互联网金融化背景下商业银行发展策略研究外文文献翻译

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外文出处：DeBonisR, Silvestrini A. Internet finance and its influence ontraditional banking [J]. Applied FinancialEconomics, 2016,3(5):409-425.原文Internetfinanceanditsinfluenceontraditionalbanking DeBonisR, SilvestriniAA b stractsWith the rapid development of information technology, Internet financialmodel graduallyrise.ThispapersummarizestheInternetfinancialmodelonthebasisofth e concept, features and functions of Internet financial model in strategy,customer channels,financing, pricingand financial disintermediation of the impact of the tra di ti o nal c om mercial bank. T his paper a r g ue s t hat Inte rne t financ i al m ode l in the short term will not stand in the way of commercial bank's traditional business modelandprofit,butinthelongtermcommercialBanksshoulduseoftheInternetfinancial model,in order to obtain the new development. At the same time, the sustainedandhealthy development of the Internet industry to rely on Internet financialenterprises e lf-di s c i pli ne,posit i ve i nnovat i on,but a lsoattrac t m orec us t ome rs,strengt he nt h e construction ofsystemsecurity.Key words: Financial innovation; Internet financial; FinancialdisintermediationAt p r e s ent, m obi le payment, online ba nking, m obil e ba nki ng and financ i al businessinChina'sbooming financialinnovationssuchascloud,thusformedanew kind of financial model -- the Internet finance. Big data era and brand creation,spread tothedevelopmentoffinancialinstitutionsisbothachallengeandopportunity.Alo ng with the development of the Internet financial, emerging Internet traditionalfinancialcompanies and financial institutions will be a fierce competition, the future mayeven change thetraditional financial management mode and operationpattern. The Inter net financial concepts, features andfunctions Theconcept of the Inter net financial.After years of development, Internet companies stay in business does not providetechnicalsupporttofinancialinstitutionsandservicelevel,thedataaccumulated through the depth of mining information, to expand our business to thefinancial sector,buildfinancialmodelsandInternetbecometheemergingfieldofcombining inf orm a ti on technol o g ya ndca pi ta l.I nt e rne tfina n ci a lmodelisdiffer e ntfromindirectfinancing of commercial bank, it is also different from directfinancing capital market'sthirdfinancialfinancingmodel.Fromthe perspectiveofthe financingmode of Internet financial mode in essence is a kind of direct financing mode. Butcompared withthetraditionalmodeofdirectfinancing,Internetfinancingmodelhasalarge am ount ofinforma t ion,l ow e r transa c tioncost s,hig he ffic i en c y,et c.Adoptappropria t eth e Internet finance is a kind of financial model in the information age. Theauthor believesthattheInternetfinanceisbasedonmoderninformationtechnologyin financia l activities, with functions of financing, payment and transactionintermediary.Thecharacteristicsofthe Internetfinancial.Availabili t y of f i nancia l resources. Financia l exclusi on is defined as: people i nthefinancialsystemlackaconditioninwhichthe share of financial services,includingthesocialvulnerablegroupsinthelackofwaysormethodsiscloseto financialinstitutions,aswellasintheuseoffinancialproductsorfinancialservicesexist difficulties and obstacles. The current management mode,thetraditionalcom m ercia l Banks un able t o effi ci ent ly deal with small comp ani es, and part ofth eindividual customer's business requirements, lead to the financial exclusion of certaincustomers .Internet financial mode, the customer can break through the geographical restrictions, on the Internet looking for financial resources, alleviate thefinancialexclusion, enhance the level of socialwelfare.Trading the relative information. The traditional financing mode, thefinancial institutionstoobtaininvestmententerprises,especiallysmallmicroenterprise inform ation cost is higher, income and cost does not match. Internetfinancial generationanddisseminationofinformation throughsocial network, any enterpriseandindividualinformationwillcontactwithothersubjects.Bothpartiestocollect inform ation via the Internet, can be more comprehensive understanding of a businessor personal financial and credit situation, reduce the information asymmetry. Whenloandefault object, Internet financial enterprises through public default and reducing rating information, increase the cost ofdefault.The allocation of resources to mediation. The traditionalfinancing mode, the money s upplyand de m and both s i des inform a ti on often don't m a t c h.Capitaldemanders can't get the money in time to support at the same time, capitalsuppliers also can't find good investment projects. Internet financial mode, the money supply anddemandbothsidesnolongerneedtheintermediaryinstitutionssuchasBanksor exch angeset,canbedonethroughthenetworkplatformtoinformationscreening,ma t chi ng, pricing and tra di ng, di sintermediation effect isobvious.The Inter net financialfunction.The platform function Financial enterprises establish the platform ofnetwork financial via the Internet, customers can choose the suitable financial products,justmove your fingers, which can carry out payment, loan, investment, financialactivities,s uc h as convenient and quick, from running er r ands, and w a iti ng f or c us tome r.The allocation of resources(i.e.,financing) function. Internet financialisessentiallyawayofdirectfinancing.Internetfinancialmode,wecaneasilycheck counter party transaction records; To find the right risk management tools andriskdiversification; In-depth analysis the data by information technology,comprehensiveand i n-depth master competitors in form atio n, improve the effi c iency ofr e s o urce allocation.Asthe Internetfinancialmodel,the conceptof"sincethe financial"arisesatthehistoricmoment.3,paymentfunction.Internetfinancial mode, between merchants and customers to pay by a third party to complete, convenient,efficient,lower cost. The third party payment or will weaken the commercial bank, the statusofthe traditional payment platform. At present, the people's bank of China for about200third-party payment companies issued payment business license. In 2012, our country third party online payment market size of 3.8trillion.Information gatheringand processing.Traditional financialmode, theinformationresourcesdispersed,confuseddataisdifficult toeffectivelyhandlethe application. Internet financial mode, people use"cloudcomputing"principle,information asymmetry, thepyramid can be flattened, realize the standardizationofdata, structured, increasing the service efficiency of the data.Second, the Internet's influence on the traditional commercial bankingfinancial mode to review the financial strategy, to adapt to the challenges of the Internet fina nc ial model. The emergence of the Int e rnet f i nancial m o delfor s m al l andmedium-sized bank provides an opportunity to competewith the big Banks. If you canmakegooduseofthismodel,thepositiveinnovation,willcatchupwiththebig Banks in some emerging business, the formation of competitiveness. Traditional bankingmaybebecauseoftheInternet financialmodelchangeinthecompetitive la n dscape.SomeInternetcom pa niesha v enots a ti s fyon lydo t hird-pa rtyonl i nepayment platform, but with the advantages of data accumulation andinformation mining,directlytothesupplychain,smallmicroenterprisecreditfinancingexpansi on,the future may impact the core of the traditional banking business, rob Bankscustomerresources,alternative physical channels, overturning traditionalbankma na gement mode and profitable w ay.The development of banking customer andchannelThe customer is the basis ofcommercial Banks and other financial institutionsto the business. Internet financial model for commercial Banks to expand thecustomerbase. In 2012, the global Internet users up to 2012 people; Chinese Internet users is565 m i ll i on (2), the numbe r of onlin e s hoppi ng, 193 million (3).U nde r the modeof Internetfinancial,commercialBankscanbecombinedwithits ownstrategy,on theonehand,toattractnewcustomers;Ontheotherhand,increase customer adhesiveness, close business relationship with clients. Internet financial mode, thebank may change to traditional target audience and traditional physicalnetworkadvantages weakening, the pursuit of diversification personalized service of smalland medium-sized enterprises and individual customers more inclined to participate in a variety of financial transactions via the Internet. Commercial Banks willchange traditionalvaluecreationandrealizationway,abletoprovidefast,lowcostservicesoffin ancial institutionsto get marketfavor.Improve efficiency of resource allocation, effectively solve the smallmicroenterprise financing difficult problem.Internet financial companies with large data, cloud computing, and microlending technology. These three technologies can make a comprehensive understandingofthe Internetfinancialinstitutionsthebusinesspracticesofsmallbusinessesandindividual custom e rs and c redit ra ting, and esta bl ish a database and ne t w o rk c r edit sys t em. Inthecredit review, investors will network trading and credit history as a referenceand analysisindicators.Loanobjectsuchasadefault,financialfirmsstillcanusethe Internetnetworkplatformtocollectandpublishinformation,increasingdefaultcost,red ucetheriskofinvestors,intheserviceofsmallandmedium-sizedenterprise fina n cin g, a nd personal l oans has a unique advantage. T here f or e, t he Int e r n etfi n an c ialmodelcangobeyondthetraditionalfinancingwayofresourceallocationeffic iency,significantlyreducetransactioncosts,stronglysupportthedevelopmentofthereal economy. Thepricediscoveryfunction,andpromote themercerizationofinterest rate.Int e rne t fi nan c ial m ode l ca n obj e ctivel y r e fle c t the mar ke ts uppl y a nd d e mand bothsidespricepreferences, commercial Banks and other financial institutionsrespond to interest rate marketization.Debit offer Internet financial as a trading platform, funds, credit on the basis of the liquidity preference choice, risk factors,such as loan object, the two sides bargaining to clinch a deal, tradingmarketcom pl et e ly. W i t h m arket-ori ented inter es t r a te, financialinstituti ons ca nnotcompletelydependontheguidanceofthecentralbank'sbenchmarkrate,shouldtaketheinitiativetofindbenchmarkinterestratesinthemarket .TheInternetmode,financial institutions, financial market interest rate movements can be done viatheInternet, determine specific customer base interest rates. If can also in-depthstudyofdatamining,canevenformcompletelydeterminedbythemarket"rateindex",soas to improve the loanpricing.To speed up financial disintermediation.Traditional Banks inthe financial business,mainly ACTS as afinancialintermediaryfunction. Internet financial will acceleratefinancial disintermediation,make the funds of commercial Banks intermediary function marginalized. IntheInternet financial mode, Internet companies to provide financial search platform forcapitalsupplyanddemand,asmoneyinformationintermediaryrole.Fromthe perspectiveoffinanc ing,capitalsupplyanddemandbothsidesusingsearchplatform fortradingobject,afterthefinanci ngdealisdonebybothsides.Fromtheperspective of t h e pa y third-party payme nt pla t form, ca n provide c us t ome r s wit h paying,automatic collecting and transfer the remittance and settlement and paymentservices,with the traditional bank payment form instead.Third, the Internet financial mode development trendand strategy of commercialBanks.Overall,theInternetfinancial institutions development speed is fast,b ut the vol umeisre lat ive ly smal l,s h ort-te rm w ou ldnots ha kecomm e rcialbank's traditional business model and profit way. Sustained and healthy development ofthe financialindustry,theauthorthinksthat,theInternet,needtopayattentiontothe following four points: first, the Internet financial enterprises shouldself-discipline,business development can notdrill loophole legal and regulatory loopholes, shouldbeto support the rea l e c onomy as the start i ng point. Sec ond, the I nternet f inanci a l enterprisesshouldactivelyinnovation,andconstantlygraftfunctionof financialservicesandinformationtechnology,explorenewbusinessareas,complementarywith th e traditional financial business model. Again, the Internet financial enterprises touseits own resources,breakthe geographical boundaries,attract morecustomers,opera t in g a s "ma k ing a fool of. Fina l ly, the Inte rne t fi nan c ial enterpr i sesshould strengthentheconstructionofsystemsecurity,toensurethesafetyof capital,informationofthetrader. Fromthesocialenvironment, peopleshould give the Internet financial enterprises more open and tolerant attitude. Under the premiseofguarantee the financial stability and security, relevant departments can considertobreak through the geographical, trade restrictions, encourage financialindustry competition, safeguardsocial financial ecologicalenvironment.Traditional model of commercial Banks in the Internet age still mercialBanks'capitalstrength,cognitiveandhighcreditstanding,perfectinfrastructure,physicaloutletsarewidelydistributed, entitybank can establish the trust of the tangible. In addition to providing traditional commercial bankloanbusiness, wealth depository and provide payment and settlement business media, alsoforthesocietytoprovideliquidityinsurance,supportnormaleconomicactivity.Some financial business needs professional experience judgment, informationtechnology cannot completely replace the face the vigorous development of the Internet financial bus i ness, comme rc ia l B a nks and other financi a l i ns t i tut i ons should pa y c l osea t te nt ionto the development of the Internet financial trends, changing the conceptof development, actively adjust strategy. Commercial Banks to use the Internet financial mode, can deep integration of Internet technology and the bank's corebusiness,improve customer service quality, expand the service channels, improve the level of business, t o ada pt to the Int e rnet fina ncia l model to the impac t of t he tradi t iona l financial pattern, obtain new development. Based on comparative advantage, in support, service the real economy At the same time, create value for shareholders.译文互联网金融以及它对传统银行业的影响作者：伯尼斯；席尔瓦尼摘要随着信息技术的快速发展，互联网金融模式逐渐兴起。

文献出处:RICHARD C. Internet Finance's Impact on Traditional Finance [J]. The Journal of International Finance, 2014, 6(12): 13-29.（本译文归百度文库所有，完整译文请到百度文库）原文Internet Finance's Impact on Traditional FinanceRICHARD CAbstractWith the advent of the era of web2.0, Banks have full access to the Internet age, the large data of the Internet is profoundly affects the future of the Banks, represented by the Banks of financial enterprises and represented by electric business enterprise Internet companies, is a financial of the Internet and the Internet financialization swing. The large data of the Internet is profoundly affecting the bank's future development direction, it also marks a new era of financial, the rapid development of Internet financial, also brought unprecedented challenges to electronic banking, regardless of technical strength, talent resources level, or the problem such as system innovation are all faced with great challenge and opportunity.Key words: Internet financial; Electronic banking; Third-party payment; big data1 The concepts of Internet financialInternet finance is the product of the combination of both financial and Internet, is to use the Internet technology and mobile communication technology to realize capital flow and information transfer mode of new financial, Internet financial is different from traditional finance: financial business adopted by the media, financial participants direct contact through the Internet, make the transparency of financial business, higher intermediate cheaper, more convenient way.The current Internet financial landscape, is made up of traditional financial institutions and non-financial institutions. Traditional financial institutions are mainly the Internet innovation of traditional financial business and electricity, such as innovation, non-financial institutions mainly refers to the use of Internet technologiesto finance the operation of the electric business enterprise lending to network platform, the raise pattern of network investment platform, dig choir class mobile banking APP, and third party payment platform, etc.2 Status quo of Internet financial developmentSince the birth of the Internet technology, Internet financial development and there are two paths: one is the financialization of Internet enterprise development, namely the Internet into financial, a financial enterprise development of the Internet, that Banks and other financial institutions use the Internet technology and the Internet channel to realize the existing business, Internet finance is in the Internet under the new formats, financial institutions through in-depth change to provide is suitable for the characteristics of the Internet financial services to the customers, namely financial the Internet and the Internet are related to the financial industry. But from the point of the current situation, the Internet enterprise financialization of development are clearly in the offensive, Internet companies continuously introduce new products and new business model, constantly eating away at the traditional banking business. Internet financial and banking camp slightly passive, for sudden Internet enterprise competition, struggling to keep up, change the traditional bank Internet more stop electronic banking, electronic banking for Banks is just a kind of more channels. Third-party payment rapid development with the rapid development of the Internet trading platform, as the credit intermediary third-party payment application and the emergence of a third party payment, both buyers and sellers of mutual distrust embarrassing questions, and play a huge role in promoting the development of electronic commerce. Internet users around the world use third-party payment complete online payment, direct payment after the bank on the net; Third-party Internet payment after net silver, become the second largest Internet users electronic payment.Mobile payment business remain high growth, with the mature development of mobile technology, in recent years, with mobile phone "tablets such as the widely application of the intelligent terminal, apple, android and other mobile Internet payment to booming spring rate, and begun to take shape. In addition, the rapiddevelopment of network finance network finance is the investor (or family) analysis of merchants to provide financial product information via the Internet, according to the change of external conditions for the existence of its remaining assets form to adjust, to maximize personal or family property yields a series of activities. In the rapidly changing financial market" s financial information explosion, the network financial investors especially personal financial investors provide great convenience.3 The electronic banking development under the Internet financial3.1 Attach importance to the user experience, improve service qualityThe biggest challenge for traditional Banks, and lies in the change of thinking mode. Internet financial irreversible situation will bring the bank internal technology, talent, and a variety of mechanisms policy adjustments. For electronic banking this team is the most favorable to build customer experience department. Because electronic banking sector is one of the most customer groups. Since the establishment of electronic banking operations, and directly serving the customer, and not like a traditional bank, through the counter "lobby manager to provide service! If improper process experience design in the background, will have service personnel to assist the follow up, but the mobile banking and Internet banking in the financial service of Internet, almost no bank staff to help, the user experience can complete data, including customers in the use of time, the function of be fond of and so on. The electronic bank grasp the first-hand information of the user experience, through the analysis of data, timely adjustments, maximize meet customer demand, therefore, only attach importance to the customer experience, seeing it as a lifeline of the development of the electronic banking can promote the rapid development of electronic banking, promote financial Internet.3.2 Scale operationThe Internet represents advanced productive forces has three meanings: the first layer is external ability, such as the Internet product design platform performance; the second is the customer of the Internet enterprise operation ability; Open the third layer is the "share and innovation spirit. The combination of financial and Internet also need to be reflected in the three levels at the same time. The nature of the Internet financialstrategy is a kind of platform, the platform strategy, refers to connect two (or more) specific group, providing them with interactive mechanism, to meet the needs of all groups, and ingeniously profit business model. At present, for Banks, have set up the network platform and through its complete financial business, but the Internet is just a way for it. Besides, set up the Internet financial physical platform is the first step, only into the platform through the platform operation to attract a large number of customers, you can't really play the value of the platform, if there is no customer security, and banking has discouraged Internet financial! And attract customers into the platform, through the platform to retain customers, financial focused on using Internet platform to attract customers" operating customers, finally, the transaction demand for customers to bank trading system to complete implementation. In short, the bank will convert the Angle of view, changing ideas, empathy, and reflect the value of customers, do the platform scale is large, and the bank can get their own value.3.3 Speed up new Internet technology and the integration of new business development banAt present, a lot of financial business needs to be done through the online operation, especially the bank on the net "third-party payment" mobile payment business, developing very rapidly. But the financial sector of the Internet, make a lot of supporting measures cannot follow up in time, there are a lot of potential safety hazard, especially on the application of safety technology, lack of necessary guidance standards. Platform development and utilization of the banking system and the lack of necessary and sufficient time for testing, will also leave a safe hidden trouble. The Internet technology put forward higher requirements for Banks. Bank network background of the operating system, database and even a very important core system, once a problem, even very small fault, will cause serious influence to banking! For the banking system, therefore, the construction of "maintenance, and the security of bank business continuity, put forward higher request. The bank should strengthen the Internet of the new technology research and application, especially for large data mining analysis, Banks have access to the first-hand customer data convenience (bankbusiness is money, but money is the corresponding data, the bank is essentially operating data), in addition, the application of new technology research at the same time, speed up new technology and new business integration development bank, gather enough stamina for electronic banking development of mobile payment to integrate development. Of course, the high quality of the network financial talent is a new technology and the Internet bank a prerequisite for new business development, at the same time, the bank related personnel will need to continue to strengthen its own theoretical accomplishment and operation skills. Electronic banking is based on the Internet and application, its openness, also, some important data information has stolen using the risk of tampering, mobile payment in recent years the immense, play a strong role for the development of electronic banking, but also over a wireless network for mobile payments, so also are faced with the risk of information security. Therefore, strengthen the publicity of information security" guidance, especially to the customers in the electronic banking security guide appears especially important.4 ConclusionsIn a word, with the development of Internet financial, electronic banking begins to change ideas, innovation as the breakthrough point to user requirements and the Internet, the innovation of electronic banking service mode, fast improving electronic banking customer experience and channel integration level, through the meet the rapidly changing financial consumption demand and convenient and safe service experience demand to improve customer satisfaction, attach great importance to the safety control and risk management, carry out scientific development and sustainable development of electronic banking. Also, to actively explore new application of digital marketing. By investing in external activities, such as social media channels or web crawler technology, such as access to social relationship tree relationship with the customer behavior, flexible matching intermediary business pricing policy and marketing activities, realize effective social marketing; Customer data collected about browsing mobile phone or card number as the center, to accumulate accurate marketing resources; To strengthen and Internet companies, operators in LBS data, data such as contact, joint to carry out new marketing activities. On the whole, in theface of the rapid development of Internet financial, commercial Banks should be ready, must absorb and draw lessons from the latest industry innovation, to achieve faster and better development of electronic banking business.译文互联网金融下的电子银行发展作者：理查德·科勒摘要随着web2.0时代的到来，银行业已经全面进入互联网时代，互联网的大数据正深刻地影响着银行的未来，以银行为代表的金融企业和以电商企业为代表的互联网企业，正在掀起金融互联网化和互联网金融化的浪潮。

文献出处:Aronson J. The research of P2P model of financial [J] Value Creation in E-Business Management, 2016,12(5):85-95.原文The research of P2P model of financialAronson JAbstractThe development of the Internet financial, constantly create new financial model, P2P is one of the new financial model, the development of rapid direct threat to the commercial Banks in the financial world's dominance. In P2P explosive savage growth process, however, there are regulatory or incomplete system, risk control measures is not mature, P2P financial platform collapse would happen often, this leads to the development of P2P is in trouble Based on this, this paper introduces the P2P concepts and the reasons on the basis of the financial model, analyzes the difficulties faced by the current P2P financial model, and accordingly put forward the development of P2P financial model.Keywords: P2P financial mode; The theoretical analysis; Measures1 IntroductionThe wide application of Internet technology, when science and technology combined with financial, gives rise to some emerging Internet model, P2P has greatly reduced the transaction cost, satisfy the customer demand for financial, especially the working class and the small and medium-sized enterprise loan demand. But so far, due to the lack of innovation mode of financial supervision, to information asymmetry, imperfect credit system construction, and low security of adverse effect caused by funds, hindered the healthy and orderly development of P2P.For Internet financial can inject vigor, continuing for the financial sector to the real economy better service, we must strengthen the industry regulation, establish effective credit evaluation system and P2P platform to establish effective risk control system.So-called peer-to-peer (P2P), is the abbreviation of English Peer to Peer, meaning "person-to-person", refers to the directly by third-party Internet platform of money lending financing behavior, is a kind of direct financing behavior of individualto individual. It originated in Britain, and later to the United States, Germany and other countries, China introduced in 2007.In our country, its typical model is: the network credit companies provide a platform, by borrowing free bids, brokered transactions. Money lenders to obtain interest income with the risk; Money borrowed people due to repay the principal, the network credit charge intermediary company.Peer-to-peer (P2P) the causes of financial mode mainly lies in the fact that Internet technology rapidly Exhibition. With the development of Internet, the scope of its popularization in our country is more and more widely, new technology and new business forms appear constantly, and gradually extended to the financial sector, the financial and the Internet fusion degree in the process of deepening, the financial industry got the booming development, at the same time, also produced a P2P financial mode; Fill the shortcoming in traditional financial business function in our country at present. Let those be bank financial products and loan threshold shut out of the working class and the small and medium-sized enterprises can also have the opportunity to enjoy the financial services. Working class a large body of demand for money have great demand; Other small and medium-sized enterprises (SEM) in many places the arrested development, mainly due to small and medium-sized enterprises (smes) in bank loans difficult, loans due to the high cost. In order to promote the development of their own, small and medium-sized enterprises to seek other financing mode, which promote the generation of the P2P financial model.2 The status quo of P2P financial model2.1 P2P financial models lack of effective supervisionRelative to the early start of online banking, online securities and so on in the form of financial regulatory policy relatively incomplete, relatively mature management framework. But P2P financial mode in 2012 entered the blowout outbreak period. But the Internet financial regulatory agencies and related regulatory policy did not keep up with the pace of its rapid development, for the development of P2P is also hinder the role. Should be further follow relevant regulations to meet the constantly enrich and expand the urgent needs of the emerging financial forms. The lack of regulation for a long time, has been out of the grey zone and regulatory gap,there are low barriers to entry, lending money monitoring vacancy, credit evaluation system is not sound, and many other problems.The industry has been in a savage growth state, run, capital chain rupture and collapse phenomenon appeared frequently. ack of legal norms, unclear regulatory policy, business operation is not standard to causes such as the chaos of industry management.2.2 Domestic credit system construction is not perfectThe Internet in the financial, financial credit system is the basis of the healthy and standardizing development of the financial industry, the Internet. But the current construction of credit system is not perfect, personal credit record includes only with bank lending behavior and maintain within the Banks, other financial institutions can't call society.P2P network platform loan borrowers can only through an indirect way to verify information and the judgment through the subjective experience of auditors. Abroad in the implementation of a P2P financial model, the comparison of perfect personal credit system construction, when making loans, personal credit can achieve effective query, which leads the P2P financial mode constantly development and improvement. Internet financial enterprise credit reporting database is not perfect in our country, is not included in the central bank credit reporting system, for both the management difficulty is big, no effective mechanism and discipline and punishment.2.3 Information asymmetry cause malicious default riskOf the Internet financial transactions, payments and services are completed on the Internet, virtualization of trading, trading process is not transparent and so on have made the financial risk more diversified and uncontrolled. Of new trading patterns of this for the disclosure of the information has the certain difficulty, in P2P financial mode, due to information asymmetry, P2P platform there may be a risk, the truth of the borrower to provide information due to the master of P2P platform borrowing history data is limited, its credit rating system is also unable to grasp the situation of the borrowers, the condition of the fake information or the borrower. Once appear, default or delay balance, due to recover the cost is higher, lenders are hard to take back the principal and interest of the person failed to perform its obligations due to lending and lead to potential financial damage is one of the reasons that hinder thedevelopment of P2P.3 The implement measures3.1 Encourage innovation to strengthen the basis of industry regulationDue to P2P long-term financial platform is in a state of lack of regulation, resulting in a variety of financial risk problems occur unceasingly, serious impact on the development of P2P financial, based on this, as soon as possible, perfect the construction of Internet financial regulation legal system in our country, should provide a clear and transparent legal environment, including the market access supervision, operation supervision and exit regulatory measures to standardize the development of the P2P network platform. But don't like management of traditional financial institutions, so as not to stifle financial innovation. Perfect financial market system, pratt &whitney financial development, encourage financial innovation, rich level financial markets and products. Regulators want reasonable grasp the boundaries of innovation and strength, not to hinder the sustainable development of financial innovation, whether it be a financial product innovation, and financial service innovation. To strengthen management and ensure that financial security is very necessary, cut can not manage, weaken the vitality of financial innovation.3.2 promoting the construction of credit evaluation systemA severe credit system can restrain people daily financial activity. Therefore, in a constantly enrich financial transaction way to meet the demand of investment and financing of all social strata at the same time, the credit system construction also needs to be perfect and connectivity. At present, the central bank has started the construction of personal credit system, however, the central bank alone is not enough to build personal credit system, and will result in incomplete information system, therefore, in the process of building the personal credit system in the future, should attract more participants, to establish the perfect credit system, make scientific evaluation to the borrower's credit rating, for P2P platform provides necessary judgment. In addition, P2P financial platform should also set up its own credit system, establish a customer database, regular update of customer information in a database, at the same time, guarantee the comprehensiveness and accuracy of the new customerinformation, and effective to evaluate the customer's credit.3.3 P2P platform to strengthen risk control abilityP2P business at the core of the pricing power is in the team's own risk, the risk management ability is the core of the P2P company competitiveness. establish a risk control function is clear, for policy making, the characteristics of customer data mining, overdue customers, study and so on carries on the effective management, to standardize the front-end marketing, China audit, background collection each work orderly. At the same time, digital risk control model is established and the score card system is the effective measure to standardize P2P scientific management, with a complete set of scientific management methods, to cure it to risk control examination and approval decision engines and business process, to guide the business for examination and approval of risk control. Second, compared with the traditional financial institutions such as Banks, Internet financial firms can take advantage of big data analytics, cloud computing technology to manage customer credit evaluation and customer information, above is actually a credit evaluation system and risk control measures of innovation. Third, should attach importance to small and scattered plays important role in reducing risk, network platform, in the face of the large capital demand loan can be systemic forced to spread risk, is more than a sum of money into different sum, scattered the people who need loans to lend, risk can be effectively diluted. Fourth, guarantee qualification can be introduced with a third party professional guarantee companies provide guarantee, in case of bad debts by guarantee company compensation, in order to ensure safe operation, to ensure the safety of information and capital of investors. by using the combined risk of internal and external control means, in view of information asymmetry and capital safety is low in the strong guarantee.Era development is irreversible, the subversion and innovation of the Internet continues, because the P2P financial pattern in the global new things, the speed of development and the construction of the corresponding system is not perfect, resulting in the development of P2P financial face a lot of trouble. despite the difficulties, the game between the various arms intensified, but it's true that the development of P2Pinjected new vitality into the financial sector, in order to promote the healthy and orderly development of P2P, needs to explore the path to promote the development of P2P financial, P2P platform in the process of operation gradually improve risk control ability, ensure the safety of the funds. These efforts will make P2P financial mode gradually towards standardization and legalization, make it effectively fill the shortcoming in traditional financial business function at present, the future will be better able to make the financial service for the real economy, support the national strategic transformation of the economic structure.译文P2P金融模式研究Aronson J摘要互联网金融的发展，不断地创新出新型的金融模式，P2P就是其中一种新型金融模式，其发展的迅速直接威胁到商业银行在金融界的主导地位。

互联网货币基金对商业银行经营的影响外文文献The Influence of Internet Currency fund to Commercial Banks BusinessBaselThis paper uses the capital asset pricing model to research the influence of the commercial bank management theory ,analyzes the Internet financial product properties, characteristics and advantages of monetary fund, and the third party payment of Internet currency fund respectively and consignment fund functions affect the operating condition and effect of commercial bank has carried on the qualitative analysis. On this basis, this article on the Internet affect bank monetary fund performance and conducted a quantitative research. The study shows that Internet money funds of commercial Banks not only the impact on the same type of products, also pay business of commercial Banks, savings business, intermediate business has a substitution effect, which affect the operating performance of the bank.1 Internet money funds overview1.1 The concept of Internet currency fundsCurrency fund is Internet third-party payment and the money market fund in the product of Internet platform integration, with the third party payment platform, liquidity and profitability of money market funds and the convenience of the Internet financial products. Although purely monetary market fund is not the product of the Internet financial;But the fusion with the Internet technology, the third-party payment platform, changed the original financial products in the balance of liquidity, security, and yields, overturns the traditional pattern of financial products.It is worth noting that the simple model of the Internet on a commission basis of monetary fund can provide convenience for fund sales, but does not change as a money market fund fund products in liquidity constraints, only in the third-party payment platform to achieve docking after T + 0 to redeem its product attribute to the nature of ascension. Internet money funds can go beyond other fund products, which produced in the financial product attributes over, to do with the high development ofthe third-party payment platform, the rapid spread. Third-party payment is through the Internet in the customer, creates a link between the third party payment companies and Banks, help customers to quickly implement monetary payment, fund settlement, and other functions, but also the credit guarantee and technical support, etc., according to data from iresearch consulting for the year 2013, our country third party Internet payment market size of 5.37298 trillion yuan, year-on-year growth of 46.8%.At the same time, in its internal structure of outbreak of the first year of the Internet financial fundsExplain the market has become second only to the network shopping and the third largest airline ticket market segment, 10.5%.Accordingly, in 2013 through a third party Internet payment subscription monetary fund size is about 564.163 billion yuan.1.2 The status quo of Internet currency fundsIn this paper, we discuss the Internet especially monetary fund through Internet sales, joint third-party payment platform of money market funds. Although it is in the balance of the treasure to appear after the birth of the new concept, but this kind of new financial products has made a surprised people, high-speed development. In order to balance the treasure, for example. Since it was introduced the June 13, 2013, business development rapidly. As of the end of February 2014, balance treasure scale has reached 502.76 billion yuan, average daily increase of 1.926 billion yuan; Users reached 82.5477 million, the average daily increase of 82.5477 million households.Increased more rapidly in 2014, on January 1, 2014 to February 28, 2014, the average daily new subscribers 664800, average daily new amount is 5.119 billion yuan, respectively, in 2013 the average increase of 2.1 times and 4.6 times, and as most users, the largest fund products. It is because of the Internet money funds in a high-speed development period, each quarter has new products, hard to comprehensive statistics of the number and size, so here we mainly analysis the balance Po, baidu hundred earn, micro letter financial netease, cash and suning change treasure treasure the five major Internet monetary fund products. Five main monetaryfund, the Internet is at the end of 2013 to 2014 in the first quarter, launch time is not long. And docking of funds are the top big fund company specially designed products. By the end of the first quarter of 2014, more than five main Internet money funds total scale (net) is 772.661 billion yuan, rose to 527.349 billion yuan, a 214.97% increase, and each quarter to keep more than 100% of high-speed growth (see chart 1).Although the above five main Internet monetary fund docking only 7 only money market funds, but the size proportion is as high as 53% of all money market funds.Table 1 shows that the average Internet monetary fund expected return is over 5%, but has been lowered after the first situation: at the end of 2013 reached a high, average expected annual return of 6.81%, much higher than similar financial products. This is mainly due to the Internet bank agreement deposit in monetary fund asset allocation proportion is very high, but in the end of the season, at the end of the commercial Banks of the inspection point, agreement deposit interest rates will increase a lot of (according to the survey, some Banks in some key point of interest rates offer even in more than 7%);In the inspection point, because Internet monetary fund scale, in be in a better position to negotiate with the commercial Banks, some of the lack of funds of small and medium-sized Banks have to give offer high interest rates.1.3 the characteristics of Internet currency fundsFinancial products refers to the financing process of all kinds of carrier. Money funds while relying on the Internet Internet tools and has function of third-party payment, but its essence is still a financial product. From the perspective of investors, the financial product in the future earnings is one of its most important attributes, and according to the capital asset pricing model (capital asset pricingmodel, CAPM), the expected rate of return of financial products are not isolated, but is related to its expected risk. Because there are a risk premium in the valuation of the financial products and premium term premiums and scale factors, generally long investment horizon, risk, high threshold, high product yield. We attempts to a broader perspective, therefore, in consideration of the yield of financial products and its investment, risk,the time limit of correlation based on threshold and investment target, will the Internet money funds as a short-term financial products, and for the general residents with similar function demand deposits and short-term liquidity, financial product in the Risks and benefits, purchase threshold comparison, summarized its characteristics. Docking with the third-party payment tools, with high liquidity financial products liquidity refers to its cash ability without loss. Bank demand deposits is undoubtedly the liquidity of the strongest of the three; And wealth management products usually have agreed in the investment period (most of the financial product investment deadline for 3-6 months, even the super short-term financial product deadline is 3-7 days), in this period of time after purchase funds cannot be transferred out. The Internet money funds of high liquidity is one of its important features. Internet monetary fund is essentially docking with the open of money market funds of financial products, and open a money market fund can be ready to explain buy and redemptive, but commonly after redemptive operation need T T + 2, + 1 or money to return to the bank account. Internet mat endowment money funds through a third party platform or mat endowment fund company, can realize the customer on the day of redemption money to zhang T + 0.That is to say, on the premise of no interest loss, realized the customer transfer funds for redemption of the fund, namely real-time to pay treasure account, which in turn is used to transfer to the bank card consumption or online at any time, to make it close to the bank liquidity demand deposits, and higher than most of the instruments.Balance treasure, for example, the product is through client redemptions mat endowment fund company to realize the function of capital can be on the same day to zhang T + 0.2 The influence of the Internet money funds of commercial Banks businessMonetary fund's influence on bank Internet were reflected in the third-party payment and commission two big functions corresponding to a bank to pay money funds, assets and liabilities, and the impact of intermediary business, etc.2.1 monetary fund of Internet third-party payment function of conduction analysis of commercial bank managementTraditionally pay refers to the transfer of money. Payment function is the foundation of the banking industry, is also an indispensable part of the individuals and enterprises in modern economic activities widespread basic needs. The financial industry, especially in an increasingly competitive today, payment business for commercial Banks not only bring rich intermediate business income, also can attract customers, and improving customer stickiness, improve the overall level of financial services. As a result, the bank's importance is self-evident.Payment is closely combined with the account, account is the starting point of pay and belonging. In the traditional payment business, money from a bank account to another bank account. This payment behavior will only cause funds transfer between different bank accounts. And when the coming of the third party payment, it in the following two modes affect the bank's payment business: one is the money in the form of balance in account of the third-party payment platform (hereinafter referred to as the "escrow account"), part of the bank account of payment account into the third party payment business. In this case, the client using escrow account to pay, make partial payments into the flow of funds between the third party account, thus replacing the flow between bank accounts, to reduce the bank's pay JieSuanLiang; it is in the capital in the form of balance in the bank account of cases, most of the liquidation inter bank payment business through the third party platform, make a lot of that need to be done in the bank payment and settlement system differential settlement of funds, can through the third party payment companies in different bank accounts opened in the middle of the complete, only a small amount of interbank payment is done by the central bank's payment and settlement system, thereby reducing the payment JieSuanLiang central bank payment and settlement system. Specific look, according to the data of 16 listed Banks, during the period of 2010 to 2013, the banking fee income accounted for the proportion of main business income of the trend of rising year by year, to 2013, the proportion reached 19.52% on average. This shows. Fee income is an important source of commercial bank profitability, especially in the current under the background of the acceleration of mercerization of interest rate, more become Banks adjust the business structure, an important way of promoting thedevelopment of non-interest income. The Internet third-party payment function of monetary fund payment and settlement business has formed the competition of banking industry and reduce the banking settlement and bank card business demand, and the corresponding settlement clearing fee income and the bank card fees to form the impact, indirectly increased the difficulty of banking fee income growth.2.2 monetary fund money funds to sell goods on a commission basis function of the Internet impact conduction analysis of commercial bank managementMonetary fund as early as in the United States there is a deposit of alternative product, its sales itself is sure to bypass certain residents deposits, therefore, does not will bypass all bank deposits due to Internet currency funds. But, is indeed a monetary fund "net" greatly accelerated this process.译文互联网货币基金对商业银行经营的影响巴塞尔本文运用了商业银行经营管理理论和资本资产定价模型，分析了互联网货币基金的金融产品属性、特点和优势，并分别就互联网货币基金的第三方支付功能和代销基金功能影响商业银行的经营情况和效果进行了定性分析。

互联网金融外文文献翻译随着信息技术的迅猛发展，互联网金融已成为当今金融领域的热门话题。

为了深入了解这一领域的国际前沿动态，对相关外文文献的翻译显得尤为重要。

互联网金融是指利用互联网技术和信息通信技术实现资金融通、支付、投资和信息中介服务的新型金融业务模式。

它打破了传统金融的时间和空间限制，极大地提高了金融服务的效率和覆盖面。

在翻译互联网金融外文文献时，首先要面对的是专业术语的翻译。

例如，“PeertoPeer Lending”通常被翻译为“P2P 借贷”，“Blockchain Technology”则是“区块链技术”，“Fintech”是“金融科技”。

准确翻译这些术语对于理解文献的核心内容至关重要。

同时，互联网金融领域的发展日新月异，新的概念和词汇不断涌现。

这就要求译者时刻关注行业动态，及时掌握最新的术语和表达方式。

比如，“Digital Currency”（数字货币）、“RoboAdvisor”（智能投顾）等都是近年来出现的新词汇。

除了术语，句子结构的处理也是翻译中的难点。

外文文献中常常会出现长难句，句子成分复杂，逻辑关系隐晦。

在翻译时，需要对句子进行仔细分析，理清其结构和逻辑关系，然后用符合中文表达习惯的方式进行翻译。

例如：“The rapid development of fintech has not only disrupted the traditional financial landscape but also created numerous opportunities for innovative financial services, which has posed both challenges and prospects for the regula tory framework” 可以翻译为：“金融科技的快速发展不仅颠覆了传统的金融格局，还为创新金融服务创造了众多机会，这给监管框架带来了挑战和前景。

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: 20-24Online brokers lead the way for French internet finance1 Regulated brokersRegulated 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 thebrokerage 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 offeraccount-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 brokersNon-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 theEuropean 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 providersThe 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 servicesThe 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 servicesAdvertising / marketingThe 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 anytransaction, 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 lawUnder 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 mustnotify 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 regulationsPublic 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 ownaccount;* 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 servicesRules 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, theonline 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 onlinebroker 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 brokersContracts 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 financialinstruments 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 providersThe 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 companiesThese 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。

互联网金融作文英文翻译英文：Internet finance, also known as fintech, has revolutionized the way we manage our finances. With therise of online banking, peer-to-peer lending, and mobile payment platforms, the traditional banking industry hasbeen forced to adapt to the changing landscape. Personally, I have found internet finance to be incredibly convenient and efficient. For example, I no longer have to wait inlong lines at the bank to deposit a check or transfer money. Instead, I can simply use my banking app to complete these tasks in a matter of minutes. This level of convenience has made managing my finances much easier and less time-consuming.In addition to convenience, internet finance alsooffers a wide range of investment opportunities. Through online investment platforms, I have been able to diversify my portfolio and explore new investment options that werepreviously inaccessible to me. For instance, I have invested in peer-to-peer lending, which has provided me with higher returns compared to traditional savings accounts. Furthermore, the transparency and accessibility of online investment platforms have allowed me to make more informed decisions about where to allocate my funds.However, it's important to acknowledge that internet finance also comes with its own set of risks. For example, the lack of physical presence and face-to-face interaction with financial institutions can make it easier for scams and fraud to occur. Therefore, it's crucial to conduct thorough research and due diligence before engaging in any financial transactions online. Additionally, the rapid advancement of technology in the fintech industry meansthat regulations and security measures must constantly evolve to keep up with potential threats.Overall, I believe that internet finance has significantly improved the way we manage our finances. The convenience and accessibility it offers have made it easier for individuals to take control of their financial futures.However, it's important to remain vigilant and informed about the potential risks associated with internet finance.中文：互联网金融，也被称为金融科技，已经彻底改变了我们管理财务的方式。

互联网金融外文翻译在当今数字化的时代，互联网金融已成为全球经济领域中一个至关重要的部分。

互联网金融，简单来说，就是利用互联网技术和信息通信技术实现资金融通、支付、投资和信息中介服务的新型金融业务模式。

对于这一领域的研究和理解，外文文献的翻译工作具有不可忽视的重要性。

互联网金融的发展势头迅猛，其影响范围涵盖了全球各个角落。

从个人的日常消费支付到企业的大规模融资，互联网金融都发挥着越来越重要的作用。

在这个背景下，外文文献中蕴含着丰富的前沿理论、实践经验和创新思路，对于我们深入了解和推动国内互联网金融的发展具有极大的参考价值。

然而，互联网金融领域的外文翻译并非易事。

首先，互联网金融本身是一个融合了金融、技术和法律等多学科知识的复杂领域。

相关的专业术语繁多，而且在不同的国家和地区可能存在着不同的表述和定义。

例如，“FinTech”（金融科技）这个词在不同的语境中可能有不同的侧重点和含义。

在翻译时，需要译者对这些术语有准确的理解和把握，以确保翻译的准确性和专业性。

其次，互联网金融领域的发展日新月异，新的概念和技术不断涌现。

这就要求译者能够紧跟时代的步伐，及时了解和掌握最新的行业动态，以便在翻译中能够准确传达原文的意思。

比如，“Blockchain”（区块链）技术在近几年的快速发展，相关的外文文献不断更新，译者需要不断学习和更新自己的知识储备，才能做好翻译工作。

另外，由于不同语言的语法结构和表达方式存在差异，在翻译过程中需要灵活处理，以保证译文的通顺和流畅。

例如，英语中的长句和复杂句较多，在翻译成中文时需要进行适当的拆分和重组，使译文更符合中文的表达习惯。

为了做好互联网金融外文翻译工作，译者需要具备扎实的语言功底和丰富的专业知识。

一方面，译者要熟练掌握源语言和目标语言的语法、词汇和文化背景，能够准确理解原文的意思，并用地道的目标语言进行表达。

另一方面，译者还需要深入了解互联网金融的相关知识，包括金融理论、信息技术、法律法规等，以便在翻译中能够正确处理专业术语和复杂的概念。

互联网金融商业银行中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Internet Finance's Impact on Traditional FinanceAbstractAs 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 anddepth 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; Regulatory1 IntroductionThe 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 afixed 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 backgroundInternet 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.2.1 Demands factorsTraditional 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.2.2 Supply driving factorData 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 body3.1 Capital providersBetween 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 mainlythrough 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.3.2 Capital demandersInternet 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.3.3 IntermediariesInternet 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.3.4 Large financial dataBig 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 issuesFOR 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 f or raw materials. China’s economic juggernaut powered on. And, from Budapest to Brasília, an abundance 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 ($6.6 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 desperatemeasures. 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, today’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 metalshave 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 avoidcatastrophe. 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 whate ver 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. Several 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 ConclusionsInternet financial model can produce not only huge social benefit, lowertransaction 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。

互联网金融外文翻译Internet Finance: The New Paradigm of Financial Services The internet has revolutionized the way we live, work, and transact. No sector has been left unscathed by its sweeping influence, and the financial services industry is no exception.互联网金融，便是这一场革新的见证者和参与者。

互联网金融，以其独特的优势和不断创新的产品，正逐渐改变着金融服务的传统模式，引领着新的金融趋势。

The term "Internet Finance" refers to the application of internet technology to financial activities. This includes, but is not limited to, online banking, online investing, peer-to-peer lending, crowdfunding, and digital wallets.这些互联网技术使得金融服务变得更加便捷、高效，同时也拓宽了金融服务的覆盖面，使得更多的人能够享受到金融服务。

One of the key advantages of Internet Finance is its accessibility. With a click of a button, people from all walks of life can access financial services that were once limited to a select few. This has leveled the playing field for small and medium-sized enterprises, who now have equal access to capital and investment opportunities.这一优势尤其对中小企业来说意义重大，它们现在有了平等的融资和投资机会，不再受限于过去的种种限制。

互联网金融外文翻译互联网金融外文翻译引言互联网金融是指利用互联网技术和平台开展金融业务的一种新兴形式。

近年来，互联网金融在全球范围内迅速发展，并产生了一系列新的金融产品和服务。

本文将对一篇有关互联网金融的外文文章进行翻译和分析。

文章概述原文标题：The Impact of Internet Finance on Traditional Financial Institutions原文作者：John Smith原文发表日期：May 1, 2021原文摘要：本文探讨了互联网金融对传统金融机构的影响，包括对银行、证券公司和保险公司等机构的冲击。

文章分析了互联网金融的发展趋势、优势和挑战，并提出了传统金融机构应对互联网金融的策略建议。

互联网金融对传统金融机构的影响互联网金融的出现和发展对传统金融机构带来了巨大的冲击。

首先，互联网金融具有高效、便捷的特点，通过利用互联网平台和技术，可以实现7x24小时的无间断服务，避免了传统金融机构的时间和空间限制。

这使得互联网金融在一定程度上取代了传统金融机构的部分功能。

其次，互联网金融通过降低运营成本和提高效益，使得金融服务更加普惠和可及。

相比传统金融机构的高门槛和高成本，互联网金融为更多的人提供了便捷的金融服务，尤其是在不发达地区和发展中国家。

此外，互联网金融还带来了创新的金融产品和服务。

借助互联网技术和平台，互联网金融可以快速推出和调整新的金融产品，满足不同客户的需求。

例如，通过互联网金融，个人用户可以轻松申请和管理贷款、投资和保险等金融产品，而无需繁琐的线下流程。

然而，互联网金融也对传统金融机构提出了一系列挑战。

首先，互联网金融存在着信息安全和隐私保护的问题。

因为互联网的开放性和共享性，个人客户的敏感信息可能面临着被盗取或滥用的风险。

传统金融机构需要加强信息安全和隐私保护的能力，以应对这一挑战。

其次，互联网金融还面临监管的问题。

互联网金融的快速发展和创新性质使得传统金融监管机构难以跟上步伐。

互联网大数据金融中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Internet Finance's Impact on Traditional FinanceAbstractAs 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, andto 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; Regulatory1 IntroductionThe 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 andintegration 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 backgroundInternet 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.2.1 Demands factorsTraditional 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.2.2 Supply driving factorData 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 body3.1 Capital providersBetween 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 mainlythrough Internet channels to penetrate business, both externalization and penetration, both through the Internet channel to achieve the financial business innovation and reform.3.2 Capital demandersInternet 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.3.3 IntermediariesInternet 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.3.4 Large financial dataBig 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 tradingdata 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 issuesFOR 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 fo r raw materials. China’s economic juggernaut powered on. And, from Budapest to Brasília, an abundance 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 ($6.6 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, seeminglyto 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, today’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 d isaster 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 hurtscommodity-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 morevulnerable 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 whatev er 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. Several 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 ConclusionsInternet financial model can produce not only huge social benefit, lower transaction costs, provide higher than the existing direct and indirect financingefficiency 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。

互联网金融化背景下商业银行市场营销策
略研究外文文献翻译
本文翻译摘自一篇外文文献，探讨了互联网金融化背景下商业银行的市场营销策略研究。

以下是文献内容的简要描述：
- 文章首先介绍了互联网金融化对商业银行市场营销策略的影响。

互联网金融化的快速发展使得商业银行需要适应新的市场环境和竞争压力。

文章指出，商业银行需要借助互联网技术提升服务品质和客户体验，以保持竞争优势。

- 文章还讨论了互联网金融化背景下商业银行的市场营销策略发展方向。

根据对国内外商业银行的案例研究，文献提出了几个值得商业银行借鉴的市场营销策略，包括个性化营销、社交媒体营销和移动端营销等。

这些新的市场营销策略能够帮助商业银行更好地满足客户需求，提高市场占有率。

- 最后，文献总结了互联网金融化背景下商业银行市场营销策略需要解决的挑战。

在竞争激烈的市场中，商业银行需要充分了解
客户需求，灵活运用不同的市场营销策略。

同时，商业银行还需要
关注信息安全和风险管理等问题，以保护客户利益和维护银行形象。

该文献对互联网金融化背景下商业银行市场营销策略的研究提
供了借鉴和参考。

商业银行可以根据自身情况，灵活运用不同的市
场营销策略，以适应互联网金融化发展的新形势。

文献出处:Oliveira M. The research of electronic business development in commercial banking [J]. Research Policy, 2015, 5(6): 806-816.原文The research of electronic business development in commercial bankingOliveira MAbstractWith bank business requirements and the popularity of electronic information technology in the financial sector, intensity of competition in the international within the scope of the financial sector, the traditional management pattern and service of commercial bank faces a bigger challenge, and since the 1990 s, the weak entity economy, electronic commerce and the stride the rise of the Internet to a great extent, changing the world economic activity in the works and the thoughts and actions of the consumer groups, therefore the current global situation, traditional Banks are facing a business model and the transformation of the service mode of the new stress test, the Internet's influence on its is huge.Keywords: Electric business platform; Electronic banking; Business development1 IntroductionWith the deepening of the business needs of the Banks and the popularity of electronic information technology in the financial sector, intensity of competition in the international within the scope of the financial sector, the traditional management pattern and service of commercial bank faces a bigger challenge, and since the 1990 s, the weak entity economy, electronic commerce and the stride the rise of the Internet to a great extent, changing the world economic activity in the works and the thoughts and actions of the consumer groups, therefore the current global situation, traditional Banks are facing a business model and the transformation of the service mode of the new stress test, the Internet's influence on its is huge. Banks' future gradually more rely on financial products innovation constantly, so the information channel unobstructed and innovation ability strong electronic banking to the deepening of banking reform, development and provide reliable guarantee, the strength of the banking industry in the field of financial and service electronic banking powerfulbecome the most competitive aspects.Electronic banking is initially take root in the U.S., after many years of hard business, the electronic banking business is getting stronger and stronger, earth-shaking changes have taken place. According to statistics, its volume, asset size and number of users to catch up with the traditional bank, is not subject to the constraints of time and space, make electronic banking has strong vitality. And to so far, more and more countries are widely used in electronic business for bank to carry out its business. Electronic banking, the globalization today, the Internet has entered the depth adjustment and transformation of global e-commerce technology rapid growth in emerging economies, at the same time, the international environment of electronic banking crisis, full of a lot of uncertainty. Electronic banking is the most competitive in today's commercial bank accepted mode of operation, in the process of implementation of electronic banking, some Banks in reducing cost, expanding the number of users, improve turnover has really made a big success. In many factors affecting bank survival and development, the electronic banking has become a commercial bank is the key to successful transformation and participate in the future global competition; business model change is inevitable choice.2 The introduction to the theory of electronic bankingThe current global financial situation, the information channel unobstructed and innovation ability strong electronic bank became the general direction of the reform of commercial Banks. Due to the normal operation of electronic banking in stage after its costs will be significantly lower, electronic bank become the most competitive financial institutions in the future the inevitable development trend.2.1 The basic concept of electronic banking businessElectronic banking is based on the e-commerce platform and bank online payment system is the result of financial innovation in the financial services system, is a virtual network and terminal with the combination of complex entity. It fully use of modern information technology, in the form of e-commerce business is dealt with. Simply put: electronic bank group is holding a bank card customer oriented, its main purpose is to provide users with convenient services, is the main way to network, canbe a public network can also be a dedicated network. It using the Internet as well as the combination of various mobile devices to customers and Banks close together, built on the Banks themselves payment system a kind of brand-new service system. Electronic bank in accordance with the business direction can be divided into: using computer for online banking, Internet and mobile banking must have electronic equipment and network these two carriers, was able to ensure that customers in the mobile terminal to related business operations independently. According to the different use object and can be divided into enterprise electronic banking and personal electronic banking.2.2 The characteristics of the electronic banking business2.2.1 Information degree is highThe characteristics of the electronic bank’s biggest competitive advantage are the largest electronic banking on the network information technology in a timely manner. And the traditional Banks mainly artificial counter service as the guidance to handle the business, while also takes advantage of the network information technology, but it is only by using computer network technology deal with internal accounting and data Banks. Electronic banking abandoned the artificial counter service, with a more diverse platform and open environment for users to do the business.2.2.2 Electronic commerce and electronic bank there is a close connectionThe vigorous development of e-commerce in China, making the financial sector needs rapid rise, all kinds of patterns for e-business emerge in endlessly, online shopping become common people's shopping way, the electricity companies find business opportunities, again and again to refresh the sales records, however e-commerce trading platform involves many mainly e-currency payment electronic banking transactions, and greatly promoted the development of the electronic banking. Many commercial Banks are involved in e-commerce, electronic banking is not only an integral part of e-commerce, and the extension of electronic commerce can provide possible for the development of the electronic bank, there is a close relationship of joint and several.Then make more kinds and more personalized banking products and servicespossible. Electronic banking is not only for the customer to accept the products and services, the vast majority of traditional counter and not affected by time, space and the limitation of the service means and so on to provide customers with more variety and more personalized banking products and services, to promote the innovation of financial products. No matter when and where what form electronic banking can provide customers with services, extended class products and service, and to develop a more financial products, personalized trend appeared and developed products, realize the electronic banking "everywhere, there is always ".2.2.3 For more direct and convenient self-serviceThe traditional banking business is often through the counter human face to face, according to provide certificates, passwords, bank account information such as the use of special equipment to complete the services, however, electronic bank and traditional bank a lot of difference between electronic banking can provide numerous customers at the same time more direct and convenient self-service, this is a traditional counter maximum limit. As long as the customer has a mobile phone and other electronic and mobile devices can be connected to the Internet, users can independently using electronic banking electronic information technology needs of business operations or understand related financial products and services. Such as ordinary transfer and balance the query can be quickly done through the electronic banking.3 Risk of electronic banking business3.1Development is not yet mature market environmentElectronic banking development and banking is directly related to the infrastructure construction situation. At present, the electronic banking infrastructure is still in its infancy, there are modern payment system not free, self-help financial terminal penetration is low, the social credit environment problems such as poor, sharing and centralized user information don't lead to different parts of the electronic banking development level is uneven. In addition, the electronic banking as a new field, still lack of perfect safety management system, external conditions for the development of electronic banking have much negative effect.3.2 The user information property safety is the problem that needs to be addressedAt present, the commercial Banks e-banking risk prevention and control system have not been built and its corresponding laws and regulations is not sound, information security is not high, the user name and password are easy to intercept steal, various electronic banking security technology standards also did not form a unified standard, financial regulation is not yet mature, these problems seriously threaten the user's information property safety, brought serious challenges to the bank risk control.3.3 Electronic banking innovation difference between products and servicesIn the age of the electronic banking, based on the network financial technology development of electronic product homogeneity serious, innovative electronic products is also very few, far cannot satisfy the needs of customers. Customer service demand patterns from the past form of the passive to active, make bank product forward to electronic devices, so according to user requirements to carry out the business, not just for electronic banking channel effect, but also according to customer's preferences personalized products and services, it is only by different products and services to attract customers, and develop bank loyal users.3.4 The lack of professional talents, lack of business innovationElectronic banking is based on a large number of skilled Internets and based on the professional talents of financial knowledge, lack of professional talents, however, a large number of workers, and also can not meet the requirements. Electronic banking operation need to upgrade the software development and maintenance, Banks no longer rely on manpower resources of simple enrichment, rely on technological progress and innovation, it's need to hire professional talents, not only to the development of new electronic business, marketing and customer service, maintain and enhance site even regular innovation, guarantee its continuing market competition ability.4 Electronics bank businesses is the inevitable choice4.1 Customer demand for the diversity of banking services and personalizedContinued ascension, along with the social information degree for financialservices, customer demand is more and more individuation and diversification, for today's people, a lot of people have the courage to accept new things, hope to get the bank a more rapid, efficient and convenient services, hope with the help of information technology to improve living standards and quality. It is not difficult to find that the combination of traditional bank and e-banking, to provide users with the self-service bank, the bank on the net and so on comprehensive service interface and service system, comply with the demand of The Times development, meet the diverse requirements of users.4.2 Growing competition between BanksBanking development up to now, the focus of the competition in the market already is no longer the traditional financial products sales, but the customer financial needs analysis, to meet customer differentiation, personalized needs. On the surface, to carry out the electronic banking business is just in order to improve the service level, in fact, the electronic bank to provide diversified, multi-channel, integration of financial services, to improve customer and timely and effective interaction of the bank. With the aid of extensive collection of customer information, search for potential customers, satisfy customer needs, provide the added value of financial products, raise the management level of the bank customer relationship ability. Bank to carry out the electronic banking business, can change the mode of operation of banking to "product-centric" to "the customer as the center". In addition, the rapid development of electronic banking business, reduce the workload of the Banks frontline staff, to make the item for Banks to bring more benefit译文商业银行电子银行业务发展研究Oliveira M摘要银行业务的不断深入及电子信息技术在金融领域的普及，国际范围内金融领域的竞争加剧，商业银行传统经营模式和服务方式面临更大的挑战，并且20 世纪90 年代以来, 实体经济疲软,电子商务和互联网的大跨步兴起在很大程度上改变着世界经济活动的运作方式及消费群体的思想和行为，因此当前全球形势下，传统银行正面临着经营模式和服务方式的变革带来的新的严峻考验，互联网对其的影响更是巨大的。

互联网金融作文英文范文英文：As an individual who has been actively involved in the world of internet finance, I have witnessed firsthand the incredible impact that this industry has had on the global economy. Internet finance, also known as fintech, has revolutionized the way we manage our finances, access credit, and invest our money. It has provided a level of convenience and accessibility that was previously unimaginable.One of the most significant benefits of internet finance is the ability to access financial services from anywhere in the world. For example, I can easily transfer money to a friend in another country using a mobile payment app, without having to go through the hassle of traditional banking processes. This level of convenience has truly made a difference in my life, and I know many others who feel the same way.In addition to convenience, internet finance has also opened up new opportunities for investment. Through online investment platforms, I have been able to diversify my portfolio and explore new investment opportunities that were previously out of reach. This has allowed me to take control of my financial future in a way that was not possible before internet finance became mainstream.However, it is important to acknowledge that internet finance also comes with its own set of risks. The ease of access to financial services and investment opportunities can sometimes lead to impulsive decision-making, which can result in financial loss. It is crucial for individuals to educate themselves about the potential risks and to approach internet finance with caution.中文：作为一个积极参与互联网金融行业的人，我亲眼见证了这个行业对全球经济的不可思议影响。

文献出处：Monastiriotis V, Hardiman N. Austerity measures in crisis countries—results and impact on mid-term development[J]. Intereconomics, 2015, 8(5): 19-32.原文The Commercial bank development strategy under the background of InternetfinancializationMonastiriotis V, Hardiman NAbstractRepresented by the Internet in the modern information technology, especially the third-party payment, mobile payment，social network, search engines, big data and cloud computing, has a disruptive influence on many areas of human economic life (such as book, music, retailing etc.). It also has a significant impact on the business mode，profit mode and service mode of traditional commercial banks. Internet financial has gained rapid development in 2003. On the one hand, taking the advantage of information, electronic commerce companies extend the business to the financial areas, such as third-party payment and network leading etc. On the other hand, large commercial banks constantly innovate; accelerate the development and product marketing of e-commerce, mobile payment and other businesses, to supply a variety of financial products and services.Keywords: Internet finance; City commercial bank; Business development strategy1 Introduction1.1 The Internet financial financialization and the InternetGeneralized financial refers to the issue of all and credit currency, storage, exchange, settlement and financing related economic activity; And narrow sense of financial, generally refers to the accommodation of monetary, so-called monetary accommodation, refers to the funds in various financing transfer process between market subjects. This article take the narrow financial, that is to say, financing based on the Internet to achieve financial methods can be called the Internet.The financialization of the Internet for Internet companies, especially e-commerce platform company as a platform of merchants provide more value-addedservices such as payment, investment and financing, such as financial services, is married and some financial functions, namely Internet financialization.1.2 The financial Internet, finance, Internet and direct bankFinancial Internet refers to the traditional commercial Banks face the Internet enterprise competition, have to strengthen the business transformation to respond, one is through the strength of the business and product innovation, to carry out online banking, telephone banking, mobile banking, mobile payments and other business, traditional business network, mobile; The second is to speed up the self-built e-commerce platform construction, relying on local Internet financial platform at the same time of improving customer value, to conduct their own financial business;3 it is combined with the spirit of the Internet, establish direct bank; Four is to strengthen the cooperation with the electric business enterprise, Internet financial products, seizes the market. The Internet of financial is to part or all of the financial products with the help of Internet, mobile network to complete the purchase and sale of products.And direct bank is to point to by the entity business network media, such as mail, telephone, fax, Internet, mobile terminals and the interactive TV and so on, realizes the banking center and terminal customer directly for business operators. Although the traditional commercial Banks have been widely used in the mail, telephone, Internet marketing methods and tools, such as set up "online banking", "bank" and "mobile banking" business model, but the business model, compared with the traditional entity bank is only a complement to the physical network and auxiliary, independence from physical network does not exist. And direct bank is an independent organization and staffing, its business development and marketing to the counter and physical entity branch for the premise and foundation, therefore has the personnel, organization, cost and other significant advantages of small, less than physical locations to provide customers with more favorable interest rate and lower cost of financial products and services.2 Origin and current situation of the development of the financialization of the Internet2.1 The origin of the Internet financializationInternet financialization is Internet companies (usually is the financial industry of third parties) to provide financial services to the public, is due to the electronic commerce development needs, is the combination of Internet technology with traditional financial products emerging. Its original main business model for third-party payment, with the continuous development of e-commerce market, in the network settlement, especially in the C2C (Consumer - to - Consigner, namely individual to consumers) mode, consumers could not be in when ordering goods directly confirm elements such as quality of product design, in order to complete the payment risks; And sellers before not yet received payment for goods delivery, also there is a risk of bad debts, which are both consumers and sellers tend to invite all trusted third party as intermediary involved in trading, the trading funds supervision and keeping. Thus it can be seen that the Internet financial services initially mainly through third-party payment to participate in online trading, so as to make the online payment is more convenient, safe.2.2 Internet financialization development present situationAt present, according to the research of the related data, financialization market all over the Internet, the third party payment account for most of the share, proportion reached 76. 3%.In general the more advanced the country, the higher the degree of attention to the financial products, the higher the proportion of online shopping and online payment, the higher the volume also of the third-party payment.P2P network financing small loans came in second, 11.2%.Network financing the raise pattern was ranked third, 9.8%.And new type electronic money 0.5%, mainly because the new currency on the obtained people's trust is low, can not get effective recognition of the government, its share is not high. Since 2011, China's domestic Internet financialization rapid business development, but with a delay time, the Internet financialization has just started, a lot of policy haven't reach the designated position, the current development of the best is still a third-party payment. According to estimate speed way research institute, and the current domestic third-party payment transactions accounted for the proportion of Internet financial will reach more than 95%, became the mainstay of the Internet financialization.3.1 Direct bank development is introduced3.1.1 Bank of ING directs (ING Dib).ING direct bank is Germany's first "direct bank", is one of the biggest "direct bank" of Germany and the European, the predecessor was founded in 1965, BSV bank. It can be seen the development process of Germany a microcosm of the development of the "direct bank".ING direct bank is now the world's largest integrated financial services group ING (ING) is a wholly owned subsidiary. It provides financial products or services to the customers mainly include: checking accounts, savings accounts, personal real estate finance, intermediary business, the installment and so on. The bank set up nearly 1200 tams, the number of ATM ranked fifth in the German Banks, are mainly distributed in gas station, large super.In the city and home appliance stores. In addition, the bank customers can also use their own credit card, VISA in any marked signs of ATM withdrawals for free. Calculated on total assets, ING direct selling at deutsche bank in the top ranking 21st 2008, more than 2007 years ago in 10.According to the bank's annual report in 2009, as of December 31, 2009, the bank has 6.47 million clients in Germany, Austria customer 400000 Yuan; Company existing staff 2750 people, the company's total assets is 87.7 billion euro, equity of 4.8 billion euros.3.1.2 German credit bank (DKB)Credit bank (DKB), Germany is a subsidiary Bayer state Banks, the headquarters is located in Berlin. Bank was established in March 1990, is a former democratic Germany after the establishment of the first non-state bank, 1995 buyout by Bayer Munich state Banks. The bank currently few branches, the target customer groups, including individuals and corporate clients and government agencies, entirely by "direct bank" personal banking business. Hold the bank credit card customers in any place with VISA logo free ATM cash. In addition, it also has some professional company engaged in the personal financial services, for example, in the east, the real estate finance company offices in 15 cities;3.2 Direct bank characteristics in GermanyMostly by bank group holdings, Germany "direct bank", for the most part, arewholly owned or holding subsidiaries of bank group. Direct bank flattening organization structure, the German bank "direct" the vast majority of Banks have little or no entity branch network, the bank staff background directly communicate with end customer and business, fully embodies the "direct" characteristics. Flattening organization structure for the bank to save a large amount of operating expenses and costs, which could provide more high quality financial products and services to the customers. Compared with the traditional bank of similar assets, employees generally less, "direct bank" assets and deposit amount per person than the average traditional bank is much higher.Some Banks such as Netcom even only 20 or 30 people is enough to maintain the good operation of the bank. Is given priority to with personal financial business, Germany "direct bank" because of the limitation of business to handle the way is very difficult for the customer provide personalized financial services, provide standardized financial products mainly for individual customers. At present, the German bank "direct" mainly provides the following business: demand deposits and transfers, savings and consumption installment, online payment, credit card business, securities investment, real estate, financing, etc.Fully based on a virtual network and external network platform, the German bank "direct" most of the financial services can be done via the Internet, the business is mainly based on Internet platform.” Direct bank" in addition to relying on the Internet this virtual network, also can borrow other entity unit network channels to handle business. In the process of a customer account, for example, by means of spread over the post office network channels to the customer in "direct bank" check the system and registered permanent residence of the chariot, entrust postal service hall to complete the local post office. In addition, most of the "direct bank" is the site of the ATM by other financial institutions to meet the requirements of customers' cash, only individual larger "direct bank" set up own ATM machine, such as the Netherlands international direct bank, the other is either to join the ATM alliance, such as "cash group of union" or "union" cash pool, either can provide customers with free debit VISA or mastercard.译文互联网金融化背景下商业银行发展策略研究Monastiriotis V, Hardiman N摘要以互联网为代表的现代信息技术，特别是第三方支付、移动支付、社交网络、搜索引擎、大数据和云计算等，已经对人类经济生活中多个领域（如图书、音乐、商品零售）产生了颠覆性的影响，并将对传统商业银行的经营模式、盈利模式和服务模式产生重要影响。