金融结构和经济增长关系外文文献翻译中英文2019-2020
英文
Financial structure and economic growth nexus revisited
Lan Khanh
Abstract
This paper empirically reassesses the long-debated relationship between the financial structure and economic growth. Specifically, we examine whether the effect of financial structure on economic growth is affected by the occurrence of banking crisis and economic volatility, the level of financial development, and the financial structure disproportion. We employ the generalized method of moments estimation to a panel of 99 countries over the 1971–2015 period. Although the main result supports the market-based view, the positive effect of the securities market development relative to the banking system weakens significantly if the financial structure is unbalanced. Our findings are robust to a variety of sensitivity checks, including different measures of financial structure, time periods, and model specifications.
Keywords: Financial structure, Unbalanced financial system, Economic growth
Introduction
Although most empirical evidence demonstrates that financial development has a positive long-run impact on economic growth, there is
no consensus in both theoretical and empirical evidence on the effect of financial structure on economic growth. Some theoretical models emphasize the benefits of bank-based financial system while others underline the advantages of financial system that rely more on securities markets. According to Levine (2003), the financial system as a whole has five functions to mitigate the problems caused by market frictions, including resource allocation, corporate governance monitoring, risk reduction, saving mobilization, and transaction facilitation. The four competing theories of financial structure, including bank-based, market-based, financial services, and law and finance view are constructed based on the role of banks and securities markets in providing such financial functions. We discuss them briefly below.
The bank-based view criticizes the drawbacks of the securities market and stresses that banks can mitigate these drawbacks. A well-developed securities market quickly reveals information, reducing the individual investors' incentives to collect and analyze information. As a result, a well-developed securities market may hinder the process of identifying innovative projects that promote economic growth (Stiglitz, 1985). Uncoordinated market may be ineffective in monitoring managers due to asymmetric information, free-rider problem, and surreptitious relationship between boards of directors, large shareholders, and managers (Allen & Gale, 2000; Jensen, 1993; Stiglitz, 1985). Moreover,
liquid securities markets may encourage myopic investment, leading to inefficient corporate governance and resource allocation (Bhidé, 1993).
In contrast, the proponents of market-based view depreciate the role of banks in providing financial functions. A banking system with a huge influence over the firms and bias toward prudence can impede the firms from undertaking innovative, profitable projects (Hellwig, 1991; Morck & Nakamura, 1999; Rajan, 1992; Weinstein and Yafeh, 1998). A long-run relationship between banks and firms' managers can lead them to act against the interests of other stakeholders (Black and Moersch, 1998). Finally, a bank-based system may be only good in providing inexpensive, basic risk management for standardized situations, leaving the advanced services for flexible and complicated demand for the stock-based system (Levine, 2002).
The financial services view argues that the issue is the overall development of financial system, not the particular institutional arrangements such as banks or securities markets. Banks and markets may act as complement rather than substitution in providing growth-enhancing financial services to the economy (Boyd & Smith, 1998; Levine & Zervos, 1998). La Porta, Lopez-de-Silanes, Shleifer, and Vinshy (1998) argue that legal system differences across countries determine the differences in the financial system. The legal rights and enforcement mechanism ensure the quantity and quality of services
provided by financial system, which then influence resource allocation and economic growth.
In the early 21st centuries, a series of papers find that the financial structure is not relevant for economic growth (Beck, Demirgü?-Kunt, Levine, and Maksimovic, 2000; Beck & Levine, 2002; Demirguc-Kunt & Maksimovic, 2002; Levine, 2002; Ndikumana, 2005). However, recent papers with more technical econometric approach provide the contradicting evidence that financial structure does matter. Some of them are in favor of market-based view while the others claim that a bank-based financial system enhances economic growth (Demirgü?-Kunt, Feyen, and Levine, 2013; Castro, Kalatzis, & Martins-Filho, 2015; Liu & Zhang, 2018).
In this paper, we re-examine the relationship between financial structure and economic growth, in terms of size, activity, and efficiency. However, our aims are different from the previous research and we make new contributions to the current literature in the following ways.
First, we check whether the macro-economic volatility and banking instability affect the relationship between the financial structure and economic growth. Kaminsky and Reinhart (1999), Rousseau and Wachtel (2011), Schularick and Taylor (2012), and Ductor and Grechyna (2015) mention that macroeconomic volatility, financial, and banking crises caused by excessive financial deepening or rapid credit growth
weaken the connection between the financial development and economic growth.
Second, we propose that the relationship between financial structure and economic growth may vary according to the level of financial development. There has been a great number of research identifying that finance has a different impact on economic growth in different countries, regions, economic development levels, time periods, and financial development levels (Beck, Degryse, & Kneer, 2014; De Gregorio & Guidotti, 1995; Deidda & Fattouh, 2002; Huang & Lin, 2009; Rioja and Valev, 2004a, 2004b). De Gregorio and Guidotti (1995), Levine and Zervos (1998), Levine, Loayza, and Beck (2000), and Rioja and Valev (2004b) conclude that the impact of financial development on growth changes as the financial development level changes. They also point out several theoretical explanations for this relationship, including economies of scales, learning-by-doing effects, and the law of diminishing returns (Rioja & Valev, 2004b).
Third, we investigate whether the effects of financial structure on economic growth in the balanced financial system are different from those in the unbalanced financial system. Previously, Cuadro-Sáez and García-Herrero (2008)find that a more balanced financial structure is associated with higher economic growth. If there exists a difference, it can explain why some research concludes that the financial structure is
irrelevant for economic growth.
To achieve these objectives, we use a panel dataset of 99 countries over the period 1971–2015 and the system generalized method of moments (GMM) to estimate the impact of financial structure on economic growth. We employ two approaches of Levine (2002) and Cuadro-Sáez and García-Herrero (2008) to measure financial structure and identify the unbalanced financial system. We allow for the interaction between the main variables of interest (financial structure indicators) and the variables that reflect macro-economic volatility, banking crisis, financial development, as well as the unbalancedness of the financial system.
We obtain several interesting findings, which are stable in extensive robust analyses. First, financial structure activity and efficiency matter for economic growth but the size of financial structure does not. Second, banking crises and economic volatility do not significantly change the relationship between financial structure and economic growth. Third, the role of stock market over banks increases with the development of the financial sector. Fourth, the positive impact of higher stock market development relative to banking sector development is reverted if the country's financial structure is unbalanced toward stock markets. Although our result is in favor of the market-based view, it also implies that for a country to receive benefit from higher development in financial
structure, it must have a balanced financial system first.
Literature review
Based on four competing financial structure theories, there has been a growing number of literature on the effect of financial structure on economic activities. Overall, early research on the financial structure and growth nexus provide supporting evidence for the financial services and law. However, recent studies have verified that the financial structure, bank-based or market-based financial system, matters for economic growth.
One of the pioneer studies on the financial structure and economic growth nexus is the seminar of Beck et al. (2000). In this paper, they use different methodologies for three cross-country-, industry-, and firm-level dataset to investigate the relationship between the financial structure and economic development. First, using a sample of 48 countries with data being averaged over the period 1980–1985, they find that the financial structure is not significantly related to economic growth while the financial development is positively correlated with economic growth. Second, the industry-level data of 34 countries and 36 industries indicate that the overall level of financial development, but not a specific structure of financial system, affects industry growth rate and the creation of new firms. Third, they use panel firm-level data from 1990 to 1995 to examine whether firms' access to external finance varies across financial system
with different structures. Again, the result is similar to the above findings. Overall, firms do not grow faster in either market- or bank-oriented financial system. The financial development level and legal environment are critical determinants of economic growth. Demirguc-Kunt and Maksimovic (2002) use firm-level data from 40 countries to check whether firms' access to external funds for growth differs in bank-oriented and market-oriented financial systems. The result reveals that the effect of the financial development on firms' growth is associated with the development of a country's contracting environment. Moreover, the relative development of stock market over banking system is not a robust predictor of the firms' access to external financing. Their finding is consistent with the financial services and law views. A highly cited paper by Levine (2002) explores the financial structure and economic growth relationship under four competing theories, including bank-based, market-based, financial services, and law views. He proposes three measures of the financial structure, in terms of size, activity, and efficiency. Using a data set of 48 countries from 1980 to 1985, he finds that financial structure is not significantly associated with economic growth, capital allocation, and the individual sources of growth. This finding indicates that both bank-based and market-based theories are not relevant for economic growth but provides a strong support for the financial services view. Similarly, Ndikumana (2005) finds that the
financial system development, not the financial structure, has a positive effect on the domestic investment. Beck and Levine (2002) investigate whether bank-based or market-based financial system has an impact on the growth, establishment of firms, and capital allocation efficiency across industries. The result does not support bank-based or market-based theory but the overall finance development and legal system efficiency are what matter for economic growth. Cuadro-Sáez and García-Herrero (2008) criticize the common measurement of financial structure (proposed by Levine (2002)) and recommend a new measure of the financial structure's balancedness. The result indicates that a more balanced financial structure, in terms of the banking relative to the capital market, supports economic growth. Their finding implies the complementary rather than substitution relationship between banks and capital markets.
In sharp contrast, recent studies employing the same data set, larger sample size, and longer period, indicate that the financial structure exerts a significant effect on economic growth. Pinno and Serletis (2007) investigate the potential for heterogeneity in the relationship between the financial structure and economic growth in Levine (2002)'s cross-country data set. They find evidence that developing countries benefit from the bank-based financial system while developed ones profit from the market-based financial system. Ergungor (2008)research on how
the financial system structure affects economic growth for 48 countries from 1980 to 1995, which are previously analyzed in Levine (2002). Ergungor (2008) employs a variety of financial structure, financial development, as well as economic, social, and political variables. The result indicates that the financial system structure matters for economic growth. Specifically, a bank-oriented financial system boots economic growth, especially the capital stock component, in countries with inflexible judicial systems. Baum, Sch?fer, and Talavera (2011) study whether a country's financial structure affects the firm's obstacles in obtaining external funds. They follow Levine (2002) to use two measures of financial structure, size and activity. Employing the data of 5500 manufacturing firms from 35 countries over the period 1989–2006, they find that both financial structure activity and size play an important role in reducing obstacles to firm's access to external finance. Although the result supports the bank-based view, the authors emphasize that both banks and stock markets have their own pros and cons. Luintel, Khan, Arestis, and Theodoridis (2008) criticize the research, which employ multi-country, -industry, and –firm level dataset. They propose the use of time-series and dynamic heterogeneous panel method to overcome the problems of cross-country heterogeneity and unbalanced cross-country growth path. The result indicates that both financial structure and development are predictors of economic growth. Moreover,
there is little support for Boyd and Smith (1998)'s prediction that the role of market based financial system rises as the economy grows.
Conclusion
This paper re-examines the effect of financial structure on economic growth. We use a variety of financial structure indicators and macro-economic variables to examine the relationship between financial structure and economic growth under unbalanced financial system, economic volatility, banking crisis, and financial development level. We apply the system GMM estimation for a panel data set of 99 countries over the period 1971–2015.
The main findings can be summarized as follows. First, a more market-based financial system, in terms of activity and efficiency, helps country to grow faster while a more market-based financial system in terms of size does not. Second, although banking crises and macro-economic volatility negatively affect economic growth, they do not affect the relationship between the financial structure and economic growth. Third, the role of stock market over banks strengthens with the development of financial sector. Fourth, although the results obtained are in favor of market-based view, the dominating role of stock markets over banks is deteriorated if the financial structure is unbalanced toward stock market. In other words, in a country with under-developed banks but well-developed stock markets, increase the development of the stock
markets relative to banks do not significantly promote economic growth. Our results are robust to country groups, alternative model specifications, and other proxies for financial structure.
Our results indicate that a more developed toward stock market financial system is definitely not always better for economic growth. Understanding the relationship between financial structure and economic growth in different economic and financial system conditions is very important to guarantee the effective role of financial sector in boosting economic activities. In the case of under-developed banking system, increasing the financial development toward stock market is harmful for economic growth. The policymaker should focus on the strategies to balance financial structure to maintaining the positive long-run economic growth. Our result also urges for future research that identifies the mechanisms though which the marginal effect of financial structure on economic growth changes from positive to negative.
中文
重新审视金融结构和经济增长关系
Lan Khanh
摘要
本文从实证上重新评估了金融结构与经济增长之间长期存在的关系。具体而言，我们研究了金融结构对经济增长的影响是否受到银
行危机和经济波动，金融发展水平以及金融结构失衡的影响。在1971-2015年期间，我们对99个国家/地区的小组采用了广义矩估计方法。尽管主要结果支持基于市场的观点，但如果金融结构不平衡，则相对于银行体系，证券市场发展的积极作用将大大减弱。我们的发现对于各种敏感性检查都是稳健的，包括金融结构，时间段和模型规格的不同度量。
关键字：金融结构；不平衡金融体系；经济增长
引言
尽管大多数实证研究证据表明金融发展对经济增长具有长期的积极影响，但在理论和经验证据上都没有关于金融结构对经济增长影响的共识。一些理论模型强调了基于银行的金融系统的好处，而另一些则强调了更多依赖证券市场的金融系统的好处。根据莱文（Levine，2003年）的观点，整个金融体系具有五个功能来缓解由市场摩擦引起的问题，包括资源分配，公司治理监控，风险降低，储蓄动员和交易便利化。基于银行和证券市场在提供金融功能方面的作用，构建了四种竞争的金融结构理论，包括基于银行的，基于市场的，金融服务以及法律和金融观点。我们在下面简要讨论它们。
基于银行的观点批评了证券市场的弊端，并强调银行可以减轻这些弊端。发达的证券市场会迅速披露信息，从而减少了个人投资者收集和分析信息的动机。结果，发达的证券市场可能会阻碍确定促进经济增长的创新项目的过程（Stiglitz，1985）。由于信息不对称，搭便车问题以及董事会，大股东与经理之间的秘密关系，市场不协调对监
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
https://www.doczj.com/doc/4960846.html,/finance/company/consumer.html Consumer finance company The consumer finance division of the SG group of France has become highly active within India. They plan to offer finance for vehicles and two-wheelers to consumers, aiming to provide close to Rs. 400 billion in India in the next few years of its operations. The SG group is also dealing in stock broking, asset management, investment banking, private banking, information technology and business processing. SG group has ventured into the rapidly growing consumer credit market in India, and have plans to construct a headquarters at Kolkata. The AIG Group has been approved by the RBI to set up a non-banking finance company (NBFC). AIG seeks to introduce its consumer finance and asset management businesses in India. AIG Capital India plans to emphasize credit cards, mortgage financing, consumer durable financing and personal loans. Leading Indian and international concerns like the HSBC, Deutsche Bank, Goldman Sachs, Barclays and HDFC Bank are also waiting to be approved by the Reserve Bank of India to initiate similar operations. AIG is presently involved in insurance and financial services in more than one hundred countries. The affiliates of the AIG Group also provide retirement and asset management services all over the world. Many international companies have been looking at NBFC business because of the growing consumer finance market. Unlike foreign banks, there are no strictures on branch openings for the NBFCs. GE Consumer Finance is a section of General Electric. It is responsible for looking after the retail finance operations. GE Consumer Finance also governs the GE Capital Asia. Outside the United States, GE Consumer Finance performs its operations under the GE Money brand. GE Consumer Finance currently offers financial services in more than fifty countries. The company deals in credit cards, personal finance, mortgages and automobile solutions. It has a client base of more than 118 million customers throughout the world
ERP implementation issues in advanced and developing countries Abstract There is an increasing need to implement a total business solution which supports major functionalities of a business. Enterprise resource planning (ERP) software is designed to meet this need, and has been widely adopted by organizations in developed countries. Meanwhile, ERP is beginning to appear in many organizations of developing countries. Little research has been conducted to compare the implementation practices of ERP in developed vs developing countries. Our research shows that ERP technology faces additional challenges in developing countries related to economic, cultural, and basic infrastructure issues. This article identifies a range of issues concerning ERP implementation by making a comparison of advanced and developing countries. Key words: Enterprise Resource management; Implementation; Developing countries. Enterprise resource planning (ERP) is an industry term for the broad set of activities supported by multi-module application software that helps a manufacturer or a service business manage the important parts of its business. Evolving from MRP systems, ERP has played a significant role in IT for several decades. Since the first symbiotic ERP product SAP created in 1972, ERP market revenues are expected to be as high as $52 billion by the year 2002. While there is wide acceptance of ERP in developed countries such as the USA, Canada, the UK, and Australia, developing countries lag far behind. At present, North America occupies 66 percent of the ERP market, Europe takes 22 percent, while the whole of Asia is only at 9 percent. However, due to economic growth, developing countries in Asia and Latin America are becoming major targets of big ERP vendors. ERP in developed countries ERP systems have been widely used by companies in developed countries. Organizations in manufacturing, service, and energy industries adopt ERP to:
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
毕业设计（论文）外文参考文献及译文 英文题目Component-based Safety Computer of Railway Signal Interlocking System 中文题目模块化安全铁路信号计算机联锁系统 学院自动化与电气工程学院 专业自动控制 姓名葛彦宁 学号 200808746 指导教师贺清 2012年5月30日
Component-based Safety Computer of Railway Signal Interlocking System 1 Introduction Signal Interlocking System is the critical equipment which can guarantee traffic safety and enhance operational efficiency in railway transportation. For a long time, the core control computer adopts in interlocking system is the special customized high-grade safety computer, for example, the SIMIS of Siemens, the EI32 of Nippon Signal, and so on. Along with the rapid development of electronic technology, the customized safety computer is facing severe challenges, for instance, the high development costs, poor usability, weak expansibility and slow technology update. To overcome the flaws of the high-grade special customized computer, the U.S. Department of Defense has put forward the concept：we should adopt commercial standards to replace military norms and standards for meeting consumers’demand [1]. In the meantime, there are several explorations and practices about adopting open system architecture in avionics. The United Stated and Europe have do much research about utilizing cost-effective fault-tolerant computer to replace the dedicated computer in aerospace and other safety-critical fields. In recent years, it is gradually becoming a new trend that the utilization of standardized components in aerospace, industry, transportation and other safety-critical fields. 2 Railways signal interlocking system 2.1 Functions of signal interlocking system The basic function of signal interlocking system is to protect train safety by controlling signal equipments, such as switch points, signals and track units in a station, and it handles routes via a certain interlocking regulation. Since the birth of the railway transportation, signal interlocking system has gone through manual signal, mechanical signal, relay-based interlocking, and the modern computer-based Interlocking System. 2.2 Architecture of signal interlocking system Generally, the Interlocking System has a hierarchical structure. According to the function of equipments, the system can be divided to the function of equipments; the system
附件1：外文资料翻译译文 财务报表分析 A.财务比率 我们需要使用财务比率来分析财务报表，比较财务报表的分析方法不能真正有效的得出想要的结果，除非采取的是研究在报表中项目与项目之间关系的形式。例如，只是知道史密斯公司在一个特定的日期中拥有10000美元的现金余额，对我们是没有多大价值的。但是，假如我们知道，这种余额在这种平衡中有4%的流动负债，而一年前的现金余额有25%的流动负债。由于银行家对公司通常要求现金余额保持在银行信用度的20%，不管使用或不使用，如果公司的财务状况出现问题，我们可以立即发现。 我们可以对比比较财务报表中的项目，作出如下结论： 1. 项目之间的资产负债表比较： a）在资产负债表中的一个日期之间的比较，例如项目，现金与流动负债相比； b）同一项目在资产负债表中一个日期与另一个日期之间的比较，例如，现在的现金与一年前比较； c）比较两个项目之间在资产负债表中一个日期和一个相似比率在资产负债表中的另一个日期的比率，例如，现在现金流动负债的比率与另一个项目一年前的相似比率和已经标记的现金状况趋势的比较。 2．项目报表中收入和支出的比较： a）一定时期中的报表项目的比较； b）同一项目在报表中现阶段与上个阶段的比较； c）报表中项目之间的比率与去年相似比率的比较； 3．资产负债表中的项目与报表中收入和支出项目的比较： a）在这些报表项目之间的一个给定的时间内，例如，今年净利润可能以百分比计算今年净值； b）两个报表中项目之间的比率在这几年时间的比较，例如，净利润的比率占今年净值的百分比与去年或者前年的相似比率的比较 如果我们采用上述比较或比率，然后依次比较它们，我们的比较分析结果将获得重要意义：
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
Dashboard From Wikipedia, the free encyclopedia This article is about a control panel placed in the front of the car. For other uses, see Dashboard (disambiguation). The dashboard of a Bentley Continental GTC car A dashboard (also called dash, instrument panel (IP), or fascia) is a control panel located directly ahead of a vehicle's driver, displaying instrumentation and controls for the vehicle's operation. Contents 1.Etymology 2.Dashboard features 3.Padding and safety 4.Fashion in instrumentation 5.See also 6.References Etymology Horse-drawn carriage dashboard Originally, the word dashboard applied to a barrier of wood or leather fixed at the front of a horse-drawn carriage or sleigh to protect the driver from mud or other debris "dashed up" (thrown up) by the horses' hooves.[1] Commonly these boards did not perform any additional function other than providing a convenient handhold for ascending into the driver's seat, or a small clip with which to secure the reins when not in use. When the first "horseless carriages" were constructed in the late 19th century, with engines mounted beneath the driver such as the Daimler Stahlradwagen, the simple dashboard was retained to protect occupants from debris thrown up by the cars' front wheels. However, as car design evolved to position the motor in front of the driver, the dashboard became a panel that protected vehicle occupants from the heat and oil of the engine. With gradually increasing mechanical complexity, this panel formed a convenient location for the placement of gauges and minor controls, and from this evolved the modern instrument panel,
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
论文题目：关于巴塞尔II：新巴塞尔资本协议的影响 学院名称：财经学院专业班级：金融0814班学生姓名：王庆贺 外文题目：Dealing with Basel II: the impact of the New Basel Capital Accord 出处：Balance Sheet,2003,Vol.11(No.4) 作者：Thomas Garside and Jens Bech 译文： 关于巴塞尔II：新巴塞尔资本协议的影响 托马斯·加赛德和杰尼斯·伯克 摘要：国际监管机构在2003年完成新资本协议，银行决定在2006年底执行这个协议。巴塞尔协议是对全球银行业改革的监管。在本文中，我们回顾新巴塞尔资本协议内容以及一些我们所期望对欧洲银行业发生的重要影响。正如在第一届巴塞尔协议修正案（Basel I）中，我们得出结论，新巴塞尔协议不仅对持有资本额的数量做了规定，还对银行业的战略格局进行展望。 关键词：银行，流动性，监管，风险管理 新巴塞尔资本协议的新规则 巴塞尔委员会虽然只是公布了三分之一，但这很可能是协商的最后新资本协议（Basel II）文件。这项建议如获通过，将会深刻地改变银行的偿付能力的方式，监管机构监管银行风险管理实施过程和银行必须对市场参与者公布的风险信息量，经过讨论会，巴塞尔委员会预计将在2003年底发布的新资本协议的最后草案。 目前的巴塞尔资本协议（Basel I）对达到加强国际金融体系的稳定的既定目标已经有了显著成效，通过在不同国家持续应用本协议的同时，增加了资本水平，创造了一个更公平的竞争领域。总的来说，目前的全球一级资本的平均水平从1993年的约6%升至8%，此外，巴塞尔资本协议已经应用于100多个国家，远远超过最初的预期。 尽管实现其最初目标的成效很明显，很显然，对于巴塞尔我有一些意想不到的不
中南大学CentralSouthUniversity 本科毕业设计英文文献翻译题目 学生姓名 学号 指导教师 学院 专业班级 二○一六年一月八日
Spring 的web MVC 构架模式 Juergen Hoeller 1、介绍：Spring 的应用构架 当你第一次看到并接触Spring框架的时候，你一定会在心里想到；“哦哦，不不，这又是另一种Web构架”。这篇文章将会指出Spring框架不是什么特殊的web框架，而是一个通用的轻量级的应用程序框架，在专用网络支持下的应用程序框架。并且它会告诉你Spring框架明显区别于其他轻量级application framework，它将专注于web的支持，与struts和webwork有着明显的区别。 在和struts和webwork的对比上之中，Spring框架是一个服务于所有层面上的application framework：提供了bean的配置基础，AOP的支持，JDBC的提取框架，抽象事务支持，等等诸如此类。它有一个非常显著的特点：在某个层面上如果你不需要Spring的支持，它有一个非常显著的特点：在某个层面上如果你不需要Spring的支持，你就可以不使用Spring框架的class（类），只使用它的某一部分的功能。从它的设计理念，你可以看到Spring框架帮助你实现了真正的逻辑层和web层的成功分离：例如：一个校验应用将不用依靠controllers，就可以实现。这样的目标是更好的重用和易测：过分依靠不必要的容器和框架将不能实现这一点。 当然，Spring的自己本身的web支持和通常框架模式的细致完整。然而，Spring替换struts，webwork或者其他的web方案非常的容易。这个对于Spring 的web支持或者不同的地方，Spring允许你在web容器里面建立一个中间层，在测试环境或者标准独立的应用里面来设置重用你的商务逻辑。 还有就是在J2EE环境里面，可以让你你的商务逻辑不必依靠容器提供的服务，就比如像JTA，EJB的支持。良好的框架的一个web应用是可以运行在任何
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
本科毕业论文（设计） 外文翻译 原文： Network Economics with Application to Finance Networks and network externalities play a central role in the New Industrial Organization. Many network industries, such as telecommunications, railroads etc., are central to modern economic life. Further, the essential relationships among the components of the network, i.e., complimentarily and compatibility, are present in many non-network industries, including financial intermediation and the exchange of financial instruments and assets. In this paper, we analyze and review the essential features of networks and show their application to finance. A crucial feature of networks is that they exhibit network externalities, i.e., production or consumption positive size externalities. In a typical network, the addition of a new customer (or network node) increases the willingness to pay for network services by all participants. When a new node is added to a network, new goods are created. Consumers demand these goods that were unavailable before. Thus, consumers are better off after the new node was added. The benefits of the addition of an extra node (or an extra customer) exceed the private benefits accruing to the particular node (or customer). As an example of this, consider a simple star network consisting of a central node S and peripheral nodes A, B, C, etc., as in Figure 1. This can be a telecommunications network if S is a central switch and A, B, C, etc. are the locations of the various customers. Customers demand phone calls ASB, BSA, ASC, etc. These are composite goods, each comprised of two complementary components; for example ASB is comprised of AS and SB. Networks are by their nature self-reinforcing. This is just another way of saying that they exhibit positive size externalities. As a direct consequence of their self-reinforcing nature, networks frequently exhibit positive critical mass. This means