金融科技和金融采购4.0外文文献翻译2018-2019

金融体系中英文对照外文翻译文献(文档含英文原文和中文翻译)Comparative Financial Systems1 What is a Financial System?The purpose of a financial system is to channel funds from agents with surpluses to agents with deficits. In the traditional literature there have be en two approaches to analyzing this process. The first is to consider how agents interact through financial markets. The second looks at the operation offinancial intermediaries such as banks and insurance companies. Fifty years ago, the financial system co uld be neatly bifurcated in this way. Rich house-holds and large firms used the equity and bond markets,while less wealthy house-holds and medium and small firms used banks, insurance companies and other financial institutions. Table 1, for example, shows the ownership of corporate equities in 1950. Households owned over 90 percent. By 2000 it can be seen that the situation had changed dramatically.By then households held less than 40 percent, nonbank intermediaries, primarily pension funds and mutual funds, held over 40 percent. This change illustrates why it is no longer possible to consider the role of financial markets and financial institutions separately. Rather than intermediating directly between households and firms, financial institutions have increasingly come to intermediate between households and markets, on the one hand, and between firms and markets,on the other. This makes it necessary to consider the financial system as anirreducible whole.The notion that a financial system transfers resources between households and firms is, of course, a simplification. Governments usually play a significant role in the financial system. They are major borrowers, particularlyduring times of war, recession, or when large infrastructure projects are being undertaken. They sometimes also save significant amounts of funds. For example, when countries such as Norway and many Middle Eastern States have access to large amounts of natural resources (oil), the government may acquire large trust funds on behalf of the population.In addition to their roles as borrowers or savers, governments usually playa number of other important roles. Central banks typically issue fiat money and are extensively involved in the payments system. Financial systems with unregulated markets and intermediaries, such as the US in the late nineteenth century, often experience financial crises.The desire to eliminate these crises led many governments to intervene in a significant way in the financial system. Central banks or some other regulatory authority are charged with regulating the banking system and other intermediaries, such as insurance companies. So in most countries governments play an important role in the operation of financialsystems. This intervention means that the political system, which determines the government and its policies, is also relevant for the financial system.There are some historical instances where financial markets and institutions have operated in the absence of a well-defined legal system, relyinginstead on reputation and other im plicit mechanisms. However, in most financial systems the law plays an important role. It determines what kinds ofcontracts are feasible, what kinds of governance mechanisms can be used for corporations, the restrictions that can be placed on securities and so forth. Hence, the legal system is an important component of a financial system.A financial system is much more than all of this, however. An important pre-requisite of the ability to write contracts and enforce rights of various kinds is a system of accounting. In addition to allowing contracts to be written, an accounting system allows investors to value a company more easily and to assess how much it would be prudent to lend to it. Accounting information is only one type of information (albeit the most important) required by financial systems. The incentives to generate and disseminate information are crucial features of a financial system.Without significant amounts of human capital it will not be possible for any of these components of a financial system to operate effectively. Well-trained lawyers, accountants and financial professionals such as bankers are crucial for an effective financial system, as the experience of Eastern Europe demonstrates.The literature on comparative financial systems is at an early stage. Our survey builds on previous overviews by Allen (1993), Allen and Gale (1995) and Thakor (1996). These overviews have focused on two sets of issues.(1)Normative: How effective are different types of financial system atvarious functions?(2) Positive: What drives the evolution of the financial system?The first set of issues is considered in Sections 2-6, which focus on issues of investment and saving, growth, risk sharing, information provision and corporate governance, respectively. Section 7 consider s the influence of law and politics on the financial system while Section 8 looks at the role financial crises have had in shaping the financial system. Section 9 contains concludingremarks.2 Investment and SavingOne of the primary purposes of the financial system is to allow savings to be invested in firms. In a series of important papers, Mayer (1988, 1990) documents how firms obtained funds and financed investment in a number of different countries. Table 2 shows the results from the most recent set of studies, based on data from 1970-1989, using Mayer’s methodology. The figures use data obtained from sources-and-uses-of-funds statements. For France, the data are from Bertero (1994), while for the US, UK, Japan and Germany they are from Corbett and Jenkinson (1996). It can be seen that internal finance is by far the most important source of funds in all countries.Bank finance is moderately important in most countries and particularly important in Japan and France. Bond finance is only important in the US and equity finance is either unimportant or negative (i.e., shares are being repurchased in aggregate) in all countries. Mayer’s studies and those using his methodology have had an important impact because they have raised the question of how important financial marke ts are in terms of providing funds for investment. It seems that, at least in the aggregate, equity markets are unimportant while bond markets are important only in the US. These findings contrast strongly with theemphasis on equity and bond markets in the traditional finance literature. Bank finance is important in all countries,but not as important as internal finance.Another perspective on how the financial system operates is obtained by looking at savings and the holding of financial assets. Table 3 shows t he relative importance of banks and markets in the US, UK, Japan, France and Germany. It can be seen that the US is at one extreme and Germany at the other. In the US, banks are relatively unimportant: the ratio of assets to GDP is only 53%, about a third the German ratio of 152%. On the other hand, the US ratio of equity market capitalization to GDP is 82%, three times the German ratio of 24%. Japan and the UK are interesting intermediate cases where banks and markets are both important. In France, banks are important and markets less so. The US and UK are often referred to as market-based systems while Germany, Japan and France are often referred to as bank-based systems. Table 4 shows the total portfolio allocation of assets ultimately owned by the household sector. In the US and UK, equity is a much more important component of household assets than in Japan,Germany and France. For cash and cash equivalents (which includes bank accounts), the reverse is true. Tables 3 and 4 provide an interesting contrast to Table 2. One would expect that, in the long run, household portfolios would reflect the financing patterns of firms. Since internal finance accrues to equity holders, one might expect that equity would be much more important in Japan, France and Germany. There are, of course, differences in the data sets underlying the different tables. For example, household portfolios consist of financial assets and exclude privately held firms, whereas the sources-and-uses-of-funds data include all firms. Nevertheless, it seem s unlikely that these differences could cause such huge discrepancies. It is puzzling that these different ways of viewing the financial system produce such radically different results.Another puzzle concerning internal versus external finance is the difference between the developed world and emerging countries. Although it is true for the US, UK, Japan, France, Germany and for most other developed countries that internal finance dominates external finance, this is not the case for emerging countries. Singh and Hamid (1992) and Singh (1995) show that, for a range of emerging economies, external finance is more important than internal finance. Moreover, equity is the most important financing instrument and dominates debt. This difference between the industrialized nations and the emerging countries has so far received little attention. There is a large theoretical literature on the operation of and rationale for internal capital markets. Internal capital markets differ from external capital markets because of asymmetric information, investment incentives, asset specificity, control rights, transaction costs or incomplete markets There has also been considerable debate on the relationship between liquidity and investment (see, for example, Fazzari, Hubbard and Petersen(1988), Hoshi, Kashyap and Scharfstein (1991))that the lender will not carry out the threat in practice, the incentive effect disappears. Although the lender’s behavior is now ex post optimal, both parties may be worse off ex ante.The time inconsistency of commitments that are optimal ex ante and suboptimal ex post is typical in contracting problems. The contract commits one to certain courses of action in order to influence the behavior of the other party. Then once that party’s behavior has been determined, the benefit of the commitment disappears and there is now an incentive to depart from it.Whatever agreements have been entered into are subject to revision because both parties can typically be made better offby “renegotiating” the original agreement. The possibility of renegotiation puts additional restrictions on the kind of contract or agreement that is feasible (we are referring here to the contract or agreement as executed, ratherthan the contract as originally written or conceived) and, to that extent, tends to reduce the welfare of both parties ex ante. Anything that gives the parties a greater power to commit themselves to the terms of the contract will, conversely, be welfare-enhancing.Dewatripont and Maskin (1995) (included as a chapter in this section) have suggested that financial markets have an advantage over financial intermediaries in maintaining commitments to refuse further funding. If the firm obtains its funding from the bond market, th en, in the event that it needs additional investment, it will have to go back to the bond market. Because the bonds are widely held, however, the firm will find it difficult to renegotiate with the bond holders. Apart from the transaction costs involved in negotiating with a large number of bond holders, there is a free-rider problem. Each bond holder would like to maintain his original claim over the returns to the project, while allowing the others to renegotiate their claims in order to finance the additional investment. The free-rider problem, which is often thought of as the curse of cooperative enterprises, turns out to be a virtue in disguise when it comes to maintaining commitments.From a theoretical point of view, there are many ways of maintaining a commitment. Financial institutions may develop a valuable reputation for maintaining commitments. In any one case, it is worth incurring the small cost of a sub-optimal action in order to maintain the value of the reputation. Incomplete information about the borrower’s type may lead to a similar outcome. If default causes the institution to change its beliefs about the defaulter’s type, then it may be optimal to refuse to deal with a firm after it has defaulted. Institutional strategies such as delegating decisions to agents who are given no discretion to renegotiate may also be an effective commitment device.Several authors have argued that, under certain circumstances, renegotiation is welfare-improving. In that case, the Dewatripont-Maskin argument is turned on its head. Intermediaries that establish long-term relationships with clients may have an advantage over financial markets precisely because it is easier for them to renegotiate contracts.The crucial assumption is that contracts are incomplete. Because of the high transaction costs of writing complete contracts, some potentially Pareto-improving contingencies are left out of contracts and securities. This incompleteness of contracts may make renegotiation desirable. The missing contingencies can be replaced by contract adjustments that are negotiated by the parties ex post, after they observe the realization of variables on which the contingencies would have been based. The incomplete contract determines the status quo for the ex post bargaining game (i.e., renegotiation)that determines the final outcome.An import ant question in this whole area is “How important are these relationships empirically?” Here there does not seem to be a lot of evidence.As far as the importance of renegotiation in the sense of Dewatripont and Maskin (1995), the work of Asquith, Gertner and Scharfstein (1994) suggests that little renegotiation occurs in the case of financially distressed firms.Conventional wisdom holds that banks are so well secured that they can and do “pull the plug” as soon as a borrower becomes distressed, leaving theunsecured creditors and other claimants holding the bag.Petersen and Rajan (1994) suggest that firms that have a longer relationship with a bank do have greater access to credit, controlling for a number of features of the borrowers’ history. It is not clea r from their work exactly what lies behind the value of the relationship. For example, the increased access to credit could be an incentive device or it could be the result ofgreater information or the relationship itself could make the borrower more credit worthy. Berger and Udell (1992) find that banks smooth loan rates in response to interest rate shocks. Petersen and Rajan (1995) and Berlin and Mester (1997) find that smoothing occurs as a firm’s credit risk changes.Berlin and Mester (1998) find that loan rate smoothing is associated with lower bank profits. They argue that this suggests the smoothing does not arise as part of an optimal relationship.This section has pointed to a number of issues for future research.• What is the relationship between th e sources of funds for investment,as revealed by Mayer (1988, 1990), and the portfolio choices of investorsand institutions? The answer to this question may shed some light onthe relative importance of external and internal finance.• Why are financing patterns so different in developing and developedeconomies?• What is the empirical importance of long-term relationships? Is renegotiationimportant is it a good thing or a bad thing?• Do long-term relationships constitute an important advantage of bankbasedsystems over market-based systems?金融体系的比较1、什么是金融体系？一个金融系统的目的（作用）是将资金从盈余者（机构）向短缺者（机构）转移（输送）。

外文文献翻译学院经济管理学院专业金融学学号071132姓名黄诗卉指导教师臧日宏职称教授(2011年5 月)中国农业大学教务处制文献题目：非银行机构的银行业务文献出处:www。

emeraldinsight。

com译文内容:摘要目的-—金融危机以及随后而来对现存银行机构的不信任，为新的竞争者进入金融服务提供了机会。

银行业以外的机构通过他们受信赖的品牌，更强的资料获取技术以及更强大的客户服务理念无形中动摇了金融服务的潜规则，也因此将生意带离了传统的操作者。

此论文目的就是检验这种无形的非银行机构在英国金融服务行业的进入以及扩张，并分析他们的前景,在最后仔细考虑他们将面对的巨大挑战.设计方法:此论文以一篇于2010年发表的《乐购银行和维珍理财》报告为基准：探讨银行业没有银行.此报告提供了对英国市场的分析以及潜在的主要竞争者。

这个报告更为精简的在论文中展现，并且经过修改更好的体现了国际关联。

调查结果：论文讨论了乐购银行和维珍理财的优缺点,并总结了他们在进入这个行业所要面对的各种挑战。

创新之处：论文十分中肯的给出了公众对乐购银行和维珍理财进入英国金融服务行业的意见。

它还提供了其他国家该行业新竞争者的教训。

关键词：金融服务，银行，消费行为论文形式：观点论文简介金融危机对未来的银行业构成产生多重大的影响?毫无质疑的,此次的危机使银行的资产，流动性，会计方式都重大的改变.但是，危机还前所未有的使此领域向新的竞争者的进入打开大门？民众对主流银行深深地不信任使其他领域野心勃勃的公司获得了成为金融服务行业的主要提供商巨大契机?非银行业者进入金融服务先前已经被无数次讨论。

1994年一篇关于美国银行家的圆桌研究总结了“银行业的本质是一个现代的经济；然后银行却不是"。

评论员也预测了银行业以外的机构将用他们更强的信息获取技术和客户服务来动摇金融服务行业，谨慎的吃下将有利可图的生意并孤立银行。

在众多市场中,零售业者将作为最重要的竞争者。

译文商业银行信贷风险治理研究在我国商业银行的业务中，资产通常包含贷款、证券投资、现金存款以及其他四种类型的资产，比方贸易，在这些资产中，信用贷款业务是一种业务，是我国商业银行的主要的业务种类，在商业银行的全部业务中，信用贷款占据了信用资产中很大一局部比例。

在西方商业银行中，信用资产通常占据40%到50%，而在我们国家，商业银行的这一比例要更高一些，大约在50%到50%。

信用风险是银行的主要的操作风险之一，也是银行治理过程中最主要的一个挑战，因此，银行对于信用风险的治理，通过设立特别的机构去处理，采取多种手段来解决，但是，因为银行贷款业务中的大局部信用风险是多种多样的贷款业务，是最主要的资产，所以在信用治理方面，商业银行的贷款业务是相当宽松的，而且，其他的治理也是不平衡的，这是由于贷款企业无形资产的过度集中增加了银行的信用风险。

因此，强化信用资产的风险治理对于商业银行的开展也是非常重要的。

首先，对当前商业银行的信贷风险环境进行分析。

〔1〕过时的信贷风险识别和度量技术我们国家的商业银行的开展历程更短一些，数据样本相对较小，不能够有效提取信息和原因，潜在的数据库需要长期的积存才会更加完善，在短期内不能形成一个完全的客户信息系统。

而且，我国商业银行大体上并没有对建立信用数据库产生足够的重视，再加上一系列治理的的方法口径不一致，以及数据库的不一致。

在一些已经建立的信用数据库中，一些数据的真实性和完整性值得疑心，这些问题直接影响商业银行的信贷风险的客观和公正的评价。

与此同时，我国商业银行的信贷风险治理的方法和技术仍不完善，国外已经采纳许多先进的信贷风险治理工具，尤其是信贷风险评估和信贷风险防范技术等等。

〔2〕信贷风险处理手段较少信贷风险治理是指将信贷风险降低到最小的一个过程，信贷风险是客观存在的，这意味着银行是肯定会承当肯定的信用风险的。

在我国，信贷风险操纵和处理机制是相当弱的，方法手段很单一，仅仅抵押贷款有着第三方的保证，而且信贷资产的证券化和其他信贷风险的操纵方法并没有被有效的使用，信贷资产的全面治理没有真正的落实。

毕业论文外文文献翻译毕业论文题目互联网金融模式下的内部审计研究翻译题目银行业是必要的而银行不是，互联网时代的金融中介的未来学院会计学院专业会计学姓名朱艳琦班级10140611 学号10147919 指导教师毛以奇译文银行业是必要的而银行不是，互联网时代的金融中介机构的未来摘要本文探讨了互联网时代下金融机构和银行作为特殊的金融机构的未来可能是怎样的问题。

由于互联网而导致的交易费用的减少会降低进入金融产品市场的壁垒，因为有可能不再需要运行成本密集型的分支的大型系统。

但是，对金融机构的职能研究表明，不是每个人都可以销售和经销金融产品。

这是真的，因为金融业务中的信息不对称问题需要一个拥有良好信誉的中介，也因为需要限制大型资本基金转换资产的风险。

这两个要求变现了进入金融中介市场的重要壁垒。

并不是每一个金融产品会因为互联网的崛起而将面临更多的竞争，只有那些标准化和低风险的产品。

此外，那些拥有可观资本和良好声誉的大公司可能被视为银行的新竞争者。

关键字：银行业，银行，金融机构，互联网1、引言“银行业是19世纪的钢铁行业。

”当谈到关于新的信息技术对银行的影响的谈论时，这句话经常被提起。

更一般来说，可能有人会问，新信息技术是如何成功的，特别是互联网的，可能会改变商业和金融机构的市场情况。

在互联网的帮助下，人们可以执行所有银行的业务，而不需要银行。

这意味着传统银行分支机构的中介。

此外，互联网已经使客户直接从网上购买股票而不需要访问当地的分支银行。

从更广泛的意义上来说，在互联网的帮助下，金融市场的供给和需求可能通过互联网满足，而不需要金融中介机构。

互联网的崛起是否真的是金融中介机构的威胁？在急剧减少的交易成本情况下，商业和竞争将如何变化？本文考察了互联网的成功对金融机构和银行的影响。

2、金融机构的发展几个世纪以来，许多金融交易需要个人的存在。

随着现代信息技术的发展，这些都被改变了。

如今，客户可以在不进入当地分支银行的情况下进行任何金融交易。

中英文对照外文翻译文献(文档含英文原文和中文翻译)互联网金融对传统金融的影响摘要网络的发展，深刻地改变甚至颠覆了许多传统行业，金融业也不例外。

近年来，金融业成为继商业分销、传媒之后受互联网影响最为深远的领域，许多基于互联网的金融服务模式应运而生，并对传统金融业产生了深刻的影响和巨大的冲击。

“互联网金融”成为社会各界关注的焦点。

互联网金融低成本、高效率、关注用户体验，这些特点使其能够充分满足传统金融“长尾市场”的特殊需求，灵活提供更为便捷、高效的金融服务和多样化的金融产品，大大拓展了金融服务的广度和深度，缩短了人们在时空上的距离，建立了一种全新的金融生态环境；可以有效整合、利用零散的时间、信息、资金等碎片资源，积少成多，形成规模效益，成为各类金融服务机构新的利润增长点。

此外，随着互联网金融的不断渗透和融合，将给传统金融行业带来新的挑战和机遇。

互联网金融可以促进传统银行业的转型，弥补传统银行在资金处理效率、信息整合等方面的不足；为证券、保险、基金、理财产品的销售与推广提供新渠道。

对于很多中小企业来说，互联网金融拓展了它们的融资渠道，大大降低了融资门槛，提高了资金的使用效率。

但是，互联网金融的跨行业性决定了它的风险因素更为复杂、敏感、多变，因此要处理好创新发展与市场监管、行业自律的关系。

关键词：互联网金融；商业银行；影响；监管1 引言互联网技术的不断发展，云计算、大数据、社交网络等越来越多的互联网应用为传统行业的业务发展提供了有力支持，互联网对传统行业的渗透程度不断加深。

20世纪末，微软总裁比尔盖茨就曾断言，“传统商业银行会成为新世纪的恐龙”。

如今，随着互联网电子信息技术的发展，我们真切地感受到了这种趋势，移动支付、电子银行早已在我们的日常生活中占据了重要地位。

由于互联网金融的概念几乎完全来自于商业实践，因此目前的研究多集中在探讨互联网金融的具体模式上，而对传统金融行业的影响力分析和应对措施则缺乏系统性研究。

郑州大学商学院金融外文文献翻译题目：WTO and Capital Peking’s Economy指导教师：职称：学生姓名：学号：专业：院（系）：完成时间：WTO and Capital Peking’s EconomyJ effrey J . McMillan ABSTRACTChina’s accession to the WTO is an important event of our economic life in the course of reforms and opening. Therefore, Peking Municipal Government has established a special research team, which is designated to the study on the subject of Ch ina’s accession to the WTO and its impacts on the economic development of the capital. Here are only some views on the primary results of the research.I. Impacts on the economy of the capitalChina’s accession to the WTO means that our country will integrate and participate in the course of the economic globalization with an unprecedented extent and depth, and Peking will be in a brand new environment of development. The requirements of the market system reflected by the free trade principles and rules advocated by the WTO and the industrial orientation implied in the furtherance of the new international division of labor are consistent with the general direction of the economic development of the capital. In front of the wider opening of the market system, Peking, a city as the center for international communication, is endowed with resources of advanced technology and education, stronger comprehensive economic power and a fully established foreign-oriented pattern of multiple levels involved in wide fields, and thus Peking is in a more favorable competitive position as compared with other areas possibly with some relative advantages in international competition. Therefore, with correctly determined development strategy and tactics and initiatives in making full use of advantages and avoiding disadvantages, Peking may maximally share the benefits and opportunities brought forth by China’s accession to the WTO and reduce the shocks and pulse, hence facilitating the promotion of the economic development of the capital.II. Basic principles to be observed in developing the economy of the capital upon China’s accession to the WTOUpon China’s accession to the WTO, the economic development of the capital shall abide by the principles of comparative advantages and stick to the principles of reforms and innovation and the principles of the balance of focus on both domestic and foreign opening, thus pushing the economic growth and increasingly expanding the three demands for investment, consumption and import and export.In view of investment, it is initially estimated that for the first years upon China’s accession to the WTO, the domestic investment growth will be impacted by about 1--2%, the growth of the utilization of foreign investment will be impacted by 8--10%, and calculated on the basis of the current investment composition, total investment of fixed assets will witness a growth of 2--3.5%. Based on the elasticity of fixed asset against GDP from 1982 through 1998, the growth of GDP will be promoted by 1.5--2.5%. In view of consumption, during the initial period, China’s accession to the WTO will promote the growth rate of total residential consumption by 1--1.5%, and the growth rate of the ultimate total annual consumption will be promoted by about 0.6%, which means that upon complete realization of the agreement commitments, China’s accession to the WTO will promote the growth of total residential consumption by 5--6% in Peking, with the growth of the ultimate total annual consumption promoted by about 4%, thus bringing forth the growth of GDP by 2--2.5%. In view of import and export, the export of the traditional advantageous products of Peking Municipality will witness more growth, especially that of light textile products and mechanic-electrical products. Upon China’s accession to the WTO, the demands for import of the whole municipality witnesses obvious increase at the growth rate over that of export, and the situation of more import than export may not change. In view of employment, general trend is that the sustained economic growth will bring forth the increase of total employment, and the situation of more supply of labor than demand may be alleviated. Especially, the totalintroduction of foreign investment by Peking will witness more growth, and the development of tertiary industry will be accelerated, which may create new jobs though the pressure of employment is still big in a short term. With the accession to the WTO，the economic development of the capital is sure to face a issue of optimization and upgrading of industrial composition. According to our analysis, the industries with more development opportunities of the capital mainly include agriculture, hi-tech, foods industry, light industry, tourism, scientific, educational, cultural and health causes, information consulting industry, and exhibition industry. The industries with more challenges of the capital include electronic and communication equipment manufacturing industry, petrochemical industry, auto industry, machinery industry, metallurgical industry, building material industry, financial and insurance industry, commercial and beverage industry, transportation and post industry. Accordingly, we will carry out adjustment of industrial composition based on the above-mentioned analysis.III. Impacts on foreign economy and trade of the capitalAt present, there exists obvious gaps between the foreign trade management system of our country and the requirements of the WTO, which are embodied as follows:（1）Incomplete system of laws and regulations;（2）High import tariffs;（3）Numerous onus administrative measures of import and export: currently, 35 varieties of import commodities and 59 varieties of export commodities adopt licensing administration, most of which are not permitted for imposition of import and export restrictions by the WTO;（4）Failure to fully implement non-discriminatory principles, such as not adopting national treatment with foreign investment enterprises;（5）Insufficient transparency in foreign economic and trade policies. （6）The resources control and environment pressurePeking belongs to serious water shortage region, person all the water resources shortage 300 sign a square rice, only occupy quantity for the national personof 1/8, person in world all occupies quantity of 1/30, the water resources supply and demand antinomy's turning worse continuously will be the suburban area economy to develop main check and supervision factor;Resources quantity in land is limited, spare resources shortage, the agriculture uses ground to reduce gradually;The village labor force character is hard to satisfy the objective demand that the economy develops quickly.In the meantime, the suburban area is the ecosystem natural cover of the capital city, the ecosystem environment foundation still weaker, constuct and protect ecosystem environment and carry out and can keep on a development to face huge mission of in the economy the development the process.Face new situation, the suburban area economy the development still exists some antinomies and problem, main performance at:The economic total amount and structure and capital city position,economy movement mechanism and market economy request,the industrialization level and modernization strategy,small town the development and construction internationalize the metropolis,the farmer income growth speed and contract the city country difference, etc. still exists not adapt of place.How develop the niche,science and technology,information of the suburban area well etc. advantage, resolve these antinomies and problem further, BE"15" periodses speed the suburban area economy development step,the exaltation agriculture and village modernize level face of important topic.The influence that joins WTO to the capital city outside traid mainly expresses for the traditional advantage product export growth, the exit of the traditional market steady growth, the newly arisen market export will have already greatlied compare to increase as well, each kind of product that export a business enterprise is subjected to the influence degree dissimilarity, the overseas-funded enterprises advantage is obvious, outside traid the professional company difficulty compare greatly, import may significant growth, serve the trade income and expend all will with sooner the speed increase. Will exceed the goods trade to attain this year according to statistics 40 haveanother hundred million.Drawing on the foreign capital influence to the capital city to mainly express for the policy will make further adjustment;To the special policy of the overseas-funded enterprises to citizen the treatment change;Loosen outward a company the industry realm of the investment;Increase the clarity that the outside company invests law,laws.The impacts of the accession of the WTO on the foreign trade of the capital are mainly reflected as follows: the export of traditional advantageous industries will witness growth, the export of traditional market will witness stable growth, the export of the emerging market will also witness rapid growth, the impacts are different on the products of various export-oriented enterprises whereby the advantages of foreign-invested enterprises are obvious and while the difficulties of professional foreign trade companies may be big. Import may witness a big growth with the incomes and expenditures of trade in services growing even quicker. According to statistics, trade in services will exceed trade in goods by more than RMB4b.The impacts on the introduction of foreign investment of the capital are mainly as follows: policies will be further adjusted; the preferential policies with foreign-invested enterprises will shift to national treatment; the industrial fields will be extended for foreign investment; and the transparency will be enhanced in the laws and regulations on foreign investmentIV. Policy proposals on the foreign economic and trade development of the capital and speeding up the reforms of state-owned foreign trade enterprises.For the institutional reforms of foreign economic and trade systems, the administrative functions of the government will be changed in foreign economy and trade, and the municipal government will adopt measures for streamlining the establishment and institutions, simplifying the procedures of the approval and ratification functions, enhancing efficiency and improving the environment quality; speeding up the construction in foreign-related economic laws and regulations and policies; and making better use of the roles of foreign economic and trade intermediaries and institutions.For trade in goods, mainly making use of the advantages of the capital for creating a good trade environment; implementing the strategy of trade promotion based on science and technology, optimizing the composition of export commodities, increasing the export of hi-tech produces by even greater extent, and especially focusing on developing the software export in Peking; implementing the strategy of “going out” for development of transnational operations; and expending the subjects for operations of foreign trade, thus forming large-scale foreign economic and trade groups.In terms of trade in services, mainly establishing and perfecting the management system of the trade in services and formulating plans; perfecting the policy provisions on service industries and the policies on trade in services; and speeding up the cultivation of the talents in trade of services.In terms of utilization of foreign investment, mainly reinforcing the strength in improving investment climate; adjusting the strategy for introduction of foreign merchants and capital; and expanding the fields, channels and means.The measures for reforms of foreign trade enterprises include expansion of opening, adopting the important way of introduction of foreign investment and the process of industries, with the sales channels of foreign investment, thus reducing the threshold of policies; carrying out enterprise restructuring for advancement by streamlining; allowing for employees’ holding of shares, option incentives, and formulating relaxed systems for maximal maneuvering and scheduling of the initiatives of people; allowing for the adoption of conversion of debts into shares; and allowing for the bankruptcy of foreign trade companies.W T O 与首都北京经济[摘要]中国入世，是中国经济生活和改革开放进程中的重大事件。

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。

金融服务中英文对照外文翻译文献中英文对照外文翻译(文档含英文原文和中文翻译)大学生个人理财知识分析这项研究调查了924名大学生审视自己的个人财务知识；调查了学生的财务知识与学生的特性之间的关系，和理财知识对学生的意见和决定的影响。

结果表明，参与者回答问题的正确性为53％。

所调查的人包括非经营性专业、妇女、在下层阶级行列的学生、30岁以下并且很少有工作经验的人、知识水平较低者。

懂得较少财务知识的学生往往有错误的观点和作出不正确的决定。

结论是：大学生不太了解个人理财。

低的财务知识水平会限制他们做出明智决策的能力。

I. 介绍管理个人财务的能力在当今世界已经变得越来越重要。

人们必须计划为他们的退休和子女的教育长期投资。

他们还必须决定短期储蓄和借贷一个假期，向下支付房子，汽车贷款和其他大件物品。

此外，他们还必须管理自己的医疗保险和人寿保险的需求。

不幸的是，研究表明，美国人有个人认识不足财政（EBRI，1995年，毕马威会计师事务所，1995年; PSRA，1996年，1997年，奥本海默基金/女孩公司，1997年;先锋集团/货币杂志，1997年）。

他们未能作出正确决策因为他们还没有收到良好的个人理财教育（HSR，1993年，希拉，1993;奥尼尔，1993年）。

这项研究有三个目的。

首先，它提供大学生个人理财素养的证据。

其次，它会检查为什么一些大学生相对比别人有更多的理财知识。

该分析可以帮助我们识别出大学生所拥有决定能力水平的因素。

第三个目的是检查学生的知识如何影响他/她的意见和个人财务问题上的决定。

本文的结构安排如下。

第二部分回顾了以前对金融知识的研究。

第三部分是讨论方法。

第四部分是提出的结果。

第五部分总结全文。

II. 文献回顾大部分以前的研究都是由在金融服务行业的从业人员进行。

他们专注于资金管理和投资有关的问题。

这个重点与会计师财务策划师的调查结果一致，说明这些问题是个人理财规划的重要领域（NEFE，1993-1996）。

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。

关于金融科技(Fintech)的文献综述金融科技(Fintech)的文献综述金融科技(Fintech)是指通过创新的科技手段，改变和优化传统金融服务的方式和流程的产业。

近年来，随着互联网技术和移动支付的迅猛发展，金融科技在全球范围内蓬勃兴起，并对金融行业产生了深远影响。

本文将通过综述相关的文献，对金融科技的发展现状、影响和未来趋势进行探讨。

一、金融科技的定义与特点金融科技作为一种新兴产业，发展较为迅速。

根据文献研究，金融科技可简单定义为利用最新的科技手段和工具，创新金融服务的方式和流程。

它与传统金融服务相比，具有以下特点：1.1 技术驱动：金融科技以技术为核心，通过应用人工智能、大数据分析、区块链等创新技术，提升金融服务的效率和便利性。

1.2 创新服务：金融科技通过创新金融产品和服务，满足不同群体的金融需求，提供更加便捷、个性化的金融服务。

1.3 低成本高效率：金融科技通过优化流程、降低中间环节费用，实现金融服务的降本增效，使得金融服务更加普惠。

二、金融科技的发展现状金融科技作为一个新兴产业，在全球范围内得到了快速的发展。

众多创新型金融科技企业如支付宝、腾讯金融科技、Square等相继崛起，并成为金融行业的重要参与者。

文献研究表明，金融科技的发展现状主要表现在以下几个方面：2.1 移动支付的普及：随着智能手机的普及和互联网技术的发展，移动支付成为了金融科技的重要应用之一。

通过手机应用，用户可以实现便捷的支付功能，进一步替代传统的现金支付方式。

2.2 互联网金融的兴起：互联网金融是金融科技的重要组成部分，它通过互联网技术，为用户提供便利的金融服务。

包括P2P借贷、众筹、互联网保险等新兴模式，改变了传统金融服务的方式和流程。

2.3 区块链技术的应用：区块链技术是金融科技的核心技术之一，它通过分布式账本和智能合约等机制，使得金融交易更加高效、透明和安全。

目前，全球范围内已经有众多金融机构开始应用区块链技术，提高金融服务的效率和安全性。

关于金融科技的文献金融科技（Fintech）是指利用先进的科技手段，改进传统金融服务和业务流程的领域。

随着信息技术的迅猛发展，金融科技已经在全球范围内快速兴起，并对金融行业产生了深远的影响。

本文将从不同角度探讨金融科技的相关问题。

一、金融科技的发展与意义随着移动互联网、云计算、大数据、人工智能等技术的快速发展，金融科技得到了广泛应用。

金融科技的发展意义重大，它可以提高金融服务的效率和质量，降低金融交易的成本，促进金融创新和普惠金融的发展。

例如，通过使用智能手机应用程序，人们可以随时随地查询账户余额、进行转账支付等操作，极大地方便了日常生活中的金融服务。

二、金融科技的应用领域金融科技的应用领域广泛。

在支付领域，移动支付、电子支付等已经成为人们生活中不可或缺的一部分。

在借贷领域，P2P网络借贷平台利用互联网技术打破了传统金融机构的垄断，为广大小微企业和个人提供了更加便捷的融资渠道。

在投资领域，智能投顾平台利用大数据和人工智能技术为投资者提供个性化的投资建议。

在风险管理领域，区块链技术可以实现交易的去中心化和信息的不可篡改，提高交易的安全性和信任度。

三、金融科技的挑战与风险金融科技的发展也面临着一些挑战和风险。

首先，金融科技涉及大量的用户数据，数据安全和隐私保护成为重要问题。

其次，金融科技的快速发展可能会导致监管滞后，出现一些不规范的行为和市场乱象。

再次，金融科技的应用可能会带来一些新的风险，如网络攻击、技术故障等。

四、金融科技的未来发展趋势展望未来，金融科技的发展前景广阔。

首先，随着5G技术的普及，移动互联网的速度和容量将大幅提升，为金融科技的应用提供更好的基础条件。

其次，人工智能技术的不断进步将进一步提高金融服务的智能化水平，为用户提供更加个性化和精准的服务。

再次，区块链技术的发展将推动金融交易的去中心化和透明化，提高金融交易的效率和信任度。

金融科技是当今社会的热点领域，它将对金融行业产生深远的影响。

金融论文英语参考文献‎金融论文英语参考文‎献‎[1] nelson‎, c. r. &a‎m p; siegel‎, a. f. pa‎r simonious‎modeling ‎o f yield c‎u rves [j],‎journal o‎f business‎1987(4‎): 473489.‎[2] di‎e bold，fran‎c is x and ‎l i, canlin‎..global y‎i eld curve‎dynamics ‎a nd intera‎c tions: ad‎y namic nel‎s on-siegel‎approach[‎j],journal‎of econom‎e trics,XX，‎10:351-363‎[3] bl‎i ss, r. r.‎.testing ‎t erm struc‎t ure estim‎a tion meth‎o ds [j]. a‎d vances in‎futures a‎n d options‎research,‎1997，9:19‎7-231 [‎4] tanner,‎e.，exchan‎g e market ‎p ressures ‎a nd moneta‎r y policy:‎asia and ‎l atin amer‎i ca in the‎1990s [c]‎5working ‎p apers, im‎f,XX.[‎5] so, r. ‎w., price ‎a nd volati‎l ity spill‎o vers betw‎e en intere‎s t rate an‎d exchange‎value of ‎t he us dol‎l ar[j], gl‎o bal finan‎c e journal‎,XX(1)‎:95-107‎ [6] y.sa‎h alia. tes‎t ing conti‎n uous-time‎models of‎the spot ‎i nterest r‎a te [j], r‎e view of f‎i nancial s‎t udies. 19‎96，9:385-4‎26[7] ‎v asicek 0,‎f ong h g t‎e rm struct‎u re modeli‎n g usinge‎x ponential‎splines. ‎j ournal of‎finance[j‎], 1982，37‎:339-348‎ [8] duff‎l e，d. and ‎r. kan. a ‎y ield fact‎o r model o‎f interest‎rates[j]，‎m athematic‎a l finance‎, 1. 1996，‎6: 379-406‎[9] ai‎t sahalia,y‎and r. ki‎m mel. esti‎m ating aff‎i nemultif‎a ctor term‎structure‎models us‎i ng closed‎-form like‎l ihood exp‎a nsions[c]‎? working‎paper,nbe‎r,XX.[‎10] engle，‎r obert e a‎u toregress‎i ve condit‎i onalhete‎r oscedasti‎c ity with ‎e stimates ‎o f the var‎i ance of u‎. k inflat‎i on[j]. ec‎o nomica,19‎82，50:9871‎008[10‎]chen，r.-r‎., and l. ‎s cott maxi‎m um likeli‎h ood estim‎a tionfor ‎a multi-fa‎c tor equil‎i brium mod‎e l of the ‎t erm struc‎t ure of in‎t erest rat‎e s,. journ‎a l of fixe‎d ine, dec‎e mber, 199‎3，12: 14-3‎1 .[11‎]vasicek ‎o. an equi‎l ibrium ch‎a racteriza‎t ion of th‎e term str‎u cture [j]‎? journal‎of financ‎i al econom‎i cs,1977，‎5:177-188.‎[12] j‎.c. cox, ‎j. e. inge‎r soll，s. a‎.ross. a ‎t heory of ‎t he term s‎t ructure o‎f interest‎rates [j]‎.economet‎r ica, 1985‎,53：‎385-407‎[13] edmu‎n d m. a. k‎w aw and ye‎n, resolvi‎n g economi‎c conflict‎between t‎h e united ‎s tates and‎japan[m] ‎. massachu‎s ettsinst‎i tute of t‎e chnolog. ‎1997: 189-‎220.[1‎4] swanson‎，r.，rogoff‎，k.was it ‎r eal the e‎x changera‎t e-interes‎t differen‎t ial relat‎i on over t‎h e modern ‎f loating p‎e riod[j] j‎o urnal of ‎f inance, 1‎988，43: 35‎9-382[‎15] chan, ‎k.，chan, k‎.c.k karol‎y i, a.,int‎r aday vola‎t ility in ‎t he stock ‎i ndex and ‎s tock inde‎x futures ‎m arkets [j‎]review o‎f financia‎l studies ‎1991(4‎) : 657-68‎4.[16]‎kutan, j.‎and s. zh‎o u，\mean r‎e version o‎f interest‎rates in ‎t he eurocu‎r rency mar‎k et[j], ox‎f ord bulle‎t in of eco‎n omics and‎statistic‎s,XX，63: 4‎59-473.‎。

金融论文的英文参考文献[1] Roberta. Michael F，Exchange Rate Regimes in an Increasingly Integrated World [J]，Economy，25，34:19-132[2] Prasad，E. Ye. L_ The Renminbis Role in the Global Monetary System[R]，Global Economy and Development at Brookings，212 (2) : 169-185[3] NELSON C R， SIGEL A F. Parsimonious modeling of yield curve [J]. Journal of Business， 1987，6:473- 489.[4] Tanner， E.，“Exchange Market Pressures and Monetary Policy: Asia and Latin America in the 199s” [C]5 Working Papers， IMF，2.[5] So， R. W.，“Price and Volatility Spillovers between Interest Rate and Exchange Value of the US Dollar”[J]， Global Finance Journal，21 (1) :95-17[6] Y.Sahalia. Testing Continuous-Time Models of the Spot Interest Rate [J]，Review of Financial Studies. 1996，9:385-426[7] Vasicek ，Fong H G Term structure modeling using exponential splines. Journal of Finance[J]， 1982，37:339-348[8] Duffle，D. and R. Kan. A yield factor model of interest rates[J]，Mathematical Finance， 1. 1996，6: 379-46[9] Ait—Sahalia，Y and R. Kimmel. Estimating affine Multifactor Term structure models using closed-form likelihood expansions[C] ? Working paper，NBER，22.[1] Engle，Robert E Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of U. k Inflation[J]. Economica，1982，5:987—18[1]CHEN，R.-R.， and L. SCOTT “Maximum Likelihood Estimation for a Multi-Factor Equilibrium Model of the Term Structure of Interest Rates，”. Journal of Fixed Income， December， 1993，12: 14-31 .[11] Vasicek O. An equilibrium characterization of the term structure [J] ? Journal of Financial Economics， 1977，5:177-188.[12] J. C. Cox， J. E. Ingersoll，S. A. Ross. A Theory of the Term Structure of Interest Rates [J]. Econometrica， 1985， 53： 385-47[13] Edmund M. A. Kwaw and Yen，Resolving Economic Conflict Between The United States and Japan[M] . Massachusetts Institute of Technolog. 1997: 189-22.[14] Swanson，R.，Rogoff，K.Was it real The exchange rate-interest differential relation over the modern floating period[J] Journal of Finance， 1988，43: 359-382[15] Chan， K.，Chan， K.C.K Karolyi， A.，Intraday volatility in the stock index and stock index futures markets [J] Review of Financial Studies 1991 (4) : 657-684.[16] Kutan，J. and S. Zhou，Mean Reversion of Interest Rates in the Eurocurrency Market[J]， Oxford Bulletin of Economics and Statistics，21，63: 459-473.[17] Park. Information Flows between Non-deliverable Forward (NDF ) and Spot Markets：Evidence from Korean Currency [J]. Pacific-Basin Finance Journal，21，9:363-377[18] Nelson， C. R. Siegel， A. F. Parsimonious modeling of yield curves [J]，Journal of Business 1987(4): 473—489.[19] Diebold，Francis X and Li，Canlin..Global yield curve dynamics and interactions: Adynamic Nelson-Siegel approach[J]，Journal of Econometrics，28，1:351-363[20] Bliss， R. R.. Testing Term Structure Estimation Methods [J]. Advances in Futures and Options Research， 1997，9:197-231。

银行金融数据分析中英文对照外文翻译文献银行金融数据分析中英文对照外文翻译文献1银行金融数据分析中英文对照外文翻译文献(文档含英文原文和中文翻译)Banks analysis of financial dataAbstractA stochastic analysis of financial data is presented. In particular we investigate how the statistics of log returns change with different time delays t. The scale-dependent behaviour of financial data can be divided into two regions. The first time range, the small-timescale region (in the range of seconds) seems to be characterised by universal features. The second time range, the medium-timescale range from several minutes upwards can be characterised by a cascade process, which is given by a stochastic Markov process in the scale ττ. A corresponding Fokker–Planck equation can be process in the scaleextracted from given data and provides a non-equilibrium thermodynamical description of the complexity of financial data.Keywords: Banks; Financial markets; Stochastic processes;Fokker––Planck equationFokker1.IntroductionFinancial statements for banks present a different analytical problem than manufacturing and service companies. As a result, analysis of a bank’s financial statements requires a distinct approach that recognizes a bank’’s financial statements requires a distinct approach that recognizes a bank somewhat unique risks.Banks take deposits from savers, paying interest on some of these accounts. They pass these funds on to borrowers, receiving interest on the loans. Their profits are derived from the spread between the rate they pay forfunds and the rate they receive from borrowers. This ability to pool deposits from many sources that can be lent to many different borrowers creates the flow of funds inherent in the banking system. By managing this flow of funds,banks generate profits, acting as the intermediary of interest paid and interest received and taking on the risks of offering credit.2. Small-scale analysisBanking is a highly leveraged business requiring regulators to dictate minimal capital levels to help ensure the solvency of each bank and the banking system. In the US, a bank’’s primary regulator could be the Federal banking system. In the US, a bankReserve Board, the Office of the Comptroller of the Currency, the Office of Thrift Supervision or any one of 50 state regulatory bodies, depending on the charter of the bank. Within the Federal Reserve Board, there are 12 districts with 12 different regulatory staffing groups. These regulators focus on compliance with certain requirements, restrictions and guidelines, aiming to uphold the soundness and integrity of the banking system.As one of the most highly regulated banking industries in the world, investors have some level of assurance in the soundness of the banking system. As a result, investors can focus most of their efforts on how a bank will perform in different economic environments.Below is a sample income statement and balance sheet for a large bank. The first thing to notice is that the line items in the statements are not the same as your typical manufacturing or service firm. Instead, there are entries that represent interest earned or expensed as well as deposits and loans.As financial intermediaries, banks assume two primary types of risk asthey manage the flow of money through their business. Interest rate risk is the management of the spread between interest paid on deposits and received on loans over time. Credit risk is the likelihood that a borrower will default onits loan or lease, causing the bank to lose any potential interest earned as wellas the principal that was loaned to the borrower. As investors, these are theprimary elements that need to be understood when analyzing a bank’’s primary elements that need to be understood when analyzing a bankfinancial statement.3. Medium scale analysisThe primary business of a bank is managing the spread between deposits. Basically when the interest that a bank earns from loans is greater than the interest it must pay on deposits, it generates a positive interest spread or net interest income. The size of this spread is a major determinant of the profit generated by a bank. This interest rate risk is primarily determined by the shape of the yield curve.As a result, net interest income will vary, due to differences in the timing of accrual changes and changing rate and yield curve relationships. Changes in the general level of market interest rates also may cause changes in the volume and mix of a bank’’s balance sheet products. For example, when volume and mix of a bankeconomic activity continues to expand while interest rates are rising,commercial loan demand may increase while residential mortgage loangrowth and prepayments slow.Banks, in the normal course of business, assume financial risk by making loans at interest rates that differ from rates paid on deposits. Deposits often have shorter maturities than loans. The result is a balance sheet mismatch between assets (loans) and liabilities (deposits). An upward sloping yield curve is favorable to a bank as the bulk of its deposits are short term and their loans are longer term. This mismatch of maturities generates the net interest revenue banks enjoy. When the yield curve flattens, this mismatch causes net interest revenue to diminish.4.Even in a business using Six Sigma® methodology. an “optimal” level of working capital management needs to beidentified.The table below ties together the bank’s balance sheet with the income statement and displays the yield generated from earning assets and interestbearing deposits. Most banks provide this type of table in their annual reports. The following table represents the same bank as in the previous examples: First of all, the balance sheet is an average balance for the line item, rather than the balance at the end of the period. Average balances provide a better analytical frame analytical framework to help understand the bank’s financial performance. work to help understand the bank’s financial performance. Notice that for each average balance item there is a correspondinginterest-related income, or expense item, and the average yield for the time period. It also demonstrates the impact a flattening yield curve can have on a bank’s net interest income.The best place to start is with the net interest income line item. The bank experienced lower net interest income even though it had grown averagebalances. To help understand how this occurred, look at the yield achieved on total earning assets. For the current period ,it is actually higher than the prior period. Then examine the yield on the interest-bearing assets. It issubstantially higher in the current period, causing higher interest-generating expenses. This discrepancy in the performance of the bank is due to the flattening of the yield curve.As the yield curve flattens, the interest rate the bank pays on shorter term deposits tends to increase faster than the rates it can earn from its loans. This causes the net interest income line to narrow, as shown above. One way banks try o overcome the impact of the flattening of the yield curve is to increase the fees they charge for services. As these fees become a larger portion of the bank’s inco portion of the bank’s income, it becomes less dependent on net interest me, it becomes less dependent on net interest income to drive earnings.Changes in the general level of interest rates may affect the volume ofcertain types of banking activities that generate fee-related income. For example, the volume of residential mortgage loan originations typically declines as interest rates rise, resulting in lower originating fees. In contrast,mortgage servicing pools often face slower prepayments when rates are rising, since borrowers are less likely to refinance. Ad a result, fee income and associated economic value arising from mortgage servicing-related businesses may increase or remain stable in periods of moderately rising interest rates.When analyzing a bank you should also consider how interest rate risk may act jointly with other risks facing the bank. For example, in a rising rate environment, loan customers may not be able to meet interest payments because of the increase in the size of the payment or reduction in earnings. The result will be a higher level of problem loans. An increase in interest rate is exposes a bank with a significant concentration in adjustable rate loans to credit risk. For a bank that is predominately funded with short-term liabilities, a rise in rates may decrease net interest income at the same time credit quality problems are on the increase.5.Related LiteratureThe importance of working capital management is not new to the finance literature. Over twenty years ago. Largay and Stickney (1980) reported that the then-recent bankruptcy of W.T. Grant. a nationwide chain of department stores. should have been anticipated because the corporation had been running a deficit cash flow from operations for eight of the last ten years of its corporate life. As part of a study of the Fortune 500’s financ ial management practices. Gilbert and Reichert (1995) find that accounts receivable management models are used in 59 percent of these firms to improve working capital projects. while inventory management models were used in 60 percent of the companies. More recently. Farragher. Kleiman andSahu (1999) find that 55 percent of firms in the S&P Industrial indexcomplete some form of a cash flow assessment. but did not present insights regarding accounts receivable and inventory management. or the variations of any current asset accounts or liability accounts across industries. Thus. mixed evidence exists concerning the use of working capital managementtechniques.Theoretical determination of optimal trade credit limits are the subject of many articles over the years (e.g.. Schwartz 1974; Scherr 1996). with scant attention paid to actual accounts receivable management. Across a limited sample. Weinraub and Visscher (1998) observe a tendency of firms with low levels of current ratios to also have low levels of current liabilities.Simultaneously investigating accounts receivable and payable issues. Hill. Sartoris. and Ferguson (1984) find differences in the way payment dates are defined. Payees define the date of payment as the date payment is received. while payors view payment as the postmark date. Additional WCM insight across firms. industries. and time can add to this body of research.Maness and Zietlow (2002. 51. 496) presents two models of valuecreation that incorporate effective short-term financial management activities. However. these models are generic models and do not consider unique firm or industry influences. Maness and Zietlow discuss industry influences in a short paragraph that includes the observation that. “An industry a company is located i located in may have more influence on that company’s fortunes than overall n may have more influence on that company’s fortunes than overall GNP” (2002. 507). In fact. a careful review of this 627GNP” (2002. 507). In fact. a careful review of this 627-page textbook finds -page textbook finds only sporadic information on actual firm levels of WCM dimensions.virtually nothing on industry factors except for some boxed items with titles such as. “Should a Retailer Offer an In such as. “Should a Retailer Offer an In--House Credit Card” (128) andnothing on WCM stability over time. This research will attempt to fill thisvoid by investigating patterns related to working capital measures within industries and illustrate differences between industries across time.An extensive survey of library and Internet resources provided very few recent reports about working capital management. The most relevant set of articles was Weisel and Bradley’s (2003) arti cle on cash flow management and one of inventory control as a result of effective supply chain management by Hadley (2004).6.Research MethodThe CFO RankingsThe first annual CFO Working Capital Survey. a joint project with REL Consultancy Group. was published in the June 1997 issue of CFO (Mintz and Lezere 1997). REL is a London. England-based management consulting firm specializing in working capital issues for its global list of clients. The original survey reports several working capital benchmarks for public companies using data for 1996. Each company is ranked against its peers and also against the entire field of 1.000 companies. REL continues to update the original information on an annual basis.REL uses the “cash flow from operations” value loc ated on firm cash flow statements to estimate cash conversion efficiency (CCE). This value indicates how well a company transforms revenues into cash flow. A “daysof working capital” (DWC) value is based on the dollar amount in each of the aggregate. equally-weighted receivables. inventory. and payables accounts. The “days of working capital” (DNC) represents the time period between purchase of inventory on acccount from vendor until the sale to the customer. the collection of the receivables. and payment receipt. Thus. it reflects the company’s ability to finance its core operations with vendor credit. A detailed investigation of WCM is possible because CFO also provides firmand industry values for days sales outstanding (A/R). inventory turnover. and days payables outstanding (A/P).7.Research FindingsAverage and Annual Working Capital Management Performance Working capital management component definitions and average values for the entire 1996 –– 2000 period . Across the nearly 1.000 firms in thefor the entire 1996survey. cash flow from operations. defined as cash flow from operations divided by sales and referred to as “cash conversion efficiency” (CCE). averages 9.0 percent. Incorporating a 95 percent confidence interval. CCE ranges from 5.6 percent to 12.4 percent. The days working capital (DWC). defined as the sum of receivables and inventories less payables divided by daily sales. averages 51.8 days and is very similar to the days that sales are outstanding (50.6). because the inventory turnover rate (once every 32.0 days) is similar to the number of days that payables are outstanding (32.4 days). In all instances. the standard deviation is relatively small. suggesting that these working capital management variables are consistent across CFO reports.8.Industry Rankings on Overall Working Capital Management PerformanceCFO magazine provides an overall working capital ranking for firms in its survey. using the following equation:Industry-based differences in overall working capital management are presented for the twenty-six industries that had at least eight companies included in the rankings each year. In the typical year. CFO magazine ranks 970 companies during this period. Industries are listed in order of the mean overall CFO ranking of working capital performance. Since the best average ranking possible for an eight-company industry is 4.5 (this assumes that the eight companies are ranked one through eight for the entire survey). it is quite obvious that all firms in the petroleumindustry must have been receiving very high overall working capital management rankings. In fact. the petroleum industry is ranked first in CCE and third in DWC (as illustrated in Table 5 and discussed later in this paper).Furthermore. the petroleum industry had the lowest standard deviation of working capital rankings and range of working capital rankings. The only other industry with a mean overall ranking less than 100 was the Electric & Gas Utility industry. which ranked second in CCE and fourth in DWC. The two industries with the worst working capital rankings were Textiles and Apparel. Textiles rank twenty-second in CCE and twenty-sixth in DWC. The apparel industry ranks twenty-third and twenty-fourth in the two working capital measures9. Results for Bayer dataThe Kramers––Moyal coefficients were calculated according to Eqs. (5) and The Kramers(6). The timescale was divided into half-open intervalsassuming that the Kramers––Moyal coefficients are constant with respect to assuming that the Kramersthe timescaleττin each of these subintervals of the timescale. The smallestthe timescaletimescale considered was 240 s and all larger scales were chosen such that ττi timescale considered was 240 s and all larger scales were chosen such that . The Kramers––Moyal coefficients themselves were parameterised ＝0.9*τi+1. The Kramersin the following form:This result shows that the rich and complex structure of financial data, expressed by multi-scale statistics, can be pinned down to coefficients with a relatively simple functional form.10. DiscussionCredit risk is most simply defined as the potential that a bank borrower or counter-party will fail to meet its obligations in accordance with agreed terms. When this happens, the bank will experience a loss of some or all of the credit it provide to its customer. To absorb these losses, banks maintain anallowance for loan and lease losses. In essence, this allowance can be viewed as a pool of capital specifically set aside to absorb estimated loan losses. This allowance should be maintained at a level that is adequate to absorb theestimated amount of probable losses in the institution’’s loan portfolio. estimated amount of probable losses in the institutionA careful review of a bank’’s financial statements can highlight the keyA careful review of a bankfactors that should be considered becomes before making a trading or investing decision. Investors need to have a good understanding of the business cycle and the yield curve-both have a major impact on the economic performance of banks. Interest rate risk and credit risk are the primary factors to consider as a bank’’s financial performance follows the yield curve. When to consider as a bankit flattens or becomes inverted a bank’’s net interest revenue is put underit flattens or becomes inverted a bankgreater pressure. When the yield curve returns to a more traditional shape, a bank’’s net interest revenue usually improves. Credit risk can be the largest bankcontributor to the negative performance of a bank, even causing it to lose money. In addition, management of credit risk is a subjective process that can be manipulated in the short term. Investors in banks need to be aware of these factors before they commit their capital.银行的金融数据分析摘要 财务数据随机分析已经被提出，特别是我们探讨如何统计在不同时间τ记录返回的变化。

百度文库- 让每个人平等地提升自我！毕业论文外文资料翻译题目融资融券存在的马太效应分析——基于券商的视角学院经济学院专业金融学班级金融1003学生王艳学号20102221281指导教师原雪梅二〇一三年四月十九日Jena Economic Research Papers ,2012 - 058 Margin Trading Bans in Experimental Asset MarketsWoolridgeAbstractIn financial markets, professional traders leverage their trades because it allows to trade larger positions with less margin. Violating margin requirements, however, triggers a margin call and open positions are automatically covered until requirements are met again. What impact does margin trading have on the price process and on liquidity in financial asset markets? Since empirical evidence is mixed, we consider this question using experimental asset markets. Starting from an empirically relevant situation where margin purchasing and short selling is permitted, we ban margin purchases and/or short sales using a 2x2 factorial design to a allow for a comparative static analysis. Our results indicate that a ban on margin purchases fosters efficient pricing by narrowing price deviations from fundamental value accompanied with lower volatility and a smaller bid-ask-spread. A ban on short sales, however, tends to distort efficient pricing by widening price deviations accompanied with higher volatility and a large spread.Keywords: margin trading, Asset Market, Price Bubble, Experimental Finance1.IntroductionHowever, regulators can only have a positive impact on the life-cycle of a bubble, if they know how institutional changes affect prices in financial markets. Note that regulation is a double-edged sword since decision errors may lead from bad to worse. Given the systemic risk posed by speculative bubbles and their long history, it may be surprising how little attention bubbles have received in the literature and how little understood they are. This ignorance is partly due to the complex psychological nature of speculative bubbles but also due to the fact that the conventional financial economic theory has ignored the existence of bubbles for a long-time. But even if theories on bubble cycles have empirical relevance, it is clear that the issues surrounding the formation and the bursting of bubbles cannot be analyzed with pencil and paper. Conclusions on bubble cycles must be backed with quantitative data analysis. Given the limited number of observed empirical market crashes and their non-recurring nature, an experimental analysis of bubble formation involving controlled and replicable laboratory conditions seems to be a promising way to proceed.The paper is organized as follows. Section II reviews the related literature, Section 0 presents the details of the experimental design and section IV reports the data analysis. In section V, we summarize our findings and provide concluding remarks.2. Leverage in asset marketsDo margin requirements have any effects on market prices? Fisher (1933) and also Snyder (1930) mentioned the importance of margin debt in generating price bubbles when analyzing the Great Crash of 1929. The ability to leverage purchases lead to a higherdemand, ending up in inflated prices. The subsequently appreciated collateral allowed to leverage purchases even more. This upward price spiral was fueled by an expansion of debt. From the end of 1924, brokers’loans rose four and one-half times (by $6.5 billion) and in the final phase broker’s borrowings rose at more than 100% a year until the bubble crashed. Then, after the peak of the bubble, a debt spiral was initiated. Investors lost trust and started to sell assets. Excess supply deflated prices resulting in a depreciation of collateral. Triggered margin calls lead to forced asset sales pushing supply even further. An increase in defaults on debt, and short sales exacerbated supply and finally assets were being sold at fire sale prices. It only took 6 weeks to extinguish half of the total of brokers’credit. Finally, in 1934, the U.S. Congress established federal margin authority to prevent unjustifiable increases or decreases in stock demand since margin requirements can prevent dramatic price fluctuations by limiting leveraged trades on both sides of the stock market: extremely optimistic margin purchasers and extremely pessimistic short sellers.Recent experimental evidence suggests short sale constraints to increase prices.Ackert et al. (2006)and Haruvy and Noussair (2006) find prices to deflate–even below fundamental value in the latter study –while King, Smith, Williams, and Van Boening (1993) find no effect. In a setting with information asymmetries, Fellner and Theissen (2006) find higher prices with short sale constraints but not depending on the divergence of opinion as predicted by Miller (1977). In a setting with smart money traders, Bhojraj, Bloomfield, and Tayler (2009) report short selling to exacerbate overpricing, even though it reduces equilibrium price levels. Hauser and Huber (2012) find short selling constraints with two dependent assets to distort price levels. Our design deviates from the previous studies in several but one important way: We use a more empirically relevant facility in that traders have to provide collateral facing the threat of margin calls.3. Implementing Margin Purchasing and Short SellingWe conducted four computerized treatments utilizing a 2x2 factorial design as displayed in Table II. Starting from an empirically relevant situation where margin purchases Traders execute margin purchases when they purchase shares by using loan, collateralized with shareholdings evaluated at the current market value.11 In this case, traders make a bull market bet, i.e. they borrow cash to buy shares, wait for the price to rise and sell them with a profit. However, a decline in prices depreciates collateral while keeping loan constant. When prices fall below a certain threshold, such that the loan exceeds the value of the shareholdings (i.e. debt > equity), a margin call is triggered. Immediately, i) the trader’s buttons are disabled, ii) outstanding orders are cancelled, and iii) the computer starts selling shares at the current market price until margin requirements are met again or untilall shares have been sold.12 Traders execute short sales when they sell shares without holding them in their inventory, collateralized with sufficient cash at hand.13 In this case, traders make a bear market bet, i.e. they borrow shares to sell them in the market, wait for the price to decline, buy them back with a profit and return them. Note that the amount of debt equals the total amount the trader has to pay to buy back the outstanding shares. Thus, an increase in prices increases debt and reduces collateral (cash minus value of outstanding shares), simultaneously. When prices exceed a certain threshold, such that the amount to buy back outstanding shares exceeds collateral (i.e. debt > equity), a margin call is triggered. Immediately, i)the trader’s buttons are disabled, ii) outstanding orders are cancelled, and iii) the computer starts buying shares at the current market price until margin requirements are met again or until all short positions have been covered.Note that short sellers have to pay dividends for their short positions at the end of each period.14 After period 15, both long and short positions are worthless.15 In any case, a margin call can lead to bankruptcy. However, the consequences of a margin call hold even during bankruptcy, i.e. outstanding positions continuously being closed although subjects are bankrupt. This is different to any other asset market experiment considering leverage4. Margin traders tend to make less money than othersBy leveraging purchases and sales, traders take more risks to be able to make more money. But do margin traders make more money at all? To evaluate this question, we classify traders into types, i.e. margin traders, who trade on margin at least once, and others. Table X shows the average end- of round-earnings within types for each treatment along with the number of subjects. The spearman rank correlation between type and end of round earnings is negative in both rounds and in all three treatments. The coefficient is significantly different from zero only in MP|NoSS and NoMP|SS when subjects are once experienced . Subjects, who executed both margin purchases and short sales in MP|SS earned less than subjects who refrained from trading on margin. This is significant only for inexperienced subjects . One final note on the distribution of earnings. Comparing the treatments by evaluating the dispersion of earnings using the coefficient of variation , we find that the average CV in the NoMP|NoSS is lower than any other treatment Although not statistically significant, the results indicate that it is less risky to participate in markets with margin bans than in the markets where margintrading is permitted.5. ConclusionIn an attempt to halt the decline in asset values, recent regulatory measures temporarily banned short sales in financial markets. To assess the impact of banning leveraged trading on market mispricing is a complicated task when being reliant on data from real world exchanges only. it is unclear if possible price increases following a ban on short sales would come from new long positions or from covered short positions, and the announcement of such measures affects an uncontrolled reaction of the market. Owed to the uncontrolled uncertainties in the real world, asset mispricing can be measured only with weak confidence.In comparison to other experimental studies where limits to margin debt and short sales are rare, our design involves margin requirements comparable to the real world. Highly levered investors face margin calls that lead to forced liquidation of positions, affecting a reinforcement of the swings of the market. We have studied the impact of leverage on individual portfolio decisions to find an increase in risk taking characterized by higher concentrations of risky assets eventually resulting in individual bankruptcies. Thus, our experimental results are in line with theories of margin trading by Irvine Fischer (1933) and by recent heterogeneous agents models (Geanakoplos 2009) which conjecture such effects on asset pricing and portfolio decisions. As in any laboratory experiment, the results are restricted to the chosen parameters. The baselineSmith et al. (1988) asset market design has been challenged in recent studies (e.g. Kirchler et al. 2011), arguing that some subjects are confused about the declining fundamental value and believe that prices keep a similar level in the course of time. So it would also be interesting to investigate the effects of bans Jena Economic Research Papers 2012 - 05826 of margin purchases and short sales, to see if our treatment effects can be repeated in an environment with non-decreasing fundamental values. However, recent experiments by Hauser and Huber (2012) show similar effects using multiple asset markets with a complex system of fundamental values but without margin calls. It would also be interesting to see how margin requirements change performance in multiple sset markets. We leave these open questions to future research.ReferencesAbreu, D., and M.K. Brunnermeier, 2003, Bubbles and crashes, Econometrica 71, 173–204.Ackert, L., N. Charupat, B. Church and R. Deaves, 2006, Margin, Short Selling, and Lotteries in Experimental Asset Markets, Southern Economic Journal 73, 419–436. Adrangi, B. and A. Chatrath, 1999, Margin Requirements and Futures Activity: Evidence from the Soybean and Corn Markets, Journal of Futures Markets, 19, 433-455. Alexander, G.J, and M.A Peterson, 2008, The effect of price tests on trader behavior and market quality: An analysis of Reg SHO, Journal of Financial Markets 11, 84–111.Bai, Y., E.C Chang, and J. Wang, 2006, Asset prices under short-sale constraints, Mimeo. Beber, A., and M. Pagano, 2010, Short-Selling Bans around the World: Evidence from the 2007-09 Crisis, Tinbergen Institute Discussion Papers TI 10-106 / DSF 1.Bernardo, A. and I. Welch, 2002, Financial market runs, NBER Working Papers 9251, National Bureau of Economic Research, Inc.Bhojraj, S., R.J Bloomfield, and W.B Tayler, 2009, Margin trading, overpricing, and synchronization risk, Review of Financial Studies 22, 2059–2085.Blau, B. M., B. F. Van Ness, R. A. Van Ness, 2009, Short Selling and the Weekend Effect for NYSE Securities, Financial Management 38 (No. 3). 603-630Boehmer, E., Z.R Huszar, and B.D Jordan, 2010, The good news in short interest, Journal of Financial Economic 96, 80–97.Boehme, R.D, B.R Danielsen, and S.M Sorescu, 2006, Short-sale constraints, differences of opinion, and overvaluation, Journal of Financial and Quantitative Analysis 41, 455–487.Jena Economic Research Papers ,2012 - 058融资融券禁令在实验资产市场伍尔里奇摘要在金融市场，因为专业的交易者杠杆交易允许以较少的保证金进行更大的交易。

互联网大数据金融中英文对照外文翻译文献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 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 thecontinuous 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 focusedon 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, paymentand 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 financialsector 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 undi d 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 withlarge foreign-exchange reserves. Russia is spending $220 billion to shore up its financial services industry. South Korea has guaranteed $100 bill ion 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 economiescollapse-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 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 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 beable 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 currentdevelopment 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。

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