeping or custody services;
* the minimum shareholder funds must be equal to the higher of
- 25% of the overheads of the previous year, or overheads forecast in the business plan; and
- the aggregate client positions divided by 150;
* internal compliance procedures must be established; and
* the brokerage company must comply with certain ratios relating to solvency and large exposure.
Regulated brokers are also subject to the CMF's rules on the appointment of a compliance officer, information and advice for clients, mandatory clauses to be inserted in clients' agreements, professional cards required from certain employees and reporting requirements to the CMF.
2 Non-regulated brokers
Non-regulated brokers are sole agents appointed by an investment firm authorized by the CECEI, or an appropriate authority of an EU member state. Sole agents are nonregulated entities and are neither subject to the minimum capital and shareholder funds requirements nor to the CMF/CRBF regulations.
Sole agents enter into investment services agreements with clients on behalf and in the name of their principal, who must be a regulated investment services provider. These agreements are binding on who is, as a general rule, solely liable visa-vis clients and the supervisory authorities (the CMF and/or the Bank of France). In this respect, the incorporation and activities of a sole agent brokerage is simpler, safer and cheaper than for regulated brokers. However, sole agents are fully dependent on the principal since they are not authorized to be appointed by more than one investment firm and if, for any reason, the mandate is cancelled or terminated, sole agents must stop any brokerage activity, unless they get a new mandate or are granted an investment service licence by the CECEI. Sole agents do not benefit from the
European passport under the ISD, as they are not considered to be investment firms. It is important to note that the sole agent does not own the brokerage business, since clients simply have a contractual relationship. This is why sole agent status is generally more suitable when the principal and agent are companies within the same group or with long-term common interests.
French branches of EU investment service providers
The licence for an EU investment service provider allows it to set up branches in France, subject to authorization from the authorities of its home state.
This procedure is much simpler and quicker than an application for an investment services licence with the CECEI. The other advantages of operating in France in this way are that a branch is not required to show an endowment capital in France, and that prudential ratios of the home state apply to the French branch.
As a general rule under the ISD, the home state authorities retain jurisdiction over the branch in the home state, with the exception of the public policy rules, which will apply to the branches. In France, the regulation referred to below is considered to be a public policy rule with which French branches operating online brokerage services in France must comply.
Regulations applicable to brokerage services
The offer of brokerage services and the provision of brokerage services are regulated by reference to the nature of the financial instruments offered online.
The offer of brokerage services
Advertising / marketing
The advertising of financial instruments is heavily regulated when advertisements are included in a public offering process. In this case the advertisement is in the form of a prospectus, which must comply with COB regulations, which provide detailed requirements regarding the form and content of the prospectus. As a general rule, any other form of advertising in a public offering process must refer to the prospectus approved by the COB.
* The marketing in France of financial instruments listed on a foreign market must comply with COB regulation no. 99-04. This provides that, before any
transaction, the broker must send his clients an information memorandum presenting the foreign market and the financial instruments dealt on that market. This may be sent to clients via the internet.
Any advertising of operations on the foreign market must include certain mandatory information, including the identification of the legal entity which is soliciting French clients.
As a general rule, the advertising of collective investment schemes is subject to regulation by the COB, which ensures that any advertisement is consistent with the notice d'information and with regulations applicable to collective investment schemes generally. SICA Vs and FCPs subject to COB regulation no. 89-02 may not be marketed until the management company has been notified of the COB's approval.
However, any direct or indirect solicitation to invest in collective investment schemes subject to the simplified COB approval procedure (less formal because the scheme only targets professional investors), must contain a disclaimer informing investors that any subscription or transfer of shares or units, is restricted to qualified investors or investors whose initial investment is at least euro500,000 ($457,000) or (depending on the scheme) euro,30,000. The disclaimer must also mention that these collective investment schemes are not approved by the COB and adhere to specific investment rules.
* The COB has issued guidelines no. 99-02 relating to the marketing and sale via the internet of i) collective investment scheme units or shares; and ii) discretionary mandates. These guidelines are not binding. Its purpose is to clarify certain aspects of the COB regulations which apply to collective investment schemes (management company and depositary) and to any information on financial instruments disclosed during a public offering. The COB is preparing new guidelines relating to financial advice and information disseminated via the internet.
* COB regulations and recommendations are applicable to online brokers whenever financial instruments (listed or otherwise) are offered to the public.
* Under the CMF's regulations, regulated brokers are bound to inform and advise their clients after having assessed their financial knowledge.
* In any event, there is a prohibition on advertising units of investment funds which invest in futures markets (Article 23 of the law of 23/12/1988), or to market non-OECD financial instruments in France without the prior consent of the French Ministry of Economy.
3 Canvassing law
Under the law of 1972 relating to financial canvassing, canvassing consists of contacting potential clients by way of visits, letters, circulars and telephone calls to: i) induce them to subscribe, purchase, exchange or sell securities or participate in such operations; and ii) offer services and advice on a regular basis.
The law of 1972 is not adapted to the internet and legislative reform in this field is awaited. The CMF, the COB and the CECEI consider that offers to provide e-banking and e-brokerage services would be treated in the same manner as offers of services or advice by way of letters, circulars or telephone calls.
It is difficult to determine which information systems or practices will qualify as financial canvassing (and therefore regulated) or merely as financial advertising (and therefore permitted); the CECEI and the COB have not yet given any clear guidance on this question.
According to a discussion and research paper on internet risk released by the Commission Bancaire (the supervisory arm of the Bank of France) in July 2000, advertising messages, including a link to the seller's site (in the case of banks) displayed on general purpose websites, or posting information, advice or offers on sites or news groups in the client's country, would be viewed as financial advertising and would not constitute financial canvassing.
The Bank of France takes the view that in these examples there is no active solicitation of clients since they access the financial advertisements deliberately and of their own accord, as if visiting the premises of a bank.
In contrast with these passive marketing techniques, sending messages to email addresses would be equated with sending letters and as such would qualify as canvassing, according to the Bank of France.
In any case, before soliciting French customers, the brokerage company must
notify the Bank of France (CECEI) of its intention to solicit such customers; and employees of the brokerage company must be granted a specific solicitation card by the French authorities. Any breach of this rule would constitute a criminal offence.
4 Public offering regulations
Public offering regulations are applicable whenever financial instruments are issued or transferred to the public in France, using advertising, canvassing, credit institutions or investment service providers. Public offerings are heavily regulated and are subject to a number of requirements, including prior approval by COB of a prospectus, filing with the Commercial Registry of the French translation of the issuer's constitutional documents, publication of a legal notice in the BALO and continuing information obligations.
The public offering regulations apply to offers of both listed and unlisted financial instruments. In this respect, online brokers offering listed shares to the public are subject to public offering regulations and in particular COB Regulation no. 99-08, under which the online broker must comply with the following disclosure and advertising rules:
* the preparation of a simplified prospectus which must be approved by the COB and made freely available to the public; and * any advertisement must refer to the simplified prospectus and specify how to obtain a copy.
A private placement (as opposed to a public offering) is defined as the issue or transfer of financial instruments to qualified investors or to a restricted circle of investors.
In order to ensure a private placement via the internet, it is necessary to restrict electronic access to the broker's website by passwords granted solely to qualified investors. It is also mandatory under COB Regulation No. 99-09 that a private placement disclaimer be displayed on the webpages of the broker's website. The disclaimer must mention that:
* offering materials (advertisements, information memoranda, etc) have not been submitted to the COB for its approval;
* qualified investors must participate in the private placement for their own
account;
* any offer to the public of the financial instruments subscribed or purchased by the qualified investors in the private placement would be subject to public offering regulations; and
* if the investors are members of a restricted circle of more than 100, they must certify that they are associated with the management of the issuer on a professional or a personal basis. The provision of online brokerage services
Rules of conduct applicable to online brokers Regulated brokers and principals of non-regulated brokers are investment service providers and are subject to the rules of conduct set out in its General Regulation. The CMF has issued General Decision no. 99-07 providing regulations and guidelines. It implements the CMF rules of conduct.
As a general rule, the message must clearly identify the issuer of a message offering the service of reception or transmission of orders. In particular, the website must display the legal status of the broker and the investment service it is authorized to provide. Regulated brokers and non-regulated brokers must be clearly distinguished, and the latter must disclose the identity of their investment service provider whom they are asking as agent.
If the online broker is not in charge of account-keeping and custody services, whoever is must be clearly identified. Before entering into a contract with any new client, the
online broker must verify the client's identity and domicile by requesting the following documents:
a photocopy of a valid official identity document (passport, identity card, driving licence);
* bank details; and
* written evidence of address.
The broker must send confirmation that he has received these documents and, in doing so, check the client's address. These formalities and verifications may not be carried out via the internet.
Once the identity and domicile ofthe new client have been checked, the online
broker can provide investment services to his client where:
* the client has signed an agreement relating to the evidential rules and procedures applicable to the reception of orders via the internet;
* the funds or financial instruments have been credited to the client's account. This does not apply to the broker if it is not the account keeper or the custodian;
* the broker has checked that its client may receive the information on the relevant financial instruments and risks via the internet; and
* the broker must ensure that the client receives in advance more detailed information regarding operations involving financial instruments which do not correspond to the client's regular dealings.
In cases where the broker is responsible for account-- keeping, it should operate an automated system monitoring the accounts of the client and freezing any order in the event of insufficient provision or margin cover.
The CMF also recommends that this automated system should freeze any order sent by the client which does not comply with market regulations.
Compliance with these rules of conduct raises problems when the broker's website is outsourced to a third party, which happens frequently. The authorities are concerned that brokers may lose control over the operation of their websites and would be unable to take any operational responsibility, while remaining liable. This is why the Commission Bancaire is considering imposing an obligation on investment firms and credit institutions providing online financial services, to monitor their outside internet service providers and/or software companies.
5 Regulation of contracts entered Into by online brokers
Contracts with clients These are subject to the CMF regulations, and in particular to CMF General Decision no. 98-28 relating to the mandatory clauses which must be included in agreements entered into with clients. It came into force in June 2000 and any existing contract is required to be duly amended.
The agreements must contain a clause setting out the identity of the client and its legal capacity. In particular, qualified investors must be identified among other legal entities as well as the investment services provided. The categories of financial
instruments and financial services must also be stated in the agreement. This is important since it is taken into account when determining whether the broker has properly assessed the skills of his client. In this respect, it is recommended that high-risk speculative and/or complex operations, such as operations on futures markets, be restricted to informed clients or to qualified investors.
In practice, the online broker asks new clients to answer a questionnaire which acts as proof that the broker has fulfilled its obligations to assess the skills ofits client.
The agreement must contain a confidentiality clause which is binding. In this respect, it is useful for the online broker to provide exceptions to this obligation so that information on clients can be centralized within a member ofthe same group of companies, or accessed by an outside software company.
Contracts with other investment services providers
The number of contracts entered into by brokers with other investment service providers depends on the scope of its licence. Non-regulated brokers must enter into an exclusive mandate with a licensed investment service provider.
Regulated brokers which are not market members or not licensed for the execution of orders must conclude a transmission of orders agreement with market members or other investment service providers.
These contracts are not subject to the CMF General Decision no. 98-28 or to other specific regulations, with the exception of.
* clearing agreements;
* when a client gives a broker with whom he has an account an order for transmission to another non-resident institution with comparable status, the broker is forbidden from being remunerated in the form of hard commission (a commission rebate) by the institution to which the order has been transmitted; and
* a non account-keeping broker receiving orders from a client for transmission to another institution may be remunerated in the form of a hard commission, provided that the broker informs the client when entering into contractual relations (and thereafter annually) of the terms and conditions and amount of the hard commission.
Contracts entered into with software companies
These contracts might at first appear to have regulatory implications. However, recent financial regulations applicable to e-- brokerage now have a direct bearing on implications for IT agreements.
In practice, brokers must ensure that the operation of the website and the reception and transmission of software orders complies with the CMF General Decision and any other applicable regulations applicable. The upgrade clause of the IT agreement entered into with the software company should address the question of the software being upgraded in the event of changes to applicable regulations.
It is also recommended that any outsourcing agreement contains a clause which sets out how the online broker monitors the operation of the outsourced website.
二、文献综述
互联网金融发展文献综述
摘要
互联网金融的快速发展成为近年来中国经济金融领域备受瞩目的重要现象，国内学术界讨论互联网金融的文献数量也急速膨胀，但目前尚缺少对与互联网金融相关的各类文献进行全面梳理的综述类论文。本文试图在这方面进行初步尝试，对国内外文献中的互联网金融概念的演变历程进行梳理，评述对基于互联网的各种金融创新进行分析的主要文献，并讨论已有文献对互联网金融的产业与政策效应的分析。
关键词：互联网金融；模式；影响；
1引言
上世纪90 年代初，互联网技术率先在美国发展并迅速普及，之后，在产业和风险投资基金的协助下，逐步向金融和商业等传统行业领域扩展。上世纪到90 年代末，美国的互联网金融模式已经较为成熟，相应的产业链也基本形成。进入21 世纪以来，互联网金融在我国得到了长足发展，特别是2012 年下半年以来，形式多样、功能全面的互联网金融在我国呈现“井喷”式发展，2013 年，更是被称为“中国互联网金融元年”。搜索引擎、社交网络、移动支付和云计算等互联网信息技术，将对现有金融模式产生极大的影响。传统金融结合互联网技术所
形成的互联网金融，因其惊人的发展速度和对原有金融模式的冲击，而受到学界、业界、金融监管部门的广泛关注。
2基于互联网金融创新的研究
由于互联网金融并非一种特定的事物，而是多种新事物的加总，因此在国外并没有一个类似的综合性的概念，但也有许多与之相关的研究。早在互联网金融尚未出现的电子金融时代，一些学者便基于网络经济和电子商务的特点，提出了对未来金融创新发展的一些设想。例如，Sato andHawkins（2001）认为互联网企业有可能打破银行对客户信息的垄断，它们有可能为客户提供“一站式”金融服务，显著地降低成本，提升客户地位，并通过智能管理为客户提供更好的服务；Claessenset al.（2003）认为随着金融服务越来越依赖于网络，网络经济所具有的明显的规模经济特点将改变金融行业的竞争格局；Nagurney and Ke（2003）对存在电子交易的金融网络建立数理模型并求得均衡解及动态调整过程。就国内文献而言，起初的文献多是对互联网金融的介绍及简要的评论。谢子门（2013）指出互联网金融的思想是资源共享；巴曙松（2012）认为互联网可以降低金融体系运营成本，提高服务覆盖率，金融企业应顺应互联网发展趋势；王思宁等（2012）认为以移动支付为代表的第一波互联网金融发展的关键在于规模，而以P2P 为代表的第二波互联网金融发展的关键则在于控制风险；由曦等（2013）则从金融脱媒、银网竞争合作、模式创新等多个方面对这个新生业态进行了解析；高汉（2013）则着重强调了互联网金融打破地域时间限制、实现碎片化理财、创新速度快以及低成本的特点。随着互联网金融热潮的升温，对该主题的探讨也逐步深入到理论层面，实证研究也越来越丰富。以谢平等（2012）为标志，中国学者开始从金融创新的角度对互联网金融进行了深入的探讨，认为互联网金融模式能通过提高资源配置效率、降低交易成本来促进经济增长。在互联网金融时代，我们可以沿着金融创新的视角出发，分别从货币与金融两个层面来梳理与之相关的各类繁杂文献，探究各类互联网金融创新的基本机制。
第一，互联网金融的兴起对货币理论和货币政策构成了根本性挑战。当人类社会告别纯金属货币之后，货币的定义就变得含混不清了，互联网技术的发展则使得这一问题更加复杂了。网络支付体系根本就不创造货币，但是却充分、完整地发挥着货币的功能（董昀等，2012）。例如，比特币、Q 币、亚马逊币、
游戏币、论坛币等虚拟货币在一定范围内发行，发挥着交易媒介和计价单位的作用，阿里巴巴的支付宝账户也逐渐被越来越多的人视为一种交易媒介，它们的数据产品乃至实物产品都可以交易且被接受的范围在不断扩大，具备了部分货币属性。因此，如何定义货币变得愈加困难。这一现象还表明，在正规的金融体系之外，有一个民间的、私人化的货币供应体系正在携高科技之力逐步发育，而这一进程与中央银行完全无关；这些新型货币对实体经济发展有着切实的影响，但却未能体现在央行的货币总量统计之中。假以时日，上述新变化或许会颠覆既有的传统货币体系，削弱央行对货币总量的控制力，从而对宏观调控的有效性构成严重挑战。货币当局和经济学家如何根据新现象来重构货币理论与货币政策，已经成为一个至关重要的核心问题。因此，我们将重点梳理互联网货币的已有文献，为解决这一问题提供文献支撑。
第二，互联网金融的兴起对已经提供到市场上的货币的有条件转移过程构成了全方位的冲击。这是因为，基于实体经济运行而形成的大数据在一定程度上克服了信息不对称，非传统金融机构能够在交易过程中创造信用，从而使得互联网金融拥有许多传统金融机构所不具备的一系列比较优势，可以支撑更富有效率的资金配置、信息提供、风险管理和支付清算。于是，在一系列互联网金融产品“创造性破坏”式的冲击之下，金融市场竞争加剧，银行的负债端资金成本急速攀升，垄断利润开始大幅度缩水，各类既有金融机构的“奶酪”正在被新兴的互联网金融机构蚕食，加速推动了金融脱媒进程。这一进程中，新的金融中介、新的金融产品、新的支付手段层出不穷，本文也将分门别类对这些领域的文献进行整理和评析。
3 新的金融中介
如前所述，本文认为互联网金融的本质特征是基于大数据的、以互联网为平台的金融中介。由于金融服务实体经济的最主要功能就是媒介资源配置、提高资源配置效率（李扬，2014），因此，新技术推动的新型金融中介自然是互联网金融创新的重要内容。根据国内外的实践，以P2P 网络借贷为代表的网络借贷、众筹融资是互联网平台上最为重要的两种金融中介业务创新。下面分别对这两种新业务的相关研究文献进行综述。
3.1 P2P 网络借贷（完整内容请到百度文库）
陈新林第三方支付发展研究 第三方支付通过其支付平台在消费者、商家和银行之间建立连接，起到信用担保和技术保障的作用，实现从消费者到商家以及金融机构之间的货币支付、现金流转、资金结算等功能。 典型的第三方支付平台 目前国际上最有影响的第三方支付平台是建立在美国的贝 宝（paypal）公司成立于1998年12月，是美国易趣（ebay） 公司的全资子公司。买家成交后登陆贝宝网站付款，货款直接支付到卖家paypal帐户，卖家收到信息后发货，买家收货。 paypal是一种直接支付的服务，能为买卖双方提供即时、安全的支付服 务。paypal的业务开展建立在paypal专有的反欺诈、风险控管系统基础之上，具有国外成功的网上支付经验。paypal利用现有的银行系统和信用卡系统，通过先进的网络技术和网络安全防范技术，在全球103个国家为超过1亿客户提供安全便利的网上支付服务。但paypal 是在拥有成熟信用卡机制和完善信用体系的环境之下发展起来的，未必适合缺乏良好信用体系的中国国情。 支付宝是专注于服务我国内地市场的网上支付 平台，适应我国目前的经济、金融、信用体系等宏观环境，也符合 国人消费习惯和行为习惯。 二、我国第三方支付问题探讨 1技术风险。2业务风险。信用风险，第三方支付机构能不能信守承诺，如何确保其承诺兑现。资金风险，包括资金能不能得到妥善保管等。这些都还缺乏有效的控制。3法律风险。包括第三方支付平台的法律地位的确立，各方法律责任的划分，整个交易构成涉及到了支付平台、交易平台、配送方、交易方、银行、认证服务方、系统运营商、系统开发商等，如何界定其中的责任等都还悬而未决。 市场竞争激烈。利润空间狭窄。监管空白。信用模糊。 第三方电子支付发展建议 1拓展盈利渠道。2加强业务合作。3建立信用体系。4强化本地化服务。 5支付手段多样化。在提供网上支付服务的同时，提供在线支付、手机支付、电话支付、掌上支付、虚拟支付等其他电子支付手段，形成立体化的支付体系。6创新营销策略。7强化创新。 监管建议 市场准入监管。业务范围监管。监管机构。 政策建议 鉴于国内第三方支付企业竞争激烈，其生存与发展非常困难，发展也不规范，要防止恶性竞争，增加支付风险。为了促进其发展，建议采用政策引导并购，实施国有控股，减少无序竞争，减少重复建设，增强实力，扩大规模。建议对第三方支付机构采用类金融机构设置保证金的机制，并探索建立电子支付保险。 C2C模式下第三方支付手段对感知风险影响的实证研究綦晓燕 赵菁（2005）的研究认为消费者为了购买网上商品(包括产品和服务)，所采用的各种支付手
文献出处: Waitz M. The small and medium-sized enterprise financing under P2P finance [J]. Journal of Business Research, 2016, 8(6): 81-91. 原文 The small and medium-sized enterprise financing under P2P finance Waitz M Abstract Small and medium-sized enterprise financing difficult is worldwide difficult problem. Article introduces the concept of the Internet financial, mainly summarized the P2P financial in the development of financial innovation and integration of science and technology, a combination of academic research on P2P financial now of the five directions of various views and opinions. Points out the current P2P financial problems in the development of risk control, and analyses the trend of the Internet financial. Keywords: P2P financial; Financial innovation; Risk control 1 Introduction Look from the history of enterprise development, a large enterprise originate from small and medium-sized enterprises. Small and medium-sized enterprises (smes) is the most dynamic part of the national economy, often walk in the forefront of technology development, in the high-tech industry, clean energy, green economy, etc, have good performance, play an important role in the economic transformation. Small and medium-sized enterprise financing difficult is worldwide difficult problem. These small and medium-sized enterprise financing environment and narrow channels, more than 60% are unable to get a bank loan. At present, science and technology enterprises and the characteristics of light assets, financing difficulties, become a huge bottleneck of sustainable development. 2 The concept of the Internet financial In the past two years, the Internet financial show explosive growth, since 2014, the Internet financial sector performance strength. Current economic field exists the phenomenon of two special contradiction, one is the small and medium-sized
本份文档包含：关于该选题的外文文献、文献综述 一、外文文献 标题: Online brokers lead the way for French internet finance 作者: Caffard, Christophe 期刊名称: International Financial Law Review 卷: 20；期: 3；页: 20-24 Online brokers lead the way for French internet finance 1 Regulated brokers Regulated brokers are legal entities which have an investment services licence and are subject to the prudential regulations of the Comite de Reglementation Bancaire et Financiere (CRBF) and the Conseil des Marches Financiers (CMF). * Choice of legal form: regulated brokers are not required to be incorporated in a specific legal form; however, under article 13 of the MAF Law, the CECEI checks whether the legal form of the brokerage company is appropriate for providing investment services. In practice, any type of commercial company is admitted: societes de capitaux (limited companies) or societes de personnes (partnerships). The formalities of share transfer, tax and the scope of liability of a company's management will be relevant factors to the choice of legal form. * Application for an investment services licence from the CECEI: the most important part of the application is the description of the investment services, and a business plan including prospective financial statements for the following three years. The CMF will check whether the business plan is consistent with the investment services licence requested by the broker. The CECEI will ensure that the applicant's own initial funds are consistent with the business plan. The scope of the investment services licence is variable and covers one or more ofthe following investment services: Reception and transmission of orders to another investment services provider on behalf of investors, for execution. This is the core investment service provided by the
互联网金融发展中的风险管理研究文献综述 一、互联网金融发展中的风险管理研究的写作意义 互联网金融作为互联网、移动互联网与金融相结合的新型模式，正在以飞快的速度改造着传统金融业。一方面，互联网企业借助电子商务和信息数据等优势大举进军金融领域；另一方面，传统金融机构加速互联网业务创新，加强与互联网企业的合作。互联网金融日新月异的创新与变革使我们面临着不同于传统金融的新的金融风险。认识互联网金融风险产生的原因和特点，对于健全和完善互联网金融风险的防范和管理机制，发挥互联网金融对经济发展的良性促进作用是十分必要的。 二、互联网金融发展中的风险管理国内研究现状 （一）我国互联网金融发展中的风险管理现状 互联网金融是金融与互联网的融合，是在互联网时代，实现资金快速配置与融通的新金融模式。目前，国内互联网金融除了传统的网上银行功能外，主要形式有金融理财产品的网上销售、网络保险产品销售、网络证券买卖、第三方电子支付和网络小额信贷等。以余额宝为例，自2013年6月13日支付宝推出新产品余额宝以来，余额宝的业务量已经发展到较大规模，而且显现出强劲高速的发展势头，其他互联网金融也呈现突飞猛进发展趋势。 目前互联网金融的发展没有，也很难改变金融行业高风险的属性，在优化资源配置效率、提升金融效率的同时，也带来了不少的风险。从2013年以来，我国互联网金融风险开始暴露出来，案件频发，消费者权益受到侵害的事件时有发生，在2013年10月到11月末，就有39家P2P借贷平台陷入困境和倒闭。（二）专家、学者对互联网金融发展中的风险管理问题及对策分析 乔玉梅（2014）指出，随着信息技术和网络技术的普及和应用，互联网金融对银行业沿袭多年的经营范围、运作模式、管理理念和竞争格局提出了前所未有的挑战，深入研究互联网金融风险与监管问题，保证互联网金融业务的健康运行、避免各种风险带来的损失，对我国互联网金融业务发展具有重要的理论和实践意义。[1] 朱治豪（2014）指出，互联网金融在中国发展的如火如荼，扩大了金融服务的边界和市场。但是互联网金融业有相应的信用风险、市场选择风险、技术风险和法律风险，这些风险都加大了金融市场不稳定的可能性。故互联网金融企业应加强安全体系、风险控制体系建设，政府加大立法力度，共同防范互联网金融
中国私人银行业务发展研究文献综述 摘要：私人银行业务正在逐步成为国际银行业务领域的重要组成部分。伴随着我国经济的不断增长、富裕人口的集中涌现、金融制度的逐渐完善, 我国已经具备发展私人银行业务的基本条件。针对目前我国私人银行业务发展过程中面临的主要问题, 本文提出了相关的对策建议。 关键词:私人银行业务基本条件对策 从国际银行业的发展趋势来看, 私人银行业务已成为当今国际先进商业银行的战略核心业务之一。发展私人银行业务是中国银行业改革及商业银行经营转型、加快金融创新的需要, 也是应对外资私人银行竞争的需要。因此,分析当前中国私人银行业务发展面临的主要问题, 探讨发展私人银行业务的主要措施具有重要的意义。 一．私人银行业务的定义及特点 （一）私人银行业务的定义 所谓私人银行业务，即以“财富管理”为核心目标，以商业银行所涉及的一切资源为保障，向目标客户及其家庭提供私密性的量身定做的“管家式”金融服务。其业务领域不但包括投资、信托、保险、基金、外汇、贵金属等一切金融市场和金融工具，同时包括法律、税务、收藏、拍卖、遗产安排、子女教育及财务动态管理等专业顾问服务。 （二）私人银行业务的特点 康承东（2007）认为，私人银行业务具有以下特点：（1）客户门槛高；（2）服务内容广；（3）业务保密性强；（4）操作独立性高；（5）品牌效应大；（6）业务利润高。 二．中国私人银行业务的发展现状 私人银行在发达国家已经非常普遍, 但目前国内还没有真正意义上的私人银行业务。中国的理财市场也不过是近几年才刚刚兴起, 虽然一些银行、证券公司等金融机构都挂着财富管理的牌子, 但这些金融机构提供的理财服务还处于非常初级的阶段。2006 年以来, 随着主要国有商业银行改制、上市工作取得重要进展, 以及银行业的全面开放, 以高端客户为服务对象的私人银行业务成为各家银行关注的焦点, 面对外资银行对国内市场中高端客户的激烈争夺, 为了留住、吸引更多的高端客户, 各金融机构纷纷着手筹备私人银行业务, 国内商业银行提供的私人银行服务雏形也已浮现。 张长征（2007）认为，从发展历程看，我国私人银行业务的发展处于起步阶段；从服务对象看，以高额净资产客户为主；从服务内容看，提供更高的个性化，差异化及长期的全方位服务；从发展地域看，以经济发达的大城市为依托。 三．中国私人银行业务的发展前景 目前, 我国已经形成了一批在社会经济中越来越具有影响力的高收入群体, 这些高收入群体主要集中在三类人中: 民营经济经营者、企业中高层管理人员和专业人员。高收入群
译文 银行业是必要的而银行不是，互联网时代的金融中介机构的未来 摘要 本文探讨了互联网时代下金融机构和银行作为特殊的金融机构的未来可能是怎样的问题。由于互联网而导致的交易费用的减少会降低进入金融产品市场的壁垒，因为有可能不再需要运行成本密集型的分支的大型系统。但是，对金融机构的职能研究表明，不是每个人都可以销售和经销金融产品。这是真的，因为金融业务中的信息不对称问题需要一个拥有良好信誉的中介，也因为需要限制大型资本基金转换资产的风险。这两个要求变现了进入金融中介市场的重要壁垒。并不是每一个金融产品会因为互联网的崛起而将面临更多的竞争，只有那些标准化和低风险的产品。此外，那些拥有可观资本和良好声誉的大公司可能被视为银行的新竞争者。 关键字：银行业，银行，金融机构，互联网 1、引言 “银行业是19世纪的钢铁行业。”当谈到关于新的信息技术对银行的影响的谈论时，这句话经常被提起。更一般来说，可能有人会问，新信息技术是如何成功的，特别是互联网的，可能会改变商业和金融机构的市场情况。在互联网的帮助下，人们可以执行所有银行的业务，而不需要银行。这意味着传统银行分支机构的中介。此外，互联网已经使客户直接从网上购买股票而不需要访问当地的分支银行。从更广泛的意义上来说，在互联网的帮助下，金融市场的供给和需求可能通过互联网满足，而不需要金融中介机构。互联网的崛起是否真的是金融中介机构的威胁？在急剧减少的交易成本情况下，商业和竞争将如何变化？本文考察了互联网的成功对金融机构和银行的影响。 2、金融机构的发展 几个世纪以来，许多金融交易需要个人的存在。随着现代信息技术的发展，这些都被改变了。如今，客户可以在不进入当地分支银行的情况下进行任何金融交易。转移支付和支付账单可以通过网络进行，个人金融交易以及关于金融问题的信息咨询业可以通过网络进行。此外，互联网创新类似智能卡或者其他电子支付系统消除了为了得到一些现金而访问分支银行的需要。 但是互联网也会改变咨询活动：在许多情况下，它甚至可能减少个人存在的
摘要 供应链金融作为近几年被商业银行和各类企业日益关注的创新业务之一，不仅为金融机构带来了新的竞争市场和盈利途径，也在降低企业融资成本方面起到了至关重要的作用。本文在阅读、整理前人研究成果的基础上，拟从基本概念，运作模式，业务实践等几个方面，对现有的供应链融资的相关研究做出简要归纳总结，并据此对该业务的发展趋势做出预测。文章认为，在进一步做好风险管控的前提下，国内供应链金融的线上化趋势将成为主流发展方向。金融机构和电商企业的有效合作，将会为中小企业的融资市场注入新的活力。 关键词：供应链金融文献综述 ABSTRACT Commercial banks and enterprises of all kinds are paying more and more attention to supply chain finance, which is one of the business innovations in recent years. Not only does SCF bring the market competition and new profit channel for financial institutions, but also plays a crucial role in reducing costs of enterprises financing. Based on previous researches, we conduct a brief summary from the following aspects: the basic concept, the mode of operation the business models, etc. And a forecast for the development trend of SCF is made. The article suggests that under the condition that risks are under control, online supply chain financing will be a main stream. The cooperation between financial institutions and online retailers will inject new vitality into the small and medium-sized enterprise financing market. KEYWORDS: supply chain finance, literature review
互联网金融对传统金融业的影响外文文献翻译(文档含中英文对照即英文原文和中文翻译) 译文： 互联网金融对传统金融业的影响 摘要 网络的发展，深刻地改变甚至颠覆了许多传统行业，金融业也不例外。近年来，金融业成为继商业分销、传媒之后受互联网影响最为深远的领域，许多基于互联网的金融服务模式应运而生，并对传统金融业产生了深刻的影响和巨大的冲击。“互联网金融”成为社会各界关注的焦点。 互联网金融低成本、高效率、关注用户体验，这些特点使其能够充分满足传统金融“长尾市场”的特殊需求，灵活提供更为便捷、高
效的金融服务和多样化的金融产品，大大拓展了金融服务的广度和深度，缩短了人们在时空上的距离，建立了一种全新的金融生态环境；可以有效整合、利用零散的时间、信息、资金等碎片资源，积少成多，形成规模效益，成为各类金融服务机构新的利润增长点。此外，随着互联网金融的不断渗透和融合，将给传统金融行业带来新的挑战和机遇。互联网金融可以促进传统银行业的转型，弥补传统银行在资金处理效率、信息整合等方面的不足；为证券、保险、基金、理财产品的销售与推广提供新渠道。对于很多中小企业来说，互联网金融拓展了它们的融资渠道，大大降低了融资门槛，提高了资金的使用效率。但是，互联网金融的跨行业性决定了它的风险因素更为复杂、敏感、多变，因此要处理好创新发展与市场监管、行业自律的关系。 关键词：互联网金融；商业银行；影响；监管 1 引言 互联网技术的不断发展，云计算、大数据、社交网络等越来越多的互联网应用为传统行业的业务发展提供了有力支持，互联网对传统行业的渗透程度不断加深。20世纪末，微软总裁比尔盖茨就曾断言，“传统商业银行会成为新世纪的恐龙”。如今，随着互联网电子信息技术的发展，我们真切地感受到了这种趋势，移动支付、电子银行早已在我们的日常生活中占据了重要地位。 由于互联网金融的概念几乎完全来自于商业实践，因此目前的研究多集中在探讨互联网金融的具体模式上，而对传统金融行业的影响力分析和应对措施则缺乏系统性研究。互联网与金融行业一向是风险
互联网金融的理论与实践 1全球金融发展及趋势 1.1 全球金融格局 从最开始的“高利贷”开始，金融业经过长时间的历史演变，从朴素的实物（货币）借贷，逐步扩展为由多种要素组合而又相互作用的庞大系统，包括货币资金的筹集、分配、融通、运用及管理等。在此过程中，金融行业的专业性和集中度日益提高，大型金融机构不断形成，导致金融权力逐渐集中。 这一权力集中的趋势不但反映在一锅部，同样反映于各国在全球金融市场上的地位。从16~17世纪荷兰的崛起，从18~19世纪英国金融帝国的建立，再到20世纪至今美国金融主导权力的形成，国际金融格局的历史演变表明，一国的金融力量在国际竞争中居于至关重要的地位。一方面，一国强大的金融力量将极支撑该国经济的发展，促使该国在国际竞争中居于领先地位；另一方面，一国领先的经济实力将促进全球性金融资源向该国的集中，凸显该国在全球金融格局中的主导地位。二者互相促进，导致国际间金融资源的过度集中。 全球金融资源在少数发达国家的过度集中导致国际围的金融失衡——发达国家的金融产品过于丰富，金融市场急剧膨胀，虚拟经济大幅度脱离并超过尸体经济，累积巨大的系统风险，并把风险向全球围扩散。而不发达国家基本的金融需求得不到满足，加之本国金融体系的抗风险能力差，有限的外汇资金无法在本国市场得到好的回报，只能回流美国购买美国国债或机构债券等金融资产，不但削弱了本国的金融资源、抑制了本国的金融需求，而且分担了发达国家的金融风险。 经济全球化与金融全球化的发展非但没有改善这一状况，反而导致情况的恶化，加重全球经济失衡。2007年的金融危机之后，国际金融格局有所变化，全球金融体系正经历着结构性变革。全球开始质疑美元的单一世界货币体系的正当性，改变现有金融国际秩序和规则的呼声强烈。亚洲和新兴市场银行在全球的重要性日益提升，国际货币体系和国际金融市场有向多元化发展的趋势，美国和欧盟的金融地位均有所下降，但其住到地位并非发生根本性动摇，其弊端也无从消除。
《创意众筹的异质性融资激励与自反馈机制设计研究》黄玲，周勤 随着信息技术和科技手段的发展，一些看似不可思议的创意转化成产品，如打印机、可穿戴智能设备等，不仅改变着我们的日常生活，也促进了一批创意型企业的成长。同时，一些传统产业中的企业通过发展创意项目顺利摆脱了结构转型的困境。支持创意项目的发展有利于技术的创新和企业的转型。然而创意项目发展初期却面临诸多难题，其中融资难是其关键。创意项目的发展有利于技术的创新和企业的转型，而融资难是其发展初期面临的关键问题。而众筹为这一问题的解决提供了全新思路。本文从融资人、投资人和平台三方面说明了众筹模式三方目标各异，激励具有异质性。并建立模型，对这三方的激励模式进行了分析。之后，本文指出在众筹发展的初期，众筹机制的设计任务主要由平台来承担，肩负着教育市场和指导众筹的使命其目的是使更多的创意项目和资金有效对接，从而满足三方利益的一致诉求。随后，本文结合激励模式、众筹机制两方面进行了实证分析，实证表明，在阈值机制约束下，资金需求较小的创意项目倾向于选择众筹模式，融资方通过平台展示，向投资人发送项目质量信号，投资人在自我尽职审查机制下选择符合自身偏好的优质项目进行投资。借助“点名时间”数据研究表明，有效的质量信号在满足投资人偏好类型条件下能诱发投资激励，并通过众筹社区反馈渠道迅速传播，推动创意项目取得成功，反之则可能遭遇失败，这可以形成有效的众筹自反馈效应。最后，本文针对实证结果，提出了以改善异质性融资激励缺陷与创造自反馈机制的优良环境为基础的一系列政策建议。 《美国SEC众筹新规及其监管启示》龚映清，蓝海平 众筹作为一种科技融资的新模式，近年来在全球范围内发展迅速。众筹通过互联网有效匹配了资金供给与需求，为初创企业提供了一种全新且低成本的融资方式，是传统风险投资的一种重要补充。然而作为一种新模式，众筹模式也存在着包括股权众筹受限、投资者保护难等许多问题。因此，2013年10月，美国SEC正式发布了一项针对众筹的监管提案，以规范早期的众筹市场，促进其良性发展。该法案的主要内容包括：允许股权众筹、对发行人的要求以及对中介机构的要求。该法案的颁布对众筹模式产生了重大影响：一是放宽了投资者门槛，二是有利于化解中小企业融资难的问题，三是加速了众筹中介机构的发展。同时这一法案也存在一些不足，比如可能会增加发行企业成本，不利于投资者保护，增加监管成本等。但总的来说，美国众筹新规提案为众筹发展框定了边界，提供了土壤。本文针对中国众筹模式发展的中出现的政策监管不明、创新环境弱、投资者保护难度大、社会公众对众筹认识不足等问题，结合美国经验得出一些启示：一是要加快立法，二是要不断探索股权众筹方向及其可能路径，三是必须加大对投资者的保护，四是要加快信用体系建设。 《众筹项目的社交网络影响力预测与分析》杨扬，Ｃｈｕｎ－ＴａＬＵ，王菲菲，许进，ＰｈｉｌｉｐＳ．ＹＵ 与传统的募资方式相比，众筹具有募资速度快和成本低等优势，因而逐渐成为一种重要的募资渠道。然而，由于众筹平台中的大多数项目都以失败告终，众筹项目发起人、投资者和众筹平台的运营者都迫切地需要找到能够有效提高项目成功率的方法。本文针对众筹项目由于社会影响力不足而成功率较低的问题，提出了面向众筹平台的社交网络影响力预测方法。根据已有的数据，本文构造了一些特征作为研究对象，包括了项目统计特征、内容特征、社会行为特征和社会结构特征等４类累积特征。其后，结合ＫｉｃｋＳｔａｒｔｅｒ众筹平台数据和Ｔｗｉｔｔｅｒ社交网络中的相应数据外构建了模型，对众筹模式的影响力增长以及上述四项累积特征的重要性进行分析。实验结果表明：在整个推广过程中，众筹项目的社交网
互联网金融安全中英文对照外文翻译文献 中英文对照外文翻译文献(文档含英文原文和中文翻译)
Database Security in a Web Environment Introduction Databases have been common in government departments and commercial enterprises for many years. Today, databases in any organization are increasingly opened up to a multiplicity of suppliers, customers, partners and employees - an idea that would have been unheard of a few years ago. Numerous applications and their associated data are now accessed by a variety of users requiring different levels of access via manifold devices and channels – often simultaneously. For example: ? Online banks allow customers to perform a variety of banking operations - via the Internet and over the telephone – whilst maintaining the privacy of account data. ? E-Commerce merchants and their Service Providers must store customer, order and payment data on their merchant server - and keep it secure. ? HR departments allow employees to update their personal information –whilst protecting certain management information from unauthorized access. ? The medical profession must protect the confidentiality of patient data –whilst allowing essential access for treatment. ? Online brokerages need to be able to provide large numbers of simultaneous users with up-to-date and accurate financial information. This complex landscape leads to many new demands upon system security. The global growth of complex web-based infrastructures is driving a need for security solutions that provide mechanisms to segregate environments; perform integrity checking and maintenance; enable strong authentication and non-repudiation; and provide for confidentiality. In turn, this necessitates comprehensive business and technical risk assessment to identify the threats,
关于金融发展与经济增长的文献综述 当前的中国出现了一种奇特的宏观经济景观：一方面是货币过量供应，流动性泛滥，一些商业银行因为存差过大而发愁；另一方面是企业借钱难、筹资难，许多很有发展潜力的企业因为资金不足而得不到充分的发展。他认为问题症结在于，由金融市场和金融中介机构组成的金融体系发展严重滞后，使富裕的资金无法流入最有效率的产业和企业，资金流通不畅的必然会阻碍经济的发展。综观各个发达国家，几乎毫无例外的拥有发达的金融市场，而且似乎经济程度与金融市场的深度、广度也呈现出一定的正相关关系。究竟金融发展与经济增长之间存在怎样的一种关系呢？关于这个问题，国内外的诸多学者从理论和实证两个方面做了大量的研究，可谓仁者见仁，智者见智。 1912 年，Schumpeter 在《经济发展理论》一书中，被认为在经济理论史上第一次论述了创新与经济发展之间的关系。他认为金融机构满足新兴企业信贷要求是经济发展的核心所在，并强调银行的功能在于甄别出最有可能实现产品和生产过程创新的企业家，通过向其提供资金来促进技术进步。继熊彼特之后，关于金融发展与经济增长之间关系的研究观点大致可以分为以下两类： 1.金融发展与经济增长之间没有相关关系对于货币与实体经济之间的关系，西方古典经济学家根据萨伊定律提出了货币中性和信用媒介论，该理论认为货币供给量的变化不影响产出、就业等实际的经济变量。后来的一些经济学家如K.Wicksell，虽然认识到了货币在经济增长中具有重大的、实质性的影响，但主要强调的是消除货币对经济的不利影响。货币学派的代表人物 Friedman 认为“货币至关重要”只是就短期而言，在长期中货币供给的变化只会引起物价水平的变动，而不会影响实际产出。 Joan Robinson 也认为金融体系的出现和发展仅仅是对经济增长的被动反应。新古典学派同样认为金融发展与经济增长之间没有什么关系。Robert Lucas 根据理性如预期学派的分析，认为经济学家过分强调了金融因素在经济增长中的作用。因为理性的人们往往可能会在货币供给量变化之前就已调整了自己的行为，故货币供给量的变化不会对产出和就业产生影响，所以菲利普斯曲线即使在短期内也是垂直的。 2.金融发展与经济增长之间存在一定的因果和互动关系 20 世纪 70 年代，Mckinnon 和 Shaw 以发展中国家的金融问题为研究对象，认为在发展中国家存在
[转载]绿色金融文献综述：理论研究、实践的现状及趋势 原文地址：绿色金融文献综述：理论研究、实践的现状及趋势作者：雷立钧碳金融研究 1987年，世界环境与发展委员会在《我们共同的未来》报告中提出了可持续发展的概念。1992年，联合国环境与发展大会以可持续发展为方针制定并通过了《21世纪议程》。人类开始意识到单纯以经济增长为目的生产方式的危害性，确立了可持续发展战略，大力倡导绿色文明，并在政策和舆论导向上向环保产业和绿色经济倾斜，绿色观念逐渐被人们认可。金融是现代经济的核心，金融必须为经济的可持续发展服务，绿色金融应运而生。 一、绿色金融的内涵 (一) 绿色金融的定义 绿色金融(green finance)又称环境金融（environmental finance）、可持续金融(sustainable finance)，2000年，《美国传统词典》第四版将其定义为：环境金融是环境经济的一部分，研究如何使用多样化的金融工具来保护环境，保护生物多样性。 国内学者的定义主要有以下几种：一是绿色金融是指金融部门把环境保护这一基本国策作为自己的一项基本政策, 通过
金融业务的运作来体现“可持续发展”战略, 从而促进环境资源保护与经济协调发展, 并以此来实现金融可持续发展的一种金融营运战略（高建良，1998) [1]。二是绿色金融是指金融在经营活动中要体现“绿色 ”，即在投融资行为中要注重对环境污染的治理及对生态环境的保护，通过其对社会资金的引导作用，促进经济的可持续发展以及经济与生态的协调发展(王军华,2000)[2]。三是把绿色金融定义为金融业在经营活动中要体现环保意识，即在投融资行为中注重对生态环境的保护及对环境污染的治理．注重环保产业的发展，通过投融资行为对社会资源的引导作用，促进经济的可持续发展与生态的协调（李心印，2006) [3]。 除了以上代表性的定义外，国内学者还有从金融政策、金融与生态关系角度给出定义。截至目前，关于绿色金融还没有一个权威的定义。本文认为，从当前我国绿色金融理论与实践的发展看，高建良的定义更准确地指出了绿色金融的核心——“通过金融业务的运作来体现可持续发展战略 ”，这一观点基本上与国际上的研究一致。 （二）绿色金融的产生与发展 国际上最早提出绿色金融概念是在1997年。在此前后，世界各国政府、国际组织、金融机构以及非政府组织在环境保护领域进行了多种尝试，取得不少经验，1974年，前西德
文献信息： 文献标题：INTERNET FINANCE: DIGITAL CURRENCIES AND ALTERNATIVE FINANCE LIBERATING THE CAPITAL MARKETS（互联网金融：数字货币和替代金融解放资本市场） 国外作者：Kim Wales 文献出处：《Journal of Governance and Regulation》, 2015,4(1):190-201 字数统计：英文2505单词，13427字符；中文4405汉字 外文文献： INTERNET FINANCE: DIGITAL CURRENCIES AND ALTERNATIVE FINANCE LIBERATING THE CAPITAL MARKETS Abstract This article discusses how the sudden shift in policy reform and innovation has the potential to liberate the financial markets. The economic potential of internet finance is beginning to take hold across the capital markets as industries like Peer–to–Peer Lending, Equity and Debt based Crowdfunding and virtual currencies and cryptocurrencies which are types of digital currency are quickly transforming the way businesses are being financed. From borrowing and lending, buying and selling securities, to conducting wire transfers internationally, these innovations are creating a new class and generation of investors will source investments opportunities. Helping institutions and governments assess risks and manage performance in order to determine where to deploy capital; and showing signs of lessening the inequality gap. Following the neolithic agricultural revolution and the industrial revolution, this new revolution will enable more people to access financial services in less traditional ways, especially the unbanked world with its huge potential. These new financial opportunities, such as peer –to - peer (P2P) lending, will be discussed and examined, and we will stress how they can allow people to bypass
互联网金融的发展与监管（文献综述） 国外研究现状： 国外早已出现了各类互联网金融业态，由此也就自然导致了国外很早就对互联网金融监管的讨论。早在1983年，Hirshleifer(1983)就发表了一篇文章，明确把第三方支付界定为“俱乐部商品”。他以一个形象的故事说明了这一点：假定有一个处于低地地带的“拓荒地”，经常有海水倒灌风险，所以，每家都需要筑一段堤坝，而整块“拓荒地”的整体安全程度，并不等于每家为筑坝所付出努力之总和，而是取决于堤坝最薄弱那家所付出的努力。 Varian(2004)则进一步把这个模型向前推进了一步，由于每家在拓荒地的身家多少不同，这就会造成每家投入筑坝的努力不一样，比如，一贫如洗的光棍可能就没有动力去认真修堤坝。那么，这个光棍的行为就构成了整个“拓荒地”安全的威胁，在每家各管一段的无政府状态下，最终这个“拓荒地”就会有灭顶之灾。这个时候，就需要有人充当监管者，确保这个光棍的堤坝必须达到最低的安全标准。他们的研究，奠定了对互联网金融有必要进行监管的理论基础。在互联网金融的现实发展及学者们的理论研究之后不久，互联网金融的监管问题就进入到了美国监管者们的视野之中。 2008年9月，波士顿联储和亚特兰大联储写了一篇名为《理解新型零售支付中的风险》的文章，该文认识到零售支付正在从纸质交易向非现金（noncash）支付转变，由此带来不少新型零售支付业态的出现（PayPal已明确进入了本文的视野），这会带来五类风险，即欺诈风险（Fraud）、操作风险（Operational）、法律风险（Legal）、清算风险（Settlement）、系统性风险（Systemic）。 其中，与其他传统支付相比，移动支付因其匿名性、基于公共网络而使得数据安全（未经授权的修改、损坏和数据泄露）和非法使用（洗钱、资助恐怖主义、购买非法商品和服务）问题显得尤其突出。虽然截止到2012年，美联储仍认为，移动支付并非全新支付体系，而不过是一些借助新的通讯工具接入传统平台的新方式而已，将现有对ATM、信用卡等的监管规则扩展并覆盖它们即可，暂时尚无需全新立法。但是，他们在2012年8月报告中却强调了互联网金融发展的一条基本原则：“对现有监管政策的了解，应当成为业内常识。”的确，在美国，仅就现存监管体系和监管法规适用于互联网金融而论，其也仍然是比较繁杂且严格的。 从监管体系来说，美国可能对互联网金融企业行使监管权限的机构众多。如果不属于金融机构，主要由联邦通讯委员会和联邦贸易委员会负责监管；如果属于金融机构（特别是银行），因美国联邦和州的双层金融监管体系的存在，属于联邦管辖的，则消费者金融保护局（2010年之后依据多德-弗兰克法案之后成立的机构）、美联储、联邦存款保险公司、货币监理署、美国证监管等都可能对其从不同角度施加管辖权；属于州政府管辖的，则在美国绝大多数州，其运作都需提前取得许可，并按牌照规定范围经营。从需遵守的监管法规来说，美国虽无专门针对互联网金融的新立法，但现有监管法规已较繁复。到底使用哪些规则，则需要根据不同业态、机构在从事业务中实际上所扮演角色的不同来权衡。 国内研究现状： 20世纪80年代，中国银行业开始全面使用计算机，金融电子化时代来临。90年代初，我国金融专用网络体系建设获得了较大发展。1993年，中国政府宣布将金卡等一系列“金”字工程作为重要的国民经济信息化工程后，我国金融电子化建设进程加快，并取得了巨大的成就。我国国内大部分城市中，本地清算系