互联网金融外文文献翻译 2
互联网金融电子银行外文文献翻译2014年译文3050字大数据
互联网金融电子银行外文文献翻译2014年译文3050字大数据Finance's Impact on nal FinanceAbstract:As we enter the era of web 2.0.banks now have full access to the。
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互联网金融外文文献翻译 2
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。
互联网金融安全中英文对照外文翻译文献
互联网金融安全中英文对照外文翻译文献中英文对照外文翻译文献(文档含英文原文和中文翻译)Database Security in a Web Environment IntroductionDatabases have been common in government departments and commercial enterprises for many years. Today, databases in any organization are increasingly opened up to a multiplicity of suppliers, customers, partners and employees - an idea that would have been unheard of a few years ago. Numerous applications and their associated data are now accessed by a variety of users requiring different levels of access via manifold devices and channels – often simultaneously. For example:• Online banks allow customers to perform a variety of banking operations - via the Internet and over the telephone – whilst maintaining the privacy of account data.• E-Commerce merchants and their Service Providers must store customer, order and payment data on their merchant server - and keep it secure.• HR departments allow employees to update their personal information –whilst protecting certain management information from unauthorized access.• The medical profession must protect the confidentiality of patient data –whilst allowing essential access for treatment.• Online brokerages need to be able to provide large numbers of simultaneous users with up-to-date and accurate financial information.This complex landscape leads to many new demands upon system security. The global growth of complex web-based infrastructures is driving a need for security solutions that provide mechanisms to segregate environments; perform integrity checking and maintenance; enable strong authentication andnon-repudiation; and provide for confidentiality. In turn, this necessitates comprehensive business and technical risk assessment to identify the threats,vulnerabilities and impacts, and from this define a security policy. This leads to security definitions throughout the infrastructure - operating system, database management system, middleware and network.Financial, personal and medical information systems and some areas of government have strict requirements for security and privacy. Inappropriate disclosure of sensitive information to the wrong parties can have severe social, legal and regulatory consequences. Failure to address the basics can result in substantial direct and consequential financial losses - witness the fraud losses through the compromise of several million credit card numbers in merchants’ databases [Occf], plus associated damage to brand-image and loss of consumer confidence.This article discusses some of the main issues in database and web server security, and also considers important architecture and design issues.A Simple ModelAt the simplest level, a web server system consists of front-end software and back-end databases with interface software linking the two. Normally, the front-end software will consist of server software and the network server operating system, and the back-end database will be a relational orobject-oriented database fulfilling a variety of functions, including recording transactions, maintaining accounts and inventory. The interface software typically consists of Common Gateway Interface (CGI) scripts used to receive information from forms on web sites to perform online searches and to update the database.Depending on the infrastructure, middleware may be present; in addition, security management subsystems (with session and user databases) that address the web server’s and related applications’ requirements for authentication, accesscontrol and authorization may be present. Communications between this subsystem and either the web server, middleware or database are via application program interfaces (APIs)..This simple model is depicted in Figure 1.Security can be provided by the following components:• Web server.• Middleware.• Operating system.. Figure 1: A Simple Model.• Database and Database Management System.• Security management subsystem.The security of such a system addressesAspects of authenticity, integrity and confidentiality and is dependent on the security of the individual components and their interactions. Some of the most common vulnerabilities arise from poor configuration, inadequate change control procedures and poor administration. However, even if these areas are properlyaddressed, vulnerabilities still arise. The appropriate combination of people, technology and processes holds the key to providing the required physical and logical security. Attention should additionally be paid to the security aspects of planning, architecture, design and implementation.In the following sections, we consider some of the main security issues associated with databases, database management systems, operating systems and web servers, as well as important architecture and design issues. Our treatment seeks only to outline the main issues and the interested reader should refer to the references for a more detailed description.Database SecurityDatabase management systems normally run on top of an operating system and provide the security associated with a database. Typical operating system security features include memory and file protection, resource access control and user authentication. Memory protection prevents the memory of one program interfering with that of another and limits access and use of the objects employing techniques such as memory segmentation. The operating system also protects access to other objects (such as instructions, input and output devices, files and passwords) by checking access with reference to access control lists. Security mechanisms in common operating systems vary tremendously and, for those that are lacking, there exists special-purpose security software that can be integrated with the existing environment. However, this can be an expensive, time-consuming task and integration difficulties may also adversely impact application behaviors.Most database management systems consist of a number of modules - including database querying and database and file management - along with authorization, concurrent access and database description tables. Thesemanagement systems also use a variety of languages: a data definition language supports the logical definition of the database; developers use a data manipulation language; and a query language is used by non-specialist end-users.Database management systems have many of the same security requirements as operating systems, but there are significant differences since the former are particularly susceptible to the threat of improper disclosure, modification of information and also denial of service. Some of the most important security requirements for database management systems are: • Multi-Level Access Control.• Confidentiality.• Reliability.• Integrity.• Recovery.These requirements, along with security models, are considered in the following sections.Multi-Level Access ControlIn a multi-application and multi-user environment, administrators, auditors, developers, managers and users – collectively called subjects - need access to database objects, such as tables, fields or records. Access control restricts the operations available to a subject with respect to particular objects and is enforced by the database management system. Mandatory access controls require that each controlled object in the database must be labeled with a security level, whereas discretionary access controls may be applied at the choice of a subject.Access control in database management systems is more complicated than in operating systems since, in the latter, all objects are unrelated whereas in a database the converse is true. Databases are also required to make accessdecisions based on a finer degree of subject and object granularity. In multi-level systems, access control can be enforced by the use of views - filtered subsets of the database - containing the precise information that a subject is authorized to see.A general principle of access control is that a subject with high level security should not be able to write to a lower level object, and this poses a problem for database management systems that must read all database objects and write new objects. One solution to this problem is to use a trusted database management system.ConfidentialitySome databases will inevitably contain what is considered confidential data. For example, it could be inherently sensitive or its source may be sensitive, or it may belong to a sensitive table, thus making it difficult to determine what is actually confidential. Disclosure is also difficult to define, as it can be direct, indirect, involve the disclosure of bounds or even mere existence.An inference problem exists in database management systems whereby users can infer sensitive information from relatively insensitive queries. A trivial example is a request for information about the average salary of an employee and the number of employees turns out to be just one, thus revealing the employee’s salary. However, much more sophisticated statistical inference attacks can also be mounted. This highlights the fact that, although the data itself may be properly controlled, confidential information may still leak out.Controls can take several forms: not divulging sensitive information to unauthorized parties (which depends on the respective subject and object security levels), logging what each user knows or masking response data. The first control can be implemented fairly easily, the second quickly becomesunmanageable for a large number of users and the third leads to imprecise responses, and also exemplifies the trade-off between precision and security. Polyinstantiation refers to multiple instances of a data object existing in the database and it can provide a partial solution to the inference problem whereby different data values are supplied, depending on the security level, in response to the same query. However, this makes consistency management more difficult.Another issue that arises is when the security level of an aggregate amount is different to that of its elements (a problem commonly referred to as aggregation). This can be addressed by defining appropriate access control using views.Reliability, Integrity and RecoveryArguably, the most important requirements for databases are to ensure that the database presents consistent information to queries and can recover from any failures. An important aspect of consistency is that transactions execute atomically; that is, they either execute completely or not at all.Concurrency control addresses the problem of allowing simultaneous programs access to a shared database, while avoiding incorrect behavior or interference. It is normally addressed by a scheduler that uses locking techniques to ensure that the transactions are serial sable and independent. A common technique used in commercial products is two-phase locking (or variations thereof) in which the database management system controls when transactions obtain and release their locks according to whether or not transaction processing has been completed. In a first phase, the database management system collects the necessary data for the update: in a second phase, it updates the database. This means that the database can recover from incomplete transactions by repeatingeither of the appropriate phases. This technique can also be used in a distributed database system using a distributed scheduler arrangement.System failures can arise from the operating system and may result in corrupted storage. The main copy of the database is used for recovery from failures and communicates with a cached version that is used as the working version. In association with the logs, this allows the database to recover to a very specific point in the event of a system failure, either by removing the effects of incomplete transactions or applying the effects of completed transactions. Instead of having to recover the entire database after a failure, recovery can be made more efficient by the use of check pointing. It is used during normal operations to write additional updated information - such as logs, before-images of incomplete transactions, after-images of completed transactions - to the main database which reduces the amount of work needed for recovery. Recovery from failures in distributed systems is more complicated, since a single logical action is executed at different physical sites and the prospect of partial failure arises.Logical integrity, at field level and for the entire database, is addressed by the use of monitors to check important items such as input ranges, states and transitions. Error-correcting and error-detecting codes are also used.Security ModelsVarious security models exist that address different aspects of security in operating systems and database management systems. For example, theBell-LaPadula model defines security in terms of mandatory access control and addresses confidentiality only. The Bell LaPadula models, and other models including the Biba model for integrity, are described more fully in [Cast95] and [Pfle89]. These models are implementation-independent and provide a powerfulinsight into the properties of secure systems, lead to design policies and principles, and some form the basis for security evaluation criteria.Web Server SecurityWeb servers are now one of the most common interfaces between users and back-end databases, and as such, their security becomes increasingly important. Exploitation of vulnerabilities in the web server can lead to unforeseen attacks on middleware and backend databases, bypassing any controls that may be in place. In this section, we focus on common web server vulnerabilities and how the authentication requirements of web servers and databases are met.In general, a web server platform should not be shared with other applications and should be the only machine allowed to access the database. Using a firewall can provide additional security - either between the web server and users or between the web server and back-end database - and often the web server is placed on a de-militarized zone (DMZ) of a firewall. While firewalls can be used to block certain incoming connections, they must allow HTTP (and HTTPS) connections through to the web server, and so attacks can still be launched via the ports associated with these connections.VulnerabilitiesVulnerabilities appear on a weekly basis and, here, we prefer to focus on some general issues rather than specific attacks. Common web server vulnerabilities include:• No policy exists.• The default configuration is on.• Reusable passwords appear in clear.• Unnecessary ports available for network services are not disabled.• New security holes are not tracked. Even if they are, well-known vulnerabilities are not always fixed as the source code patches are not applied by system administrator and old programs are not re-compiled or removed.• Security tools are not used to scan the network for weaknesses and changes or to detect intrusions.• Faulty and buggy software - for example, buffer overflow and stack smashingAttacks• Automatic directory listings - this is of particular concern for the interface software directories.• Server root files are generally visible or accessible.• Lack of logs and bac kups.• File access is often not explicitly configured by the system administrator according to the security policy. This applies to configuration, client, administration and log files, administration programs, and CGI program sources and executables. CGI scripts allow dynamic web pages and make program development (in, for example, Perl) easy and rapid. However, their successful exploitation may allow execution of malicious programs, launching ofdenial-of-service attacks and, ultimately, privilege escalation on a server.Web Server and Database AuthenticationWhile user, browser and web server authentication are relatively well understood [Garf97], [Ghos98] and [Tree98], the introduction of additional components, such as databases and middleware, raise a number of authentication issues. There are a variety of options for authentication in a simple model (Figure 1). Firstly, both the web server and database management system can individually authenticate a user. This option requires the user to authenticatetwice which may be unacceptable in certain applications, although a singlesign-on device (which aims to manage authentication in a user-transparent way) may help. Secondly, a common approach is for the database to automatically grant user access based on web server authentication. However, this option should only be used for accessing publicly available information. Finally, the database may grant user access employing the web server authentication credentials as a basis for its own user authentication, using security management subsystems (Figure 1). We consider this last option in more detail.Web-based communications use the stateless HTTP protocol with the implication that state, and hence authentication, is not preserved when browsing successive web pages. Cookies, or files placed on user’s machine by a web server, were developed as a means of addressing this issue and are often used to provide authentication. However, after initial authentication, there is typically no re authentication per page in the same realm, only the use of unencrypted cookies (sometimes in association with IP addresses). This approach provides limited security as both cookies and IP addresses can be tampered with or spoofed.A stronger authentication method, commonly used by commercial implementations, uses digitally signed cookies. This allows additional systems, such as databases, to use digitally signed cookie data, including a session ID, as a basis for authentication. When a user has been authenticated by a web server (using a password, for example), a session ID is assigned and is stored in a security management subsystem database. When a user subsequently requests information from a database, the database receives a copy of the session ID, the security management subsystem checks this session ID against its local copy and, if authentication is successful, user access is granted to the database.The session ID is typically transmitted in the clear between the web server and database, but may be protected by SSL or even by physical security measures. The communications between the browser and web servers, and the web servers and security management subsystem (and its databases), are normally protected by SSL and use a web server security API that is used to digitally sign and verify browser cookies. The communications between the back-end databases and security management subsystem (and its databases) are also normally protected by SSL and use a database security API that verifies session Ids originating from the database and provides additional user authorization credentials. The web server security API is generally proprietary while, for the database security API, many vendors have adopted standards such as the Generic Security Services API (GSS-API) or CORBA [RFC2078] and [Corba].Architecture and DesignSecurity requirements for designing, building and implementing databases are important so that the systems, as part of the overall infrastructure, meet their requirements in actual operation. The various security models provide an important insight into the design requirements for databases and their management systems.Secure Database Management System ArchitecturesIn multi-level database management systems, a variety of architectures are possible: trusted subject, integrity locked, kernels and replicated. Trusted subject is used by most of the leading database management system vendors and can be integrated in existing products. Basically, the trusted subject architecture allows users to access a database via an un trusted front-end, a trusted database management system and trusted operating system. The operating systemprovides physical access to the database and the database management system provides multilevel object protection.The other architectures - integrity locked, kernels and replicated - all vary in detail, but they use a trusted front-end and an un trusted database management system. For details of these architectures and research prototypes, the reader is referred to [Cast95]. Different architectures are suited to different environments: for example, the trusted subject architecture is less integrated with the underlying operating system and is best suited when a trusted path can be assured between applications and the database management system.Secure Database Management System DesignAs discussed above, there are several fundamental differences between operating system and database management system design, including object granularity, multiple data types, data correlations and multi-level transactions. Other differences include the fact that database management systems include both physical and logical objects and that the database lifecycle is normally longer.These differences must be reflected in the design requirements which include:• Access, flow and infer ence controls.• Access granularity and modes.• Dynamic authorization.• Multi-level protection.• Polyinstantiation.• Auditing.• Performance.These requirements should be considered alongside basic information integrity principles, such as:• Well-formed transactions - to ensure that transactions are correct and consistent.• Continuity of operation - to ensure that data can be properly recovered, depending on the extent of a disaster.• Authorization and role management – to ensure that distinct roles are defined and users are authorized.• Authenticated users - to ensure that users are authenticated.• Least privilege - to ensure that users have the minimal privilege necessary to perform their tasks.• Separation of duties - to ensure that no single individual has access to critical data.• Delegation of authority - to ensure that the database management system policies are flexible enough to meet the organization’s requirements.Of course, some of these requirements and principles are not met by the database management system, but by the operating system and also by organizational and procedural measures.Database Design MethodologyVarious approaches to design exist, but most contain the same main stages. The principle aim of a design methodology is to provide a robust, verifiable design process and also to separate policies from how policies are actually implemented. An important requirement during any design process is that different design aspects can be merged and this equally applies to security.A preliminary analysis should be conducted that addresses the system risks, environment, existing products and performance. Requirements should then beanalyzed with respect to the results of a risk assessment. Security policies should be developed that include specification of granularity, privileges and authority.These policies and requirements form the input to the conceptual design that concentrates on subjects, objects and access modes without considering implementation details. Its purpose is to express information and process flows in a complete and consistent way.The logical design takes into account the operating system and database management system that will be used and which of the security requirements can be provided by which mechanisms. The physical design considers the actual physical realization of the logical design and, indeed, may result in a revision of the conceptual and logical phases due to physical constraints.Security AssuranceOnce a product has been developed, its security assurance can be assessed by a number of methods including formal verification, validation, penetration testing and certification. For example, if a database is to be certified as TCSEC Class B1, then it must implement the Bell-LaPadula mandatory access control model in which each controlled object in the database must be labeled with a security level.Most of these methods can be costly and lengthy to perform and are typically specific to particular hardware and software configurations. However, the international Common Criteria certification scheme provides the added benefit of a mutual recognition arrangement, thus avoiding the prospect of multiple certifications in different countries.ConclusionThis article has considered some of the security principles that are associated with databases and how these apply in a web based environment. Ithas also focused on important architecture and design principles. These principles have focused mainly on the prevention, assurance and recovery aspects, but other aspects, such as detection, are equally important in formulating a total information protection strategy. For example, host-based intrusion detection systems as well as a robust and tested set of business recovery procedures should be considered.Any fit-for-purpose, secure e-business infrastructure should address all the above aspects: prevention, assurance, detection and recovery. Certain industries are now starting to specify their own set of global, secure e-business requirements. International card payment associations have recently started to require minimum information security standards from electronic commerce merchants handling credit card data, to help manage fraud losses and associated impacts such as brand-image damage and loss of consumer confidence.网络环境下的数据库安全简介数据库在政府部门和商业机构得到普遍应用已经很多年了。
互联网金融外文翻译
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。
P2P互联网金融外文翻译文献
P2P互联网金融外文翻译文献P2P互联网金融外文翻译文献(文档含中英文对照即英文原文和中文翻译)译文：P2P 金融下的中小企业融资摘要中小企业融资难是世界性难题。
文章介绍了互联网金融的概念，重点概括了 P2P 金融在科技和金融创新融合方面的发展，综合了现在学术界对 P2P 金融研究的五大方向方面的各种观点和见解。
指出了当前 P2P 金融发展的突出问题风险控制，并对互联网金融的大趋势进行了分析。
关键词: P2P金融; 金融创新; 风险管控1引言从企业发展的历史看，大型企业都来源于中小企业。
中小企业是国民经济中最具活力的部分，往往走在技术发展的最前端，在高科技产业、清洁能源、绿色经济等方面都有很好的业绩，在经济转型中发挥着巨大作用。
中小企业融资难是世界性难题。
这些中小企业融资环境和渠道狭窄，有 60% 以上无法获得银行贷款。
目前，科技型企业又有轻资产的特点，融资困境，成为困扰可持续发展的巨大瓶颈。
2 互联网金融的概念近两年来，互联网金融呈现井喷式发展， 2014 年以来，互联网金融板块表现强势。
当前经济领域存在两个特别矛盾的现象，一是中小企业在企业总数中占比很大，但普遍存在融资难的问题; 二是民间闲散资金多，但除了股市和房市，往别的领域投资很难。
而以互联网、大数据、云计算为基础和高度契合市场引领的互联网金融的发展，对于解决这两个难题，更好地为实体经济，尤其是中小企业发展创造良好的金融环境，也为中国在国际竞争当中实现弯道超车起到重要作用。
互联网金融除了掌握客户端外，还便于做好上游资本供给方、下游资本使用方点与点的整合，结合互联网的其中特质( P2P) 及金融的本质( 资本) 。
依托互联网金融的发展，金融供给能力得以提高，包容性得以增强，可以动员更多的金融资源，覆盖面更广，覆盖度更多，满足更分散、更多元化的需求。
互联网金融最狭隘的概念就是 P2P( Peer-to-Peer Lend-ing) 金融平台，P2P 模式的核心是: 在这个具有资质的网站平台上，借款人发出借贷信息，并提供借贷项目的具体情况、借款人的相关诚信及经济实力等有关信息; 投资人根据平台上提供的信息，进行决策，最后做出向借款人发放贷款的决定。
电子银行风险管理互联网金融外文文献翻译2013年3000多字
电子银行风险管理互联网金融外文文献翻译2013年3000多字E-banking has brought about a new set of risks for financial XXX risks include fraud。
processing errors。
system ns。
and other unforeseen events that can result in the XXX products or services。
It is XXX of the n to the customer and the n。
and to XXX.2.Risk management in e-bankingEffective risk management in e-XXX and analyzing potential risks。
XXX risks。
XXX.3.Security measures in e-bankingns should XXX controls。
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firewalls。
XXX systems。
and regular security testing and assessments.4.XXXXXX measures。
XXX passwords。
avoiding phishing scams。
XXX.5.nOverall。
effective risk management is essential for financial XXX。
ns XXX.XXX access accounts。
conduct ns。
and obtain n on financial products and services via public or private orks。
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and mobile phones。
Customers can use us electronic devices。
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
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。
互联网金融的发展英语作文
互联网金融的发展英语作文The Development of Internet Finance。
Introduction。
The rapid advancement of technology has revolutionized various aspects of our lives, including the financial sector. Internet finance, also known as online finance or fintech, refers to the use of technology and the internet to provide financial services. Over the years, internet finance has experienced significant growth and has become an integral part of the global financial system. This essay will explore the development of internet finance, its impact on traditional financial institutions, and the challenges and opportunities it presents.Development of Internet Finance。
The development of internet finance can be traced back to the late 1990s when online banking services emerged.However, it was not until the 2000s that internet finance began to gain momentum. The rise of e-commerce platforms, such as Alibaba and Amazon, paved the way for the development of online payment systems. This led to the creation of various online payment platforms, such as PayPal and Alipay, which allowed individuals and businesses to make secure online transactions.Furthermore, the introduction of peer-to-peer (P2P) lending platforms in the early 2000s revolutionized the lending industry. P2P lending platforms connect borrowers directly with lenders, eliminating the need for traditional financial intermediaries. This not only providedindividuals and small businesses with easier access to credit but also offered investors an alternative investment opportunity.The development of internet finance continued to accelerate with the emergence of crowdfunding platforms, mobile payment services, and digital currencies. Crowdfunding platforms, such as Kickstarter and Indiegogo, allowed individuals and businesses to raise funds for theirprojects from a large number of people. Mobile payment services, such as Apple Pay and WeChat Pay, enabled users to make payments using their smartphones, eliminating the need for physical cash or cards. Digital currencies, such as Bitcoin and Ethereum, introduced the concept of decentralized and secure transactions using blockchain technology.Impact on Traditional Financial Institutions。
互联网金融对传统金融业的影响外文文献翻译2014年译文3100字
文献出处:Ramsey; Labored. Internet Finance's Impact on Traditional Finance [J]. The Journal of International Finance, 2014, 16(2): 31-49.原文Internet Finance's Impact on Traditional FinanceRamsey; Labored.AbstractAs the advances in modern information and Internet technology, especially the develop of cloud computing, big data, mobile Internet, search engines and social networks, profoundly change, even subvert many traditional industries, and the financial industry is no exception. In recent years, financial industry has become the most far-reaching area influenced by Internet, after commercial distribution and the media. Many Internet-based financial service models have emerged, and have had a profound and huge impact on traditional financial industries. "Internet-Finance" has win the focus of public attention.Internet-Finance is low cost, high efficiency, and pays more attention to the user experience, and these features enable it to fully meet the special needs of traditional "long tail financial market", to flexibly provide more convenient and efficient financial services and diversified financial products, to greatly expand the scope and depth of financial services, to shorten the distance between people space and time, and to establish a new financial environment, which effectively integrate and take use of fragmented time, information, capital and other scattered resources, then add up to form a scale, and grow a new profit point for various financial institutions. Moreover, with the continuous penetration and integration in traditional financial field, Internet-Finance will bring new challenges, but also opportunities to the traditional. It contribute to the transformation of the traditional commercial banks, compensate for the lack of efficiency in funding process and information integration, and provide new distribution channels for securities, insurance, funds and other financial products. For many SMEs, Internet-Finance extend their financing channels, reduce their financing threshold, and improve their efficiency in using funds. However, the cross-industry nature of the Internet Finance determines its risk factors are more complex, sensitiveand 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 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 traditionalfinancial 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 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 ConclusionsInternet financial model can produce not only huge social benefit, lower transaction costs, provide higher than the existing direct and indirect financing efficiency of the allocation of resources, to provide power for economic development, will also be able to use the Internet and its related software technology played down the traditional finance specialized division of labor, makes the financial participants more mass popularization, risk pricing term matching complex transactions, tend to besimple. 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,P2P网络借贷,P2P借贷外文翻译
译文原文出处：Decision Support Systems, Volume 49, Issue 1, April 2010, Pages 52-60Lauri Puro, Jeffrey E. Teich, Hannele Wallenius, Jyrki WalleniusP2P借贷中的借款人决策建议Lauri Puro, Jeffrey E. Teich, Hannele Wallenius, Jyrki Wallenius摘要在网上竞拍的设立与竞标过程中，人们总是面临艰难的战略决策。
在本项研究中，将介绍基于P2P贷款拍卖网站，帮助贷款人与借款人规范决策过程的模型——借款人决策建议模型（Borrower Decision Aid）。
在网上竞拍提供了中大量现实生活中的竞价数据，使笔者能够以此为决策者建立新的决策工具。
借款人决策建议模型（Borrower Decision Aid）将帮助借款人量化其战略选择，例如启动利率和贷款金额要求。
笔者将确定基于借款人，与贷款成功率、最终利率相关的变量。
1引言1.1背景是第一个基于网上逆向拍卖的P2P借贷市场。
在这个市场上，人们提出申请贷款，称为清单，然后其他人就这些清单进行出价。
获胜的投标者获得的提供贷款资金的机会，而利率由拍卖决定——竞争越激烈，利率就越低。
换句话说，这种方式越过中介银行连接了需要资金的人与愿意提供贷款的人。
通常情况下，一项贷款有多投标者（贷款人），因为大多数贷款人提供给每笔贷款50到200美元。
贷款人通过提供小额资金给多个贷款项目的方式来分散风险。
于2006年2月公开上线，至今已经促成超过1.5亿美元的贷款。
在本项研究中，我们将关注借款人的角色，即创建贷款清单的人。
在网上竞拍的过程中，借款人需要做出一些重要的战略决策，进而决定其是否能够获得提供贷款。
本项研究的目的就是为借款人的决策提供决定性的帮助。
在前人研究中，仅有少数讨论过竞拍过程中的决策建议，例如[1,8,15,16,23,25]，但是他们的研究角度与本文不同。
网络金融风险防范外文翻译文献
网络金融风险防范外文翻译文献(文档含英文原文和中文翻译)原文：How to guard against financial risks networkFirst, the definition of network financeNetwork Finance is a computer network for the technical support of the financial activities and related activities in general, is a network of information technology and product of the combination of modern finance, but it is not a simple combination of the two, but a financial industry and even all industries An operating mechanism, is the future of enterprise system development. Narrowly understood, refers to the financial network of financial service providers based on the host to the Internet or communications network for the media, through the financial data and business processes embedded software platform, user interface terminal mode of operation of the new financial ; from a broad understanding of the concept of network finance their mode of operation also includes matching network of financial institutions, networks and related financial markets, regulatory and other external environment. Including: e-money, online banking, online payment, network security and network insurance.Second, the network of financial riskNetwork mainly engaged in the financial settlement of electronic money and electronic virtual financial services, in addition to traditional financial activities which exist in the process of credit risk, liquidity risk, interest raterisk, currency risk and market risk, from a technical, business and legal perspective, There are the following specific risks:1. Technology risk(1) hacker attacks. The operation of the network must rely on financial transactions, computer and Internet, all transactions are stored in the computer, the transmission of online information is easy to become a large network of "hacker" attack. In addition, Web access is a form of Internet service, is also a network of financial institutions trading and services platform, but it depends on TCP / IP protocol, there are many security vulnerabilities. This gives hackers broke into financial institutions through the network to create the conditions for the system. Hackers only need to use loopholes in the system itself, "only need to modify a few settings " you can allow financial institutions to a standstill.(2) technology selection risk. To carry out financial business networks, they must choose a proven technology solutions to support. Once there is choice, there will be a result of selection for the same mistakes which led to the risk. One possibility is to choose the technology system and client terminal software compatibility due to poor speed of information transmission interruption or reduction, another risk is that of technical alternatives have been eliminated, resulting in relatively backward technology, the network out of date, leading to enormous technical and Lossof business opportunities. Financial terms of the network, technology choice may lose all of the market failure, or even lose the basis for survival.2. Business risks.(1) operational risk. Operational risk from the system reliability, stability and security caused major defects in the possibility of potential loss may come from the negligence of online financial customers, may also come from the financial security system network and its products, design flaws and operational errors . Operational risk relates primarily to authorize the use of online financial accounts, the network of financial risk management systems, networks, financial institutions and the exchange of information among customers, true and false recognition of electronic money.(2) the risk of market signals. Market risk is due to signal asymmetric information network of financial institutions led to the face of adverse selection and moral hazard arising from business risks. Such as Internet banking customers can not identify the risk level of the Internet at a disadvantage, online customers may use their hidden information and action to make the network to their advantage at the expense of the interests of the decision-making banks and leaving because of adverse public comment on Internet Banking Risk of losing customers and sources of funding risks.(3) credit risk. Reputation risk is the network of financial institutions can not create good customer relations, can not establish their own good reputation, and thus can not engage in financial business. Once the virtualnetwork of financial institutions to provide financial services can not achieve the expected level of the public, or adverse reactions in the community, or network security system of financial institutions have been destroyed to forma network of financial credit risk.3. Legal risks. The legal risks of financial networks, mainly from two aspects: First, violation of relevant laws, regulations and system requirements, and online transactions failed to comply with the provisions of the relevant rights and obligations. These laws and regulations, including consumer protection laws, financial disclosure system, privacy protection, intellectual property protection law and currency system. Second, the lack of network financial law. China Internet Finance still in its infancy, is still quite a lack of appropriate laws and regulations. Therefore, using the Internet to provide or receive financial services, signed an economic contract rights and obligations in the face considerable legal risk, vulnerable to undue disputes, not only increase the cost of online financial transactions, and even affect the Development of the financial health of the network.Third, improve the network to prevent and control financial risks Point of the network of financial risks, involving a wide range of interests, it is necessary to perfect legal environment, strengthening access management, a sound regulatory system, adjust the regulatory strategy and other aspects, a multi-pronged, comprehensive treatment.1. Improve the legal system.(1) legislative efforts to increase the network of financial, clear the network of financial rights and obligations of relevant subjects.(2) to develop rules of fair trade network. In the identification and validation of digital signatures, transactions preservation of evidence, the transaction and both parties share responsibility for the protection of personal information of consumers to make detailed provisions to ensure transaction security, digital evidence when disputes arise and transactions in a real and effective personal Privacy.2. Enhanced market access management.(1) The status of the technology infrastructure as one of the conditions of market access. Financial services applications for operating the network of financial institutions not only a considerable scale of network equipment, but also need to have confirmed the legality of trading partners, to prevent tampering with trading information and prevent information leakage and other aspects of key technologies.(2) to develop rigorous internal control system. Publicity for the network of financial services, information disclosure, and system design have institutional arrangements, the establishment of a network of financial institutions or a new business, the must have sound risk identification, identification, management, risk cover and disposal programs.(3) to develop and improve the types of transactions operating procedures. Applications to open accounts for customers, customerauthorization statement, the general development of trading procedures, rules to prevent illegal trading and online financial transaction system against criminal activities.(4) the implementation of the network type of financial business management. Development of classification standards, banking and financial services capabilities and the ability to credit rating, thus a variety of services on the network to carry out the financial restrictions and permits.3. Improve the regulatory system.(1) improve the network of financial risk monitoring systems. The establishment of "national (network) Financial Risk Management Committee."(2) to strengthen collaborative supervision. "Committee" of the member units and other relevant regulatory authorities to share information resources among each other and opening up their own information database, and regularly informed of their supervision, promote joint supervision, supervision of financial risks to improve network accuracy and timeliness.(3) to strengthen international cooperation in financial supervision network. Meanwhile, the network with international cooperation in financial supervision to strengthen the network of bank borrowing way illegal tax evasion, money laundering and other acts, the way the use of Internet banking transnational smuggling, illegal arms trafficking activities such as arms and drug trafficking, illegal attack on the use of Internet banking othersites internet bank hackers, and other international criminal activities a full range of monitoring, the formation of the network can effectively protect the financial health of the global network operations and is responsible for the supervision of the financial system.4. Adjust the control strategy.(1) and improve the modernization level of financial supervision network. In the practice, we should have complete control of the network of financial institutions to improve the business operation of the network capacity and the forecast level of financial risk, and enhance macro-control of the systematic and forward-looking, but also to strengthen financial supervision and standardization of network construction, improve the network of financial supervision modern and scientific level.(2) improve the network of financial and non-site inspection of the site content system. On-site inspection should focus on the technical elements to be checked.(3) the establishment of mandatory information disclosure system. Follow the "open, fair and just" principle, development of financial services than the traditional more stringent information disclosure rules, norms, disclosure of the content, format, frequency and responsibilities and so on, through the financial statements, disclosure of the online publicity and other means of financial networks business information.(4) Innovative forms of regulation. Take full advantage of informationsuperiority, the establishment of real-time tracking and monitoring systems, strengthen monitoring, while also taking on the network "rules, patrol checks," the way the operational status of the network and whether the financial "irregularities" carry out spot checks found that, in a timely manner to correct or take punitive measures.5. Building security system.(1) accelerate research and development with China's own intellectual property rights of advanced information technology. Including computer equipment, communications equipment, system software, encryption algorithms, from the protection of national financial security and national economic security perspective to improve network security.(2) improving the network operating environment. Computer networks and centers to strengthen the management of the engine room, increase physical security measures for computer input, and enhance computer systems of key technologies and key equipment against attacks, anti-virus capabilities, maintenance of computer hardware security, ensure network banks rely on network hardware The normal operation of the environment safe.(3) secure access. On the one hand through the network of physical and logical isolation means isolation, and physical resources to unauthorized users isolated from each other, on the other hand through the application ofthe authentication and grading systems such as login authorization to restrict access to unauthorized users.译文：如何防范网络金融风险一、网络金融的定义网络金融是对以电脑网络为技术支撑的金融活动和相关活动的总称，是网络信息技术与现代金融相结合的产物，但它并不是二者的简单结合，而是一种金融业乃至所有行业的一种运行机制，是未来企业机制发展的方向。
毕业设计(论文)外文参考资料及译文-如何防范网络金融风险[管理资料]
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毕业设计（论文）外文参考资料及译文译文题目：如何防范网络金融风险学生姓名：学号： 0721116308 专业：金融学所在学院：龙蟠学院指导教师：职称：教授2011年 2 月 20 日How to guard against financial risks networkProfessor Kristian BehrensThis article is an excerpt from the "Journal of Economic Geography, "November 2009 2First, the definition of network financeNetwork Finance is a computer network for the technical support of the financial activities and related activities in general, is a network of information technology and product of the combination of modern finance, but it is not a simple combination of the two, but a financial industry and even all industries An operating mechanism, is the future of enterprise system development. Narrowly understood, refers to the financial network of financial service providers based on the host to the Internet or communications network for the media, through the financial data and business processes embedded software platform, user interface terminal mode of operation of the new financial ; from a broad understanding of the concept of network finance their mode of operation also includes matching network of financial institutions, networks and related financial markets, regulatory and other external environment. Including: e-money, online banking, online payment, network security and network insurance.Second, the network of financial riskNetwork mainly engaged in the financial settlement of electronic money and electronic virtual financial services, in addition to traditional financial activities which exist in the process of credit risk, liquidity risk, interest rate risk, currency risk and market risk, from a technical, business and legal perspective, There are the following specific risks:1. Technology risk(1) hacker attacks. The operation of the network must rely on financial transactions, computer and Internet, all transactions are stored in the computer, the transmission of online information is easy to become a large network of "hacker" attack. In addition, Web access is a form of Internet service, is also a network of financial institutions trading and services platform, but it depends on TCP / IP protocol, there are many security vulnerabilities. This gives hackers broke into financial institutions through the network to create the conditions for the system. Hackers only need to use loopholes in the system itself, "only need to modify a few settings " you can allow financial institutions to a standstill.(2) technology selection risk. To carry out financial business networks, they must choose a proven technology solutions to support. Once there is choice, there will be aresult of selection for the same mistakes which led to the risk. One possibility is to choose the technology system and client terminal software compatibility due to poor speed of information transmission interruption or reduction, another risk is that of technical alternatives have been eliminated, resulting in relatively backward technology, the network out of date, leading to enormous technical and Loss of business opportunities. Financial terms of the network, technology choice may lose all of the market failure, or even lose the basis for survival.2. Business risks.(1) operational risk. Operational risk from the system reliability, stability and security caused major defects in the possibility of potential loss may come from the negligence of online financial customers, may also come from the financial security system network and its products, design flaws and operational errors . Operational risk relates primarily to authorize the use of online financial accounts, the network of financial risk management systems, networks, financial institutions and the exchange of information among customers, true and false recognition of electronic money.(2) the risk of market signals. Market risk is due to signal asymmetric information network of financial institutions led to the face of adverse selection and moral hazard arising from business risks. Such as Internet banking customers can not identify the risk level of the Internet at a disadvantage, online customers may use their hidden information and action to make the network to their advantage at the expense of the interests of the decision-making banks and leaving because of adverse public comment on Internet Banking Risk of losing customers and sources of funding risks.(3) credit risk. Reputation risk is the network of financial institutions can not create good customer relations, can not establish their own good reputation, and thus can not engage in financial business. Once the virtual network of financial institutions to provide financial services can not achieve the expected level of the public, or adverse reactions in the community, or network security system of financial institutions have been destroyed to form a network of financial credit risk.3. Legal risks. The legal risks of financial networks, mainly from two aspects: First, violation of relevant laws, regulations and system requirements, and online transactions failed to comply with the provisions of the relevant rights and obligations. These laws and regulations, including consumer protection laws, financial disclosure system, privacy protection, intellectual property protection law and currency system. Second, the lack of network financial law. China Internet Finance still in its infancy, isstill quite a lack of appropriate laws and regulations. Therefore, using the Internet to provide or receive financial services, signed an economic contract rights and obligations in the face considerable legal risk, vulnerable to undue disputes, not only increase the cost of online financial transactions, and even affect the Development of the financial health of the network.Third, improve the network to prevent and control financial risksPoint of the network of financial risks, involving a wide range of interests, it is necessary to perfect legal environment, strengthening access management, a sound regulatory system, adjust the regulatory strategy and other aspects, a multi-pronged, comprehensive treatment.1. Improve the legal system.(1) legislative efforts to increase the network of financial, clear the network of financial rights and obligations of relevant subjects.(2) to develop rules of fair trade network. In the identification and validation of digital signatures, transactions preservation of evidence, the transaction and both parties share responsibility for the protection of personal information of consumers to make detailed provisions to ensure transaction security, digital evidence when disputes arise and transactions in a real and effective personal Privacy.2. Enhanced market access management.(1) The status of the technology infrastructure as one of the conditions of market access. Financial services applications for operating the network of financial institutions not only a considerable scale of network equipment, but also need to have confirmed the legality of trading partners, to prevent tampering with trading information and prevent information leakage and other aspects of key technologies.(2) to develop rigorous internal control system. Publicity for the network of financial services, information disclosure, and system design have institutional arrangements, the establishment of a network of financial institutions or a new business, the must have sound risk identification, identification, management, risk cover and disposal programs.(3) to develop and improve the types of transactions operating procedures. Applications to open accounts for customers, customer authorization statement, the general development of trading procedures, rules to prevent illegal trading and online financial transaction system against criminal activities.(4) the implementation of the network type of financial business management. Development of classification standards, banking and financial services capabilities and the ability to credit rating, thus a variety of services on the network to carry out the financial restrictions and permits.3. Improve the regulatory system.(1) improve the network of financial risk monitoring systems. The establishment of "national (network) Financial Risk Management Committee."(2) to strengthen collaborative supervision. "Committee" of the member units and other relevant regulatory authorities to share information resources among each other and opening up their own information database, and regularly informed of their supervision, promote joint supervision, supervision of financial risks to improve network accuracy and timeliness.(3) to strengthen international cooperation in financial supervision network. Meanwhile, the network with international cooperation in financial supervision to strengthen the network of bank borrowing way illegal tax evasion, money laundering and other acts, the way the use of Internet banking transnational smuggling, illegal arms trafficking activities such as arms and drug trafficking, illegal attack on the use of Internet banking other sites internet bank hackers, and other international criminal activities a full range of monitoring, the formation of the network can effectively protect the financial health of the global network operations and is responsible for the supervision of the financial system.4. Adjust the control strategy.(1) and improve the modernization level of financial supervision network. In the practice, we should have complete control of the network of financial institutions to improve the business operation of the network capacity and the forecast level of financial risk, and enhance macro-control of the systematic and forward-looking, but also to strengthen financial supervision and standardization of network construction, improve the network of financial supervision modern and scientific level.(2) improve the network of financial and non-site inspection of the site content system. On-site inspection should focus on the technical elements to be checked.(3) the establishment of mandatory information disclosure system. Follow the "open, fair and just" principle, development of financial services than the traditional more stringent information disclosure rules, norms, disclosure of the content, format, frequency and responsibilities and so on, through the financial statements, disclosureof the online publicity and other means of financial networks business information.(4) Innovative forms of regulation. Take full advantage of information superiority, the establishment of real-time tracking and monitoring systems, strengthen monitoring, while also taking on the network "rules, patrol checks," the way the operational status of the network and whether the financial "irregularities" carry out spot checks found that, in a timely manner to correct or take punitive measures.5. Building security system.(1) accelerate research and development with China's own intellectual property rights of advanced information technology. Including computer equipment, communications equipment, system software, encryption algorithms, from the protection of national financial security and national economic security perspective to improve network security.(2) improving the network operating environment. Computer networks and centers to strengthen the management of the engine room, increase physical security measures for computer input, and enhance computer systems of key technologies and key equipment against attacks, anti-virus capabilities, maintenance of computer hardware security, ensure network banks rely on network hardware The normal operation of the environment safe.(3) secure access. On the one hand through the network of physical and logical isolation means isolation, and physical resources to unauthorized users isolated from each other, on the other hand through the application of the authentication and grading systems such as login authorization to restrict access to unauthorized users.References：[1] Kun-Li Wen. A Matlab Toolbox for Grey Clustering andFuzzyComprehensive Evaluation[J] .Advances in Engineering Soft-ware, 2008,39 (1) :137-145 .[2] Narendra K S, Parthasarathy K. Identification and control of dynamicalsystems using neural networks .IEEE Transactions on Neural Networks, 1999, 1(1) :4-27 .[3] Arnold F Shapiro. The merging of neural networks, fuzzy logic, and geneticalgorithms .Insurance: Mathematics and Economics, 2002, 31 (1) :115-131 .[4] Ghiassi M, Saidane H, Zimbra D K. A dynamic artificial neural networkmodel for forecasting time series events .International Journal of Forecasting,2005, 21(2) :341-362 .[5] Shintani M,Linton O. Nonparametric Neural Network Estimationof Lyapunov Exponents and a Direct Test for Chaos[J] .Journal ofEconometrics, 2004, 120 (1) :1-33 .[6] Eric Fenmore. Making Purchase-Order Financing Work for You .The Secured lender, 2004, 60 (2) :20-24 .[7] Internet Banking and Technology Risk Management Guidelines, .Monetary Authority of Singapore, .如何防范网络金融风险克里斯蒂安贝伦斯教授本文是摘自于《经济地理杂志》中的一篇文章2009年11月第2期一、网络金融的定义网络金融是对以电脑网络为技术支撑的金融活动和相关活动的总称，是网络信息技术与现代金融相结合的产物，但它并不是二者的简单结合，而是一种金融业乃至所有行业的一种运行机制，是未来企业机制发展的方向。
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 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 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。
互联网金融外文翻译文献
文献信息：文献标题：INTERNET FINANCE: DIGITAL CURRENCIES AND ALTERNATIVE FINANCE LIBERATING THE CAPITAL MARKETS（互联网金融：数字货币和替代金融解放资本市场）国外作者：Kim Wales文献出处：《Journal of Governance and Regulation》, 2015,4(1):190-201 字数统计：英文2505单词，13427字符；中文4405汉字外文文献：INTERNET FINANCE:DIGITAL CURRENCIES AND ALTERNATIVE FINANCE LIBERATING THE CAPITAL MARKETS Abstract This article discusses how the sudden shift in policy reform and innovation has the potential to liberate the financial markets. The economic potential of internet finance is beginning to take hold across the capital markets as industries like Peer–to–Peer Lending, Equity and Debt based Crowdfunding and virtual currencies and cryptocurrencies which are types of digital currency are quickly transforming the way businesses are being financed. From borrowing and lending, buying and selling securities, to conducting wire transfers internationally, these innovations are creating a new class and generation of investors will source investments opportunities. Helping institutions and governments assess risks and manage performance in order to determine where to deploy capital; and showing signs of lessening the inequality gap. Following the neolithic agricultural revolution and the industrial revolution, this new revolution will enable more people to access financial services in less traditional ways, especially the unbanked world with its huge potential. These new financial opportunities, such as peer – to -peer (P2P) lending, will be discussed and examined, and we will stress how they can allow people to bypasscurrent barriers in the global economy. We conclude by arguing that all these developments, energized by the efforts of innovators and entrepreneurs, have the potential to radically transform the world in which we live, while promoting the core values of industrialized societies including democracy, capital formation, sustainability, and equality without solely relying on tax increases.Key Words:Internet Finance, Digital Currencies, Capital Markets, Alternative FinanceIntroductionThe way we do business is being revolutionized. There is decreasing trust of traditional banks, mainly due to the aftershocks of the 2008 financial crisis and the string of scandals that has affected banks reputation since then, including the LIBOR interest rate rigging scandal, money laundering, high risk lending and tax evasion. As access to traditional funding becomes more elusive and as more and more people join the ranks of the “unbanked,” it is clear that new ways of creating business, job and capital, in a more equitable way must be found. And indeed, an economic revolution is underway, which is radically transforming the financial ecosystem, via emerging technologies, changing legislation, and alternative funding mechanisms.Barriers in the Global EconomyKendall and V oorhies (2014) note that in some countries, “the most important buffers against crippling financial setbacks are financial tools such as personal savings, insurance, credit, or cash transfers from family and friends. Yet these are rarely available because most of the world’s poor lack access to even the most basic banking services.” In addition, Webber (2014) notes that the World Bank calculates that about 75% “of the world’s poor is unbanked,” amounting to roughly 2.5 billion people who are unable to access any banking services. These unbanked people are often reliant on “a patchwork of informal and often precarious arrangements to manage their financial lives.”However, “technology and new business models are beginning to shape differenttypes of business finance and funding” available across the globe [Vistage(2013)], especially in developing countries. For instance, 75% of Kenyans now have mobile banking services, while in Brazil basic banking transactions are now available at local shops [Webber (2014)].But while the ‘unbanked’ are increasingly being served in developing countries, Webber (2014) notes that inclusion in traditional banking services is becoming more problematic in the EU and US: The Alliance for Financial Inclusion, a global network of policymakers, reported that there are “58 million people in the EU without bank access and another 92 million are ‘underserved’ – having access, say, to just one bank while in the US, nearly 10 million households are believed to be outside of the formal banking system.”Increasingly, the wealthy are being relied upon to redirect investment dollars toward emerging growth companies through different types of incentives and new funding models, however understanding the new range of financial services and means of access will be ‘challenging” but important for all involved [Vistage(2013)]. In particular, understanding the important differences between the huge range of finance and funding options available – from bank lending to crowd-sourced funding to microfinance to private equity and venture capital – is a challenge, but will be fundamental for business leaders, emerging growth companies and investors as they consider their place in the economic equation. At the same time, as I have written in an earlier paper, it is also important that average working class individuals are also given the chance to take advantage of these new investment and financing opportunities [Wales(2014)].Maney (2013) says that the world is undergoing a third revolution (following on from the Neolithic Agricultural Revolution and the Industrial Revolution), and this is a very apt description. Humankind’s collective knowledge is being aggregated and disseminated and is increasingly allowing complete access to the surge of universal information and we all have the ability to connect with almost everyone on the planet [Maney(2013)]. Democratization of the capital markets with financial and investment products such as securities based crowdfunding, peer-to-peer lending (P2P), Bitcoinand more -- in parallel -- with technological advances on the Internet, social media, and the smartphone have all equally revolutionized the way that we do things. This new revolution, started in the developing world, will enable more people to access financial services in less traditional ways. These new financial opportunities, such as peer to peer (P2P) lending and bitcoin will now be discussed in turn.Dawn of a New Era: P2P and the CrowdIn recent years, peer-to-peer lending has attracted borrowers and lenders that had been displaced by the banks. The “new normal’ in this sea of change is leveraging networks of social capital, better known as “the crowd” to infuse the money needed into a company in order to start, grow or sustain its practice.According to the Small Business Administration, recovering is continuing in both “borrowing and lending conditions”, although recovery is slower for smaller firms. Unfortunately, businesses have experienced a downturn in their financial position, which has made securing funds from banks very difficult during a time of increasing financial regulation. This is reflected in a number of studies into small business lending over the last few years.The New York Federal Reserve regularly surveys small business owners regarding “their needs and experiences,” in order to gauge the credit environment, and in the. April/May 2012 survey, 544 small businesses participated. The feedback from the survey indicates that “the recent drop in lending may be due in part to weaker firms self-selecting out of the credit market”: about two- thirds of the participants did not apply for any financing, and half of these respondents did not do so because they feared their applications would be declined. Participants also reported “higher denial rates” for microloans than for loans of higher amounts, suggesting that the demand for microloans is there.Oxfam’s (2014) report into global economic inequality stated that a mere 1% of the global population controls almost half of the global wealth. Furthermore, this 1% owns $110 trillion which is 65 times the combined wealth of the “poorest 3.5 billion people,” the 85 richest people own the same as the combined total wealth of thebottom 50% of the global population, and 70% of the population reside in countries where “economic inequality has increased in the last 30 years”. These statistics emphasize the fact that there is a disproportionate amount of capital not making its way into the hands of “the crowd” as well as the difficulty of gaining access to that capital.History illustrates that during periods of radical change, it took two world wars to shift the economy [Piketty(2014)]. Now inequality is rising back to pre-1915 war levels. According to Piketty (2014), this should be counteracted via global tax on wealth or similar measures.While here we agree on the inequality rise, I submit that wealth inequality could improve naturally through advances in technology and the democratization of capital under the umbrella of “internet finance” rather than through fiscal policy alone.Globally, peer – to – peer platforms originated an estimated $70 billion in 2014. Yet, these loans only make up a small portion of the total number of small business loans [Eavis(2014)]. In the first quarter of 2014, banks lent a total of $291 billion to small businesses, according to FDIC figures, while in contrast, US P2P lending platform, Prosper Marketplace originated over $3 billion of loans on platform as of 1Q2015. As of the 2014, Peer – to – Peer Lending (Debt) originated $11 billion in loans in the U.S., $56 billion in China and $5.6 billion in Europe in 2014, respectively. These numbers are projected to double by the end of 2015.Mobile bankingMobile banking is becoming increasingly popular and its applications have the “potential to encourage financial discipline in even more effective ways”[Kendall and V oorhies (2014)] Mobile banking has three advantages over traditional banking models, which can also be translated for primary and secondary markets [Kendall and V oorhies (2014)]:—Mobile transactions are virtually free. Counter services at financial institutions make up most of the routine bank costs, however, with mobile banking, the same transactions can be made with little or no cost to the financial institutions or mobileservice providers, and by extension those servicing transactions within the primary and secondary markets.—These mobile transactions create huge amounts of data, “which banks and other providers can use to develop more profitable servers and even substitute for traditional credit scores (which can be hard for those without formal records or financial histories to obtain)”. Over time, there will be an emergence of mobile ratings agencies that will assist entrepreneurs and investors to overcome this hurdle in the primary and secondary markets.—Mobile platforms operate in real time, allowing instantaneous account information, messaging and new services sign up.Digital Currency: the case of virtual and crypto currenciesDigital currency businesses are now proliferating with $350 million invested by venture capitalist in 2014 and $230 million invested the year prior. For a moment, let’s explore how the crypto currency, Bitcoin could transform financial markets, by serving as a catalyst for capital formation, especially in underserved regions like Africa and Haiti, which are in dire need of banking facilities and access to capital and technology like blockchain is beginning to serve as the backbone infrastructure for the movement of currencies.Bitcoin is currency that can be traded internationally and anonymously, and because it is a decentralized digital currency, there are no fees, government regulation, and oversight by banks and government-backed securities [Pagliery (2014a)].Five years after its introduction, Bitcoin is among the most studied and traded financial products. Bitcoin payments occur peer-to-peer with no administrator and this cryptocurrency is now a popular form of digital currency. A number of top investors support this digital currency (including, for example, Marc Andreessen and the Winklevoss twins). Merchants see Bitcoin with favor because of its lower fees when compared with credit cards, and the fact that fees are paid by the purchaser and not by the vendor. However, Bitcoin has also been quite volatile so far and has been subject to intense scrutiny by governments.Indeed, last year the bitcoin exchange, Mt. Gox, collapsed, which raised questions regarding “the security of investing in a virtual currency that isn’t regulated by governments”[Vaishampayan (2014)]. However, other players, such as SecondMarket, created a new, and more secure, bitcoin exchange and launched a Bitcoin Investment Trust.There is an excellent and potentially revolutionary opportunity to incorporate cryptocurrencies like Bitcoin into products such as crowdfunding platforms and mobile-enabled platforms that could serve the unbanked, underserved, and the emerging middle class, who represent well over 2 billion people worldwide. $90 billion a year is spent by this population on alternative services such as check cashers and payday loans [Schutte (2014)] and they struggle to obtain the financing, beyond limited microfinance opportunities, to create businesses. Creating value for this segment of the population could be very exciting if social capital and technology are leveraged properly.Bitcoin could be used for remittances, liquidity access to cash, and credit for frontier and emerging countries.ConclusionThe world is embarking upon a new economic revolution. Institutional market making may become a profession of the past as the democratization of capital is being driven more and more by retail investors. The catalyst for this phenomenon originated in the global economic recession. Unemployment, while going down, is till a problem, and interest rates remain at historic lows of almost zero percent while startup and emerging growth companies find it difficult to raise capital via traditional avenues.Start-ups are major job creators (small firms created 65% of new jobs in the US between 1993 and 2009), but they aren’t getting the funding to remain operational.2.5 billion people are unbanked [Chaia et al (2010)] while over 2 billion are living on less than $2 a day. With all of the global resources, it is hard to understand why the wealth disparity gap continues to increase in the 21st century with 1% of thepopulation controlling over 50% of the world’s wealth.On April 5, 2012, President Barack Obama signed into legislation The Jumpstart Our Business Startups Act (JOBS Act), igniting a change to 80-year-old securities laws while spurring a changing of the guards globally and enabling the democratization of the capital markets. Technological advances such as Web 3.0, social capital, smartphones and mobile technology, and Bitcoin are fueling this economic revolution. This revolution is also known as “frictionless capitalism”, a term coined by Bill Gates in 1994, in his book, The Road Ahead, which suggests a new generation of internet companies are innovating to find ways of reducing friction within the internet economy. I will take this thought one step further and propose that the internet is becoming the new industrial network where we can connect with one another directly allowing for advances in creating “frictionless labor markets.”As these examples show, a new economic revolution has the potential to disrupt social and capital norms. Every aspect of life will be transformed due to the interrelated nature of the ecosystem because increased activity in one part of the ecosystem spurs an increase in activity in others.I conclude by arguing that all these developments, energized by the efforts of innovators and entrepreneurs, have the potential to radically transform the world in which we live, while promoting the core values of industrialized societies including democracy, capital formation, sustainability, and equality. A brave new world of business and finance, which is more equal and fairer, is just around the corner.中文译文：互联网金融：数字货币和替代金融解放资本市场摘要本文讨论了政策改革和创新的突然转变是如何解放金融市场的。
关于互联网金融对居民消费的外文文献
互联网金融对居民消费的影响With the development of the Internet, Internet finance has also appeared. What impact does Internet finance have on consumers' consumption behavior?Internet innovation in finance -- take Hua Bai as an exampleThe so-called Internet finance, in fact, is a new financial model generated after the combination of finance and Internet. Compared with traditional finance, Internet finance is actually based on the data of the Internet and relies on the network as a platform, ultimately realizing the expansion and extension of traditional financial services. The so-called Ant Huayuan is actually a new product under Ant Financial, which is a financial service generated after combining with e-commerce. On Singles' Day in 2015, the number of transactions paid by Ant Huabei reached 60.48 million, and the success rate of payment basically reached 99.99%. For the person in charge of ant Huabian operation, it estimated that after the payment success rate of the flower is improved by 2-3 percentage points, the consumption of 130 million yuan can be generated by one percentage point improvement.▲Internet FinanceCollect data on Internet financeThrough an online survey can know, is expected to a total of 332 copies of questionnaires, and the actual recycling about 332questionnaires, efficiency reached 100%, through the network of the efficient transmission characteristics has certain representativeness questionnaire samples will certainly, so in the process of related research, it provides abundant data resource.Data analysis of Internet financeAfter obtaining certain data, it is necessary to analyze these data. The first is the influence of different factors on the average online shopping amount of each month. Since various innovative products of financial research are mainly studied, and the Internet financial model is generated by combining Ant Huabian with e-commerce as the representative, the relevant questionnaire mainly takes online shopping as the center. From the consumption function, we can also know that there is a certain relationship between income and consumption, and income is related to a person's occupation, age, gender and the city where the person works and other types of factors. The so-called marginal consumption, income level and other influences, the characteristics of various consumption factors are closely correlated. If the linear regression is carried out for these factors, it is obvious that the city type and occupation type are not obvious at the significance level of 0.05. Considering multiple regression, may be because of the characteristics of the variable exists between a contribution of, make individual variables is not obvious, so we're going to make thecollinearity diagnosis for the model of the process, will find that the value of the model is deviating from the ten words, model is the better, simply does not exist a variety of linear features. After removing the insignificant variables, we can return to regression analysis. Through relevant understanding, we can know that gender, age, monthly income level, monthly total online shopping and monthly living consumption have obvious influence characteristics. And through the analysis of the analysis of the age and gender, women on the average number of online shopping is certainly more than men on average the number of online shopping, with online shopping and monthly average amount showed a negative correlation between age and the relationship between the monthly income level and consumption of life and is to present a kind of direct proportion relationship between average monthly online shopping.▲Internet FinanceFor installment payment choice of study, through to the inadequacy of commodity prices installment quota, consumers choose the correlation, after various investigation, can know the price of a commodity as 590 yuan, 600 yuan will be able to achieve, analysis of payment will be 26.5% of the people can analyze payment limit insufficient in commodity prices, Choose to single way to fight to implement instalment, this shows that the installment payment forconsumers there is a very attractive, the appeal may make the lower limit of goods payment in the edit control process, make the price elasticity of change, cool, price elasticity changes, the process of pricing for consumers, has very important reference significance. In the past, it has a certain pricing method for consumer psychology, and in this process, the pricing method will also change. If the attraction of installment payment to consumers exceeds the process of this pricing method, then it will produce an attraction in the process of bringing a strong psychological hint. Rational consumers tend to make some different choices than before.▲Internet FinanceThrough the analysis of the data after the conclusionThe amount of consumers also has a certain influence. According to the results of the survey, it can be known that the average monthly consumption amount can increase by about 25% after the use of Huayuan. If the consumption limit increases by 300~500 yuan, it can increase by 12%; if the consumption limit increases by more than 500 yuan, it accounts for a long time, and the value of the unchanged people is controlled at 53%. After only 1% of people use Huayuan, the average consumption limit of each month will decrease.▲Internet FinanceThese data reflect that in this part of the investigation process,nearly 50% of people's consumption amount will increase after using Huayuan, the average increase amount. It has reached about 150 yuan. Among these users, the monthly online shopping consumption is controlled at 42.77 percent. In general, and their average monthly online consumption control in 320 yuan, although the data without any seasonal consumption characteristics of the price level as well as a variety of subjects is not completely consistent, so may a certain influence on the result, but this value reached 40%, for growth, there are still some problems.▲Internet FinanceFor consumption structure also has a certain influence, yin-hua wang is used, in addition to the total amount have an impact on consumption, in fact for the consumption structure, it also can produce certain change, in Tmall and flower bai installment purchase, merger use spend bai can shaanxi instalment privileges, but only when prices to more than 600 yuan, In order to use the installment payment method, spend bai shopping analysis, payment setting, there are three periods, these three periods can be free of interest, the user only after confirming the receipt of goods on the 10th of the next month, then pay off the first phase of the payment can be. The later payment will be paid back over several months, which means that as long as the product supports installment payment, the users of Ant Huabai will be able to get interestfree repayment for a long period of time. This will also make many users in the face of choosing less than 600 yuan of goods, will be more than 600 yuan of goods will be tempted, have a certain impact.▲Internet finance network diagramSo in the price of consumer goods to choose, because such preferential, make consumers to choose some goods price analysis of more than 600 yuan payment offline, because take bai the existence of this kind of consumer credit, from above consumable funds for each month, consumers are a increases, for some people income level is low, Payment when there is no such an analysis, consumer credit products produced, and their financial status is not able to use a credit card, they are most likely to choose one quality is poor, lower commodity prices, or simply does not have certain purchasing power for some goods, so consumer credit can be completely that some problems are solved, It distracts them from the various consumption pressures they face at present. For those people with unstable income, this kind of consumer credit can also make their consumption curve become very smooth, reduce the impact of unstable income, and relieve the pressure of their life.▲Internet finance network diagramThe process of making people unable to use the same funds is to achieve the best results. Especially for the young generation, people cannot quickly change the concept of consumption. When undertaking large expend to overdraw consumption then, this just is a breakthrough point.▲Internet finance network diagramSummary and suggestions of Internet financeInternet financial innovation, it has brought the very big influence to people's life, through the relevant data can prove that gender, age, income level and consumption amount, for the total amount of online shopping will have a certain influence, and based on these, the use of the Internet financial products ants spend bai, impact on consumer spending behavior, Some analysis has also been made. Through these analysis, we want to make some Suggestions, the first is for consumers, the Internet financial innovation has made some consumers increases, the consumer behavior of flower bai such consumer credit and a variety of electronic currency phenomenon, may produce some consumers excessive consumption, produce certain pressure to the daily lives of consumers, Therefore, for consumers, they should choose rational consumption and make a correct evaluation of the value of goods and their consumption ability.▲Internet finance network diagramFollowed by merchants for groups of advice, don't undergo differentiation marketing, for different consumer groups, the innovative financial products has to be differentiated marketing, but for differentconsumer object, adopt various flexible marketing means, such as for online shopping, shopping more affirmation is a girl, can increase some publicity, Realistic presence of specific women's products, rather than wool harvesting, can increase the use of financial services. Get more users for yourself. In this way, the market share has also been significantly improved. It can also provide differentiated products and services. Based on the theory of industrial organization, the extent to which enterprises control the market depends on how successful they are in differentiating their products. For different consumption levels of consumer groups.▲Internet finance network diagramTheir demand for a variety of financial products and financial services are different, such as in the student body without some income, so their consumption level is not high, can proper makes the lower limit of the installment, reduce to give a detailed their feet long, the time of reimbursement, so as to make the product sales increase. And that they can fully use of price elasticity, better products for a variety of price elasticity, adopt the method of payment by installment, bring attractive at the same time, also make all kinds of psychological suggestion attractive, people to consumption, product sales have brought, businesses can in the process, appropriate price adjustment. For example, the limit of 600 yuan can actually be reduced to 599 yuan.Although this psychological implication is not very obvious, many people are still attracted by the fact that the number at the beginning of the hospital is different after the hospital is lost. In this case, the form of installment payment will play a certain role of icing on the cake. Therefore, financial service institutions and merchants can achieve win-win cooperation.。
互联网金融外文原文
互联网金融外文原文互联网金融：变革与挑战在当今数字化时代，互联网金融以其创新的模式和强大的影响力，正在重塑全球金融格局。
互联网金融，简单来说，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。
互联网金融的发展得益于多种因素的共同作用。
首先，信息技术的飞速进步为其提供了坚实的技术基础。
高速的网络连接、强大的计算能力和先进的数据处理技术，使得金融交易能够在瞬间完成，信息能够以更快的速度传播和处理。
其次，消费者对便捷、高效金融服务的需求不断增长，推动了互联网金融的发展。
人们希望能够随时随地进行金融操作，而不再受限于传统金融机构的营业时间和地点限制。
互联网金融的主要形式包括互联网支付、网络借贷、股权众筹融资、互联网基金销售、互联网保险、互联网信托和互联网消费金融等。
互联网支付，如支付宝和微信支付，已经成为我们日常生活中不可或缺的一部分。
它们让支付变得更加便捷、快速，减少了现金的使用，提高了交易效率。
网络借贷平台则为个人和中小企业提供了新的融资渠道，打破了传统金融机构对信贷资源的垄断。
股权众筹融资为初创企业提供了获得资金的新途径，同时也让普通投资者有机会参与到早期的投资项目中。
然而，互联网金融在带来便利和创新的同时，也面临着一系列的挑战和风险。
信息安全问题是其中最为突出的一个。
由于互联网金融交易依赖于网络和信息技术，大量的个人和金融信息在网络中传输和存储，如果这些信息遭到泄露或被黑客攻击，将给用户带来巨大的损失。
此外，互联网金融的虚拟性和跨地域特点，也增加了监管的难度。
一些不法分子利用监管的漏洞进行非法集资、诈骗等违法活动，给金融市场的稳定和投资者的利益带来了威胁。
为了应对这些挑战，各国政府和监管机构纷纷加强了对互联网金融的监管。
一方面，制定了相关的法律法规，明确互联网金融机构的准入标准、业务规范和监管要求。
另一方面，建立了专门的监管机构或加强了现有监管机构的职能，加强对互联网金融市场的监测和执法力度。
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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。