互联网金融对传统金融业的影响外文文献翻译 Standardization of sany group #QS8QHH-HHGX8Q8-GNHHJ8-HHMHGN#
文献出处: Ramsey; Labored. Internet Finance's Impact on Traditional Finance [J]. The Journal of International Finance, 2014, 16(2): 31-49.
原文
Internet Finance's Impact on Traditional Finance
Ramsey; Labored.
Abstract
As the advances in modern information and Internet technology, especially the develop of cloud computing, big data, mobile Internet, search engines and social networks, profoundly change, even subvert many traditional industries, and the financial industry is no exception. In recent years, financial industry has become the most far-reaching area influenced by Internet, after commercial distribution and the media. Many Internet-based financial service models have emerged, and have had a profound and huge impact on traditional financial industries. "Internet-Finance" has win the focus of public attention.
Internet-Finance is low cost, high efficiency, and pays more attention to the user experience, and these features enable it to fully meet the special needs of traditional "long tail financial market", to flexibly provide more convenient and efficient financial services and diversified financial products, to greatly expand the scope and depth of
financial services, to shorten the distance between people space and time, and to establish a new financial environment, which effectively integrate and take use of fragmented time, information, capital and other scattered resources, then add up to form a scale, and grow a new profit point for various financial institutions. Moreover, with the continuous penetration and integration in traditional financial field, Internet-Finance will bring new challenges, but also opportunities to the traditional. It contribute to the transformation of the traditional commercial banks, compensate for the lack of efficiency in funding process and information integration, and provide new distribution channels for securities, insurance, funds and other financial products. For many SMEs, Internet-Finance extend their financing channels, reduce their financing threshold, and improve their efficiency in using funds. However, the cross-industry nature of the Internet Finance determines its risk factors are more complex, sensitive and varied, and therefore we must properly handle the relationship between innovative development and market regulation, industry self-regulation.
Key Words：Internet Finance; Commercial Banks; Effects; Regulatory
1 Introduction
The continuous development of Internet technology, cloud computing, big data, a growing number of Internet applications such as social
networks for the business development of traditional industry provides a strong support, the level of penetration of the Internet on the traditional industry. The end of the 20th century, Microsoft chairman Bill Gates, who declared, "the traditional commercial bank will become the new century dinosaur". Nowadays, with the development of the
Internet electronic information technology, we really felt this trend, mobile payment, electronic bank already occupies the important position in our daily life.
Due to the concept of the Internet financial almost entirely from the business practices, therefore the present study focused on the discussion. Internet financial specific mode, and the influence of traditional financial industry analysis and counter measures are lack of systemic research. Internet has always been a key battleground in risk investment, and financial industry is the thinking mode of innovative experimental various business models emerge in endlessly, so it is difficult to use a fixed set of thinking to classification and definition. The mutual penetration and integration of Internet and financial, is a reflection of technical development and market rules requirements, is an irreversible trend. The Internet bring traditional financial is not only a low cost and high efficiency, more is a kind of innovative thinking mode and unremitting pursuit of the user experience. The traditional financial industry to actively respond to. Internet
financial, for such a vast blue ocean enough to change the world, it is very worthy of attention to straighten out its development, from the existing business model to its development prospects.
"Internet financial" belongs to the latest formats form, discusses the Internet financial research of literature, but the lack of systemic and more practical. So this article according to the characteristics of the Internet industry practical stronger, the several business models on the market for summary analysis, and the traditional financial industry how to actively respond to the Internet wave of financial analysis and Suggestions are given, with strong practical significance.
2 Internet financial background
Internet financial platform based on Internet resources, on the basis of the big data and cloud computing new financial model. Internet finance with the help of the Internet technology, mobile communication technology to realize financing, payment and information intermediary business, is a traditional industry and modern information technology represented by the Internet, mobile payment, cloud computing, data mining, search engines and social networks, etc.) Produced by the combination of emerging field. Whether financial or the Internet, the Internet is just the difference on the strategic, there is no strict definition of distinction. As the financial and the mutual penetration
and integration of the Internet, the Internet financial can refer all through the Internet technology to realize the financing behavior. Internet financial is the Internet and the traditional financial product of mutual infiltration and fusion, the new financial model has a profound background. The emergence of the Internet financial is a craving for cost reduction is the result of the financial subject, is also inseparable from the rapid development of modern information technology to provide technical support.
Demands factors
Traditional financial markets there are serious information asymmetry, greatly improve the transaction risk. Exhibition gradually changed people's spending habits, more and more high to the requirement of service efficiency and experience; In addition, rising operating costs, to stimulate the financial main body's thirst for financial innovation and reform; This pulled by demand factors, become the
Internet financial produce powerful inner driving force.
Supply driving factor
Data mining, cloud computing and Internet search engines, such as the development of technology, financial and institutional technology platform. Innovation, enterprise profit-driven mixed management, etc., for the transformation of traditional industry and Internet companies
offered financial sector penetration may, for the birth and development of the Internet financial external technical support, become a kind of externalization of constitution. In the Internet "openness, equality, cooperation, share" platform, third-party financing and payment, online investment finance, credit evaluation model, not only makes the traditional pattern of financial markets will be great changes have taken place, and modern information technology is more easily to serve various financial entities. For the traditional financial institutions, especially in the banking, securities and insurance institutions, more opportunities than the crisis, development is better than a challenge.
3 Internet financial constitute the main body
Capital providers
Between Internet financial comprehensive, its capital providers include not only the traditional financial institutions, including penetrating into the Internet. In terms of the current market structure, the traditional financial sector mainly include commercial Banks, securities, insurance, fund and small loan companies, mainly includes the part of the Internet companies and emerging subject, such as the amazon, and some channels on Internet for the company. These companies
is not only the providers of capital market, but also too many
traditional so-called "low net worth clients" suppliers of funds into
the market. In operation form, the former mainly through the Internet, to the traditional business externalization, the latter mainly through Internet channels to penetrate business, both externalization and penetration, both through the Internet channel to achieve the financial business innovation and reform.
Capital demanders
Internet financial mode of capital demanders although there is no breakthrough in the traditional government, enterprise and individual, but on the benefit has greatly changed. In the rise and development of the Internet financial, especially Internet companies to enter the threshold of made in the traditional financial institutions, relatively weak groups and individual demanders, have a more convenient and efficient access to capital. As a result, the Internet brought about by the universality and inclusive financial better than the previous traditional financial pattern.
Intermediaries
Internet financial rely on efficient and convenient information technology, greatly reduces the financial markets is the wrong information. Docking directly through Internet, according to both parties, transaction cost is greatly reduced, so the Internet finance main body for the dependence of the intermediary institutions decreased
significantly, but does not mean that the Internet financial markets, there is no intermediary institutions. In terms of the development of the Internet financial situation at present stage, the third-party payment platform plays an intermediary role in this field, not only ACTS as a financial settlement platform, but also to the capital supply and demand of the integration of upstream and downstream link multi-faceted, in meet the funds to pay at the same time, have the effect of capital allocation. Especially in the field of electronic commerce, this
function is more obvious.
Large financial data
Big financial data collection refers to the vast amounts of unstructured data, through the study of the depth of its mining and
real-time analysis, grasp the customer's trading information, consumption habits and consumption information, and predict customer behavior and make the relevant financial institutions in the product design, precise marketing and greatly improve the efficiency of risk management, etc. Financial services platform based on the large data mainly refers to with vast trading data of the electronic commerce enterprise's financial services. The key to the big data from a large number of chaotic ability to rapidly gaining valuable information in the
data, or from big data assets liquidation ability quickly. Big data information processing, therefore, often together with cloud computing.
4 Global economic issues
FOR much of the past year the fast-growing economies of the emerging world watched the Western financial hurricane from afar. Their own banks held few of the mortgage-based assets that undid the rich world’s financial firms. Commodity exporters were thriving, thanks to high prices for raw materials. China’s economic juggernaut powered on. And, from Budapest to Brasília, an ab undance of credit fuelled domestic demand. Even as talk mounted of the rich world suffering its worst financial collapse since the Depression, emerging economies seemed a long way from the centre of the storm.
No longer. As foreign capital has fled and confidence evaporated, the emerging world’s stockmarkets have plunged (in some cases losing half their value) and currencies tumbled. The seizure in the credit market caused havoc, as foreign banks abruptly stopped lending and stepped back from even the most basic banking services, including trade credits.
Like their rich-world counterparts, governments are battling to
limit the damage (see article). That is easiest for those with large foreign-exchange reserves. Russia is spending $220 billion to shore up
its financial services industry. South Korea has guaranteed $100 billion of its banks’ debt. Less well-endowed countries are asking for help.
Hungary has secured a EURO5 billion ($ billion) lifeline from the European Central Bank and is negotiating a loan from the IMF, as is Ukraine. Close to a dozen countries are talking to the fund about financial help.
Those with long-standing problems are being driven to desperate measures. Argentina is nationalising its private pension funds, seemingly to stave off default (see article). But even stalwarts are looking weaker. Figures released this week showed that China’s growth slowed to 9% in the year to the third quarter-still a rapid pace but a lot slower than the double-digit rates of recent years.
The various emerging economies are in different states of readiness, but the cumulative impact of all this will be enormous. Most obviously, how these countries fare will determine whether the world economy faces a mild recession or something nastier. Emerging economies accounted for around three-quarters of global growth over the past 18 months. But
their economic fate will also have political consequences.
In many places-eastern Europe is one example (see article)-financial turmoil is hitting weak governments. But even strong regimes could suffer. Some experts think that China needs growth of 7% a year to
contain social unrest. More generally, the coming strife will shape the debate about the integration of the world economy. Unlike many previous emerging-market crises, tod ay’s mess spread from the rich world,
largely thanks to increasingly integrated capital markets. If emerging economies collapse-either into a currency crisis or a sharp recession-there will be yet more questioning of the wisdom of globalised finance.
Fortunately, the picture is not universally dire. All emerging economies will slow. Some will surely face deep recessions. But many are facing the present danger in stronger shape than ever before, armed with large reserves, flexible currencies and strong budgets. Good policy-both at home and in the rich world-can yet avoid a catastrophe.
One reason for hope is that the direct economic fallout from the
rich world’s disaster is manageable. Falling demand in America and Europe hurts exports, particularly in Asia and Mexico. Commodity prices have fallen: oil is down nearly 60% from its peak and many crops and metals have done worse. That has a mixed effect. Although it hurts commodity-exporters from Russia to South America, it helps commodity importers in Asia and reduces inflation fears everywhere. Countries like Venezuela that have been run badly are vulnerable (see article), but given the scale of the past boom, the commodity bust so far seems unlikely to cause widespread crises.
The more dangerous shock is financial. Wealth is being squeezed as asset prices decline. China’s house prices, for instance, have started falling (see article). This will dampen domestic confidence, even though consumers are much less indebted than they are in the rich world. Elsewhere, the sudden dearth of foreign-bank lending and the flight of hedge funds and other investors from bond markets has slammed the brakes on credit growth. And just as booming credit once underpinned strong domestic spending, so tighter credit will mean slower growth.
Again, the impact will differ by country. Thanks to huge current-account surpluses in China and the oil-exporters in the Gulf, emerging economies as a group still send capital to the rich world. But over 80 have deficits of more than 5% of GDP. Most of these are poor countries that live off foreign aid; but some larger ones rely on private capital. For the likes of Turkey and South Africa a sudden slowing in foreign financing would force a dramatic adjustment. A particular worry is eastern Europe, where many countries have double-digit deficits. In addition, even some countries with surpluses, such as Russia, have banks that have grown accustomed to easy foreign lending because of the integration of global finance. The rich world’s bank bail-outs may
limit the squeeze, but the flow of capital to the emerging world will slow. The Institute of International Finance, a bankers’ group, expects a 30% decline in net flows of private capital from last year.
This credit crunch will be grim, but most emerging markets can avoid catastrophe. The biggest ones are in relatively good shape. The more vulnerable ones can (and should) be helped.
Among the giants, China is in a league of its own, with a $2
trillion arsenal of reserves, a current-account surplus, little connection to foreign banks and a budget surplus that offers lots of room to boost spending. Since the country’s leaders have made clear
that they will do whatever it takes to cushion growth, China’s economy is likely to slow-perhaps to 8%-but not collapse. Although that is not enough to save the world economy, such growth in China would put a floor under commodity prices and help other countries in the emerging world.
The other large economies will be harder hit, but should be able to weather the storm. India has a big budget deficit and many Brazilian firms have a large foreign-currency exposure. But Brazil’s economy is diversified and both countries have plenty of reserves to smooth the shift to slower growth. With $550 billion of reserves, Russia ought to be able to stop a run on the rouble. In the short-term at least, the most vulnerable countries are all smaller ones.
There will be pain as tighter credit forces adjustments. But sensible, speedy international assistance would make a big difference. Seve ral emerging countries have asked America’s Federal Reserve for
liquidity support; some hope that China will bail them out. A better route is surely the IMF, which has huge expertise and some $250 billion to lend. Sadly, borrowing from the fund carries a stigma. That needs to change. The IMF should develop quicker, more flexible financial instruments and minimise the conditions it attaches to loans. Over the past month deft policymaking saw off calamity in the rich world. Now it is time for something similar in the emerging world.
5 Conclusions
Internet financial model can produce not only huge social benefit, lower transaction costs, provide higher than the existing direct and indirect financing efficiency of the allocation of resources, to provide power for economic development, will also be able to use the Internet and its related software technology played down the traditional finance specialized division of labor, makes the financial participants more mass popularization, risk pricing term matching complex transactions, tend to be simple. Because of the Internet financial involved in the field are mainly concentrated in the field of traditional financial institutions to the current development is not thorough, namely traditional financial "long tail" market, can complement with the original traditional financial business situation, so in the short term the Internet finance from the Angle of the size of the market will not
make a big impact to the traditional financial institutions, but the Internet financial business model, innovative ideas, and its apparent high efficiency for the traditional financial institutions brought greater impact on the concept, also led to the traditional financial institutions to further accelerate the mutual penetration and integration with the Internet.
译文
互联网金融对传统金融的影响
作者：罗萨米 ;拉夫雷特
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投资的主战场，是思维模式的创新实验田，因此各种商业模式层出不穷，很难用一套固定的思维去分类、界定。互联网与金融的相互渗透与融合，是技术发展与市场规律要求的体现，是不可逆转的趋势。互联网带给传统金融的不仅仅是低成本与高效率，更在于一种创新的思维模式和对用户体验的不懈追求。而传统金融行业要去积极应对。互联网金融，对于这样一片足以改变世界的巨大蓝海，是非常值得投入精力去理顺其发展脉络，去从现有的商业模式中发现其发展前景的。
“互联网金融”属于最新的业态形式，对互联网金融进行探讨研究的文献不少，但多缺乏系统性与实践性。因此本文根据互联网行业实践性较强的特点，对市场上的几种业务模式进行概括分析，并就传统金融行业如何积极应对互联网金融浪潮给出了分析与建议，具有较强的现实意义。
2互联网金融的产生背景
互联网金融是以互联网为资源平台，以大数据和云计算为基础的新金融模式。互联网金融借助于互联网技术、移动通信技术来实现资金融通、支付和信息中介等业务，是传统金融业与以互联网为代表的现代信息科技（移动支付、云计算、数据挖掘、搜索引擎和社交网络等）相结合产生的新兴领域。不管是互联网金融还是金融互联网，只是战略上的区别，并没有严格定义区分。随着金融与互联网的相互渗透与相互融合，互联网金融可以泛指一切通过互联网技术来实现资金融通的行为。互联网金融是互联网与传统金融相互渗透和融合的产物，这种崭新的金融模式有着深刻的产生背景。互联网金融的出现既源于金融主体对于降低成本的强烈渴求，（百度文库所有，完整译文请到百度文库）
也离不开现代信息技术迅猛发展提供的技术支撑。
需求型拉动因素
传统金融市场存在严重的信息不对称，极大的提高了交易风险；移动互联网的发展逐步改变了人们的金融消费习惯，对服务效率和体验的要求越来越高；此外，运营成本的不断上升，都刺激着金融主体对于金融创新与改革的渴求；这种由需求拉动的因素，成为互联网金融产生的强大内在推动力。
供给型推动因素
数据挖掘、云计算以及搜索引擎等技术的发展、金融与互联网机构的技术平台的革新、企业逐利性的混业经营等，为传统金融业的转型和互联网企业向金融领域渗透提供了可能，为互联网金融的产生和发展提供了外在的技术支撑，成为一种外化的拉动力。在互联网“开放、平等、协作、分享”的平台上，第三方融资与支付、在线投资理财、信用评审等模式的不断涌现，不仅使得传统的金融市场格局发生了巨大的变化，也使现代信息科技更加便捷地服务于各金融主体。对于传统金融机构，特别是银行、证券和保险机构而言，机遇大于危机，发展胜过挑战。
3互联网金融的构成主体
资金供给者
介于互联网金融的综合性，其资金供给者不仅包括传统的金融机构，也包括渗透进入的互联网企业。就目前的市场结构而言，传统金融机构主要有商业银行、证券、保险、基金和小额贷款公司，而新兴主体主要包括部分互联网企业，如亚马逊，还有一些以互联网为渠道的综合型公司。这些企业不仅是市场资金的供给者，更是将许多传统所谓的“低净值客户”纳入市场资金的供给方。在操作形式上，前者主要借助互联网将传统业务进行外化，后者主要通过互联网渠道将业务进行渗透，无论是外化还是渗透，二者都通过互联网渠道实现了金融业务的创新与改革。资金需求者
互联网金融模式下的资金需求者虽然没有突破传统的政府、企业和个体的范畴，但在惠及范围上却有着很大程度的改变。互联网金融的兴起和发展，特别是互
联网企业的进入使得被排挤在传统金融机构门槛之外的、相对弱势的组织和个体需求者，有了一个更加便捷和高效的资金获取渠道。因此，互联网金融所带来的普惠性和包容性更胜以往的传统金融模式。
中介机构
互联网金融依靠高效、便捷的信息技术，极大降低了金融市场上存在的信息不对称，交易双方通过互联网直接对接，交易成本也大大降低，因此互联网金融主体对于中介机构的依赖性明显减弱，但并非意味着互联网金融市场就没有中介机构。就现阶段互联网金融的发展状况而言，第三方支付平台扮演了该领域中介机构的角色，不仅充当资金结算的平台，更是对资金供需的上下游环节进行多方位的整合，在满足资金支付的同时，起到资金配置的作用。尤其是在电子商务领域，这一功能更加明显。
大数据金融
大数据金融是指集合海量非结构化数据，通过对其进行深度挖掘与实时分析，掌握客户的交易信息、消费信息和消费习惯等，进而准确预测客户行为，使相关金融机构在产品设计、精准营销和风险管理等方面的效率得到极大提高。基于大数据的金融服务平台主要指拥有海量交易数据的电子商务企业所开展的金融服务。大数据的关键是从大量无序的数据中快速攫取有价值信息的能力，或者是从大数据资产中快速变现的能力。因此，大数据的信息处理往往与云计算结合在一起。
4全球经济问题