网络金融风险中英文对照外文翻译文献

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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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金融体系中英文对照外文翻译文献

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

金融风险管理外文翻译文献

金融风险管理外文翻译文献(文档含英文原文和中文翻译)原文：Enterprise Risk Management in InsuranceEnterprise Risk Management (hereinafter referred as “ERM”) interests a wide range of professions (e.g., actuaries, corporate financial managers, underwriters, accountants,and internal auditors), however, current ERM solutions often do not cover all risks because they are motivated by the core professional ethics and principles of these professions who design and administer them. In a typical insurance company all such professions work as a group to achieve the overriding corporate objectives.Risk can be defined as factors which prevent an organization in achieving its objectives and risks affect organizations holistically. The management of risk in isolation often misses its big picture. It is argued here that a holistic management of risk is logical and is the ultimate destination of all general management activities.Moreover, risk management should not be a separate function of the business process;rather, managing downside risk and taking the opportunities from upside risk should be thekey management goals. Consequently, ERM is believed as an approach to risk management, which provides a common understanding across the multidisciplinary groups of people of the organization. ERM should be proactive and its focus should be on the organizations future. Organizations often struggle to see and understand the full risk spectrum to which they are exposed and as a result they may fail to identify the most vulnerable areas of the business. The effective management of risk is truly an interdisciplinary exercise grounded on a holistic framework.Whatever name this new type of risk management is given (the literature refers to it by diverse names, such as Enterprise Risk Management, Strategic Risk Management, and Holistic Risk Management) the ultimate focus is management of all significant risks faced by the organization. Risk is an integral part of each and every action of the organization in the sense that an organization is a basket of contracts associated with risk (in terms of losses and opportunities). The idea of ERM is simple and logical, but implementation is difficult. This is because its involvement with a wide stakeholder community, which in turn involves groups from different disciplines with different beliefs and understandings. Indeed, ERM needs theories (which are the interest of academics) but a grand theory of ERM (which invariably involves an interdisciplinary concept) is far from having been achieved.Consequently, for practical proposes, what is needed is the development of a framework(a set of competent theories) and one of the key challenges of this thesis is to establish the key features of such a framework to promote the practice of ERM. Multidisciplinary Views of RiskThe objective of the research is to study the ERM of insurance companies. In line with this it is designed to investigate what is happening practically in the insurance industry at the current time in the name of ERM. The intention is to minimize the gap between the two communities (i.e., academics and practitioners) in order to contribute to the literature of risk management.In recent years ERM has emerged as a topic for discussion in the financial community,in particular, the banks and insurance sectors. Professional organizations have published research reports on ERM. Consulting firms conducted extensive studies and surveys on the topic to support their clients. Rating agencies included theERM concept in their rating criteria. Regulators focused more on the risk management capability of the financial organizations. Academics are slowly responding on the management of risk in a holistic framework following the initiatives of practitioners.The central idea is to bring the organization close to the market economy. Nevertheless,everybody is pushing ERM within the scope of their core professional understanding.The focus of ERM is to manage all risks in a holistic framework whatever the source and nature. There remains a strong ground of knowledge in managing risk on an isolated basis in several academic disciplines (e.g., economics, finance, psychology,sociology, etc.). But little has been done to take a holistic approach of risk beyond disciplinary silos. Moreover, the theoretical understanding of the holistic (i.e., multidisciplinary)properties of risk is still unknown. Consequently, there remains a lack of understanding in terms of a common and interdisciplinary language for ERM.Risk in FinanceIn finance, risky options involve monetary outcomes with explicit probabilities and they are evaluated in terms of their expected value and their riskiness. The traditional approach to risk in finance literature is based on a mean-variance framework of portfolio theory, i.e., selection and diversification. The idea of risk in finance is understood within the scope of systematic (non-diversifiable) risk and unsystematic (diversifiable)risk. It is recognized in finance that systematic risk is positively correlated with the rate of return. In addition, systematic risk is a non-increasing function of a firm’s growth in terms of earnings. Another established concern in finance is default risk and it is argued that the performance of the firm is linked to the firm’s default risk. A large part of finance literature deals with severa l techniques of measuring risks of firms’ investment portfolios (e.g., standard deviation, beta, VaR, etc.). In addition to the portfolio theory, Capital Asset Pricing Model (CAPM) was discovered in finance to price risky assets on the perfect capital markets. Finally, derivative markets grew tremendously with the recognition of option pricing theory.Risk in EconomicsRisk in economics is understood within two separate (independent) categories,i.e.,endogenous (controllable) risk and background (uncontrollable) risk. It is recognized that economic decisions are made under uncertainty in the presence of multiple risks.Expected Utility Theory argues that peoples’ risk attitude on the size of risk (small,medium, large) is derived from the utility-of-wealth function, where the utilities of outcomes are weighted by their probabilities. Economists argue that people are risk averse (neutral) when the size of the risks is large (small).Prospect theory provides a descriptive analysis of choice under risk. In economics, the concept of risk-bearing preferences of agents for independent risks was described under the notion of “ standard risk aversion.” Most of the economic research on risk is originated on the study of decision making behavior on lotteries and other gambles. Risk in PsychologyWhile economics assumes an individual’s risk preference is a function of probabilistic beliefs, psychology explores how human judgment and behavior systematically forms such beliefs. Psychology talks about the risk taking behavior (risk preferences).It looks for the patterns of human reactions to the context, reference point,mental categories and associations that influence how people make decisions.The psychological approach to risk draws upon the notion of loss aversion that manife sts itself in the related notion of “regret.” According to Willett; “risk affects economic activity through the psychological influence of uncertainty.” Managers’ attitude of risk taking is often described from the psychological point of view in terms of feelings.Psychologists argue that risk, as a multidisciplinary concept, can not be reduced meaningfully by a single quantitative treatment. Consequently, managers tend to utilize an array of risk measurers to assist them in the decision making process under uncertainty. Risk perception plays a central role in the psychological research on risk, where the key concern is how people perceive risk and how it differs to the actual outcome. Nevertheless, the psychological research on risk provides fundamental knowledge of how emotions are linked to decision making.Risk in SociologyIn sociology risk is a socially constructed phenomenon (i.e., a social problem) and defined as a strategy referring to instrumental rationality. The sociologicalliterature on risk was originated from anthropology and psychology is dominated by two central concepts. First, risk and culture and second, risk society. The negative consequences of unwanted events (i.e., natural/chemical disasters, food safety) are the key focus of sociological researches on risk. From a sociological perspective entrepreneurs remain liable for the risk of the society and responsible to share it in proportion to their respective contributions. Practically, the responsibilities are imposed and actions are monitored by state regulators and supervisors.Nevertheless, identification of a socially acceptable threshold of risk is a key challenge of many sociological researches on risk.Convergence of Multidisciplinary Views of RiskDifferent disciplinary views of risk are obvious. Whereas, economics and finance study risk by examining the distribution of corporate returns, psychology and sociology interpret risk in terms of its behavioral components. Moreover, economists focus on the economic (i.e., commercial) value of investments in a risky situation.In contrast, sociologists argue on the moral value (i.e., sacrifice) on the risk related activities of the firm. In addition, sociologists’ criticism of economists’concern of risk is that although they rely on risk, time, and preferences while describing the issues related to risk taking, they often miss out their interrelationships(i.e., narrow perspective). Interestingly, there appears some convergence of economics and psychology in the literature of economic psychology. The intention is to include the traditional economic model of individuals’ formal rational action in the understanding of the way they actually think and behave (i.e., irrationality).In addition, behavioral finance is seen as a growing discipline with the origin of economics and psychology. In contrast to efficient market hypothesis behaviour finance provides descriptive models in making judgment under uncertainty.The origin of this convergence was due to the discovery of the prospect theory in the fulfillment of the shortcomings of von Neumann-Morgenstern’s utility theory for providing reasons of human (irrational) behavior under uncertainty (e.g., arbitrage).Although, the overriding enquiry of disciplines is the estimation of risk, they comparing and reducing into a common metric of many types of risks are there ultimate difficulty. The key conclusion of the above analysis suggests that there existoverlaps on the disciplinary views of risk and their interrelations are emerging with the progress of risk research. In particular, the central idea of ERM is to obscure the hidden dependencies of risk beyond disciplinary silos.Insurance Industry PracticeThe practice of ERM in the insurance industry has been drawn from the author’s PhD research completed in 2006. The initiatives of four major global European insurers(hereinafter referred as “CASES”) were studied for this purpose. Out of these four insurers one is a reinsurer and the remaining three are primary insurers. They were at various stages of designing and implementing ERM. A total of fifty-one face-to-face and telephone interviews were conducted with key personnel of the CASES in between the end of 2004 and the beginning of 2006. The comparative analysis (compare-and-contrast) technique was used to analyze the data and they were discussed with several industry and academic experts for the purpose of validation. Thereafter,a conceptual model of ERM was developed from the findings of the data.Findings based on the data are arranged under five dimensions. They are understanding;evaluation; structure; challenges, and performance of ERM. Understanding of ERMIt was found that the key distinction in various perceptions of ERM remains between risk measurement and risk management. Interestingly, tools and processes are found complimentary. In essence, meaning that a tool can not run without a process and vice versa. It is found that the people who work with numbers (e.g.,actuaries, finance people, etc.) are involved in the risk modeling and management(mostly concerned with the financial and core insurance risks) and tend to believe ERM is a tool. On the other hand internal auditors, company secretaries, and operational managers; whose job is related to the human, system and compliance related issues of risk are more likely to see ERM as a process.ERM: A ProcessWithin the understanding of ERM as a process, four key concepts were found. They are harmonization, standardization, integration and centralization. In fact, they are linked to the concept of top-down and bottom-up approaches of ERM.The analysis found four key concepts of ERM. They are harmonization,standardization,integration and centralization (in decreasing order of importance). It was also found that a unique understanding of ERM does not exist within the CASES, rather ERM is seen as a combination of the four concepts and they often overlap. It is revealed that an understanding of these four concepts including their linkages is essential for designing an optimal ERM system.Linkages Amongst the Four ConceptsAlthough harmonization and standardization are seen apparently similar respondents view them differently. Whereas, harmonization allows choices between alternatives,standardization provides no flexibility. Effectively, harmonization offers a range of identical alternatives, out of which one or more can be adopted depending on the given circumstances. Although standardization does not offer such flexibility,it was found as an essential technique of ERM. Whilst harmonization accepts existing divergence to bring a state of comparability, standardization does not necessarily consider existing conventions and definitions. It focuses on a common standard, (a “top-down” approach). Indeed, integration of competent policies and processes,models, and data (either for management use, compliance and reporting) are not possible for global insurers without harmonizing and standardizing them. Hence, the research establishes that a sequence (i.e., harmonization, standardization, integration,and then centralization) is to be maintained when ERM is being developed in practice (from an operational perspective). Above all, the process is found important to achieve a diversified risk culture across the organization to allocate risk management responsibilities to risk owners and risk takers.ERM: A ToolViewed as a tool, ERM encompasses procedures and techniques to model and measure the portfolio of (quantifiable) enterprise risk from insurers’ core disciplinary perspective. The objective is to measure a level of (risk adjusted) capital(i.e., economic capital) and thereafter allocation of capital. In this perspective ERM is thought as a sophisticated version of insurers’ asset-liability management.Most often, extreme and emerging risks, which may bring the organization down,are taken into consideration. Ideally, the procedure of calculating economic capital is closely linked to the market volatility. Moreover, the objective is clear, i.e., meetingthe expectation of shareholders. Consequently, there remains less scope to capture the subjectivity associated with enterprise risks.ERM: An ApproachIn contrast to process and tool, ERM is also found as an approach of managing the entire business from a strategic point of view. Since, risk is so deeply rooted in the insurance business, it is difficult to separate risk from the functions of insurance companies. It is argued that a properly designed ERM infrastructure should align risk to achieve strategic goals. Alternatively, application of an ERM approach of managing business is found central to the value creation of insurance companies.In the study, ERM is believed as an approach of changing the culture of the organization in both marketing and strategic management issues in terms of innovating and pricing products, selecting profitable markets, distributing products, targeting customers and ratings, and thus formulating appropriate corporate strategies. In this holistic approach various strategic, financial and operational concerns are seen integrated to consider all risks across the organization.It is seen that as a process, ERM takes an inductive approach to explore the pitfalls (challenges) of achieving corporate objectives for broader audience (i.e.,stakeholders) emphasizing more on moral and ethical issues. In contrast, as a tool,it takes a deductive approach to meet specific corporate objectives for selected audience(i.e., shareholders) by concentrating more on monitory (financial) outcomes.Clearly, the approaches are complimentary and have overlapping elements. 作者：M Acharyya译文：保险业对企业风险管理的实证研究企业风险管理涉及各种行业(如保险精算师、公司财政经理、保险商、会计和内部审计员)，当前企业风险管理解决方案往往不能涵盖所有的风险，因为这些方案取决于决策者和执行则的专业道德和原则。

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。

互联网金融电子银行外文文献翻译2014年译文3050字大数据

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

P2P金融风险管控中英文对照外文翻译文献

P2P金融风险管控中英文对照外文翻译文献P2P金融风险管控中英文对照外文翻译文献(文档含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。

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互联网金融P2P网络借贷外文翻译文献

文献信息：文献标题：Evaluating credit risk and loan performance in online Peer-to-Peer (P2P) lending（点对点(P2P)网络借贷的信用风险与贷款绩效评估）国外作者：Riza Emekter, Yanbin Tu, Benjamas Jirasakuldech, Min Lu 文献出处：《Applied Economics》, 2015, 47(1):54-70字数统计：英文3063单词，15818字符；中文5110汉字外文文献：Evaluating credit risk and loan performance in onlinePeer-to-Peer (P2P) lendingAbstract Online Peer-to-Peer (P2P) lending has emerged recently. This micro loan market could offer certain benefits to both borrowers and lenders. Using data from the Lending Club, which is one of the popular online P2P lending houses, this article explores the P2P loan characteristics, evaluates their credit risk and measures loan performances. We find that credit grade, debt-to-income ratio, FICO score and revolving line utilization play an important role in loan defaults. Loans with lower credit grade and longer duration are associated with high mortality rate. The result is consistent with the Cox Proportional Hazard test which suggests that the hazard rate or the likelihood of the loan default increases with the credit risk of the borrowers. Finally, we find that higher interest rates charged on the highrisk borrowers are not enough to compensate for higher probability of the loan default. The Lending Club must find ways to attract high FICO score and high-income borrowers in order to sustain their businesses.Key words: Peer-to-Peer lending; credit grade; FICO score; default riskI.IntroductionWith the advent of Web 2.0, it has become easy to create online markets and virtual communities with convenient accessibility and strong collaboration.One of the emerging Web 2.0 applications is the online Peer-to-Peer (P2P) lending marketplaces, where both lenders and borrowers can virtually meet for loan transactions. Such marketplaces provide a platform service of introducing borrowers to lenders, which can offer some advantages for both borrowers and lenders. Borrowers can get micro loans directly from lenders, and might pay lower rates than commercial credit alternatives. On the other hand, lenders can earn higher rates of return compared to any other type of lending such as corporate bonds, bank deposits or certificate of deposits. One of the problems in online P2P lending is information asymmetry between the borrower and the lender. That is, the lender does not know the borrower's credibility as well as the borrower does. Such information asymmetry might result in adverse selection (Akerlof, 1970) and moral hazard (Stiglitz and Weiss, 1981). Theoretically, some of these problems can be alleviated by regular monitoring, but this approach poses a challenge in the online environment because the borrowers and the buyers do not physically meet. Fostering and enhancing the lender's trust in the borrower can also be implemented to mitigate adverse selection and moral hazard problems. In the traditional bank-lending markets, banks can use collateral, certified accounts, regular reporting, and even presence of the board of directors to enhance the trust in the borrower. However, such mechanisms are difficult to implement in the online environment which will incur a significant transaction cost.To reduce lending risks associated with information asymmetry, current online P2P lending has the following arrangements. First, the Lending Club screens out any potential high-risk borrowers based on the FICO score. The minimum FICO score to be able to participate is 640. Second, the typical size of the loans produced in this market is small, which is under $35 000 at the Lending Club. Therefore, these loans are essentially microloans which pose a relatively small loss in case of default. Third, the market maker offers matchmaking systems which can be used to generate portfolio recommendations and minimize lending risks. Fourth, if a borrower fails to pay, the market maker will report the case to a credit agency and hire a collectionagency to collect the funds on behalf of the lender. Although there are certain structures imposed in the online P2P that help to minimize the risk, this form of lending is inherently associated with greater amount of risk compared to the traditional lending.The purpose of this article is to evaluate the credit risk of borrowers from one of the largest P2P platforms in the United States provided by the Lending Club, which help lenders to make more informed decisions about the risk and return efficiency of loans based on the borrowers' grade. There are two related research questions this article will address: (1) What are some of the borrowers' characteristics that help determine the default risk? and (2) Is the higher return generated from the riskier borrower large enough to compensate for the incremental risk? Lenders can allocate their investments more efficiently if they know what characteristics of the borrower affect the default risk. Each borrower is classified by credit grade with corresponding borrowing rate assigned by the Lending Club. To make an efficient allocation, a lender should know whether the higher interest rates set for high-risk borrowers are sufficient to compensate the lenders for the higher probabilities of a potential loss.Our findings suggest that borrowers with high FICO score, high credit grade, low revolving line utilization and low debt-to-income ratio are associated with low default risk. This finding is consistent with the studies by Duarte et al. (2012) who report that borrowers with a trustworthy characteristic will have better credit scores but low probability of default. This result also suggests that besides the loan applicants' social ties and friendship as reported by Freedman and Jin (2014) and Lin et al. (2013), the four factors discussed above are also important in explaining the default risk. When comparing with US national borrowers, the results show that the Lending Club should continue to screen out the borrowers with lower FICO score and attract the highest FICO score borrowers in order to significantly reduce the default risk. In relating the risk to the return, it shows that higher interest rate charged for the riskier borrower is not significant enough to justify the higher default probability. Our finding here is consistent with the study by Berkovich (2011) who reports that high quality loans offer excess return.II.Literature ReviewThree main streams of research have emerged in response to the growing popularity of P2P lending. The first stream of research examines the reasons for the emergence of online P2P lending. The second stream of research focuses on determining the factors that explain the funding success and default risk. The last stream of research investigates the performance of online P2P loan for a given level of the risk.Peer group lending has been emerging in local communities and has attracted the research in this area. Conlin (1999) develops a model to explain the existence of peer group micro-lending programmes in the United States and Canada. He finds that peer groups enable fixed costs to be imposed on the entrepreneurs while minimizing the programme's overhead costs. Ashta and Assadi (2008) investigate whether Web 2.0 techniques are integrated to support the advanced social interactions and associations with lower costs for P2P lending. Hulme and Wright (2006) study a case of online P2P lending house, Zopa, in the United Kingdom. They suggest that the emergence of online P2P lending is a direct response to social trends and a demand for new forms of relationship in financial sector under the new information age.There is extant literature that identifies the factors determining the funding success and default risk. Using the Canadian micro-credit data, Gomez and Santor (2003) find that group lending offers lower default rates than conventional individual lending does. Study by Iyer et al. (2009) shows that lenders can evaluate one third of credit risk using both hard and soft data about the borrower. Lin et al. (2013) analyse the role of social connections in evaluating credit risk and discover that strong social networking relationship is an important factor that determines the borrowing success and lower default risk. Lin et al. (2013) further report that applicants' friendship could increase the probability of successful funding, lower interest rates on funded loans, and these borrowers are associated with lower ex post default rates at Prosper. The importance of social ties in determining loans funded is also examined by Freedman and Jin (2014). The result shows that borrowers with social ties are more likely tohave their loans funded and receive lower interest rates. However, they also find evidence of risks to lenders regarding borrower participation in social networks.Several other studies examine whether certain borrowers' characteristics and personal information determine the success of loan funding and default risk. Herzenstein et al. (2008) show that borrowers' financial strength, their listing and publicizing efforts, and demographic attributes affect likelihood of funding success. Study by Duarte et al. (2012) further argues that borrowers who appear more trustworthy have better credit score with higher probabilities of having their loans funded and default less often. Larrimore et al. (2011) demonstrate that borrowers who use extended narratives, concrete descriptions and quantitative words have positive impact on funding success. However, humanizing personal details or loan justifi cations have negative inﬂuences on funding success. Qiu et al. (2012) further reveal that in addition to personal information and social capital, other variables, including loan amount, acceptable maximum interest rate and loan period set by borrowers, significantly inﬂuence the funding success or failure.Galak et al. (2011) further show that lenders tend to favour individual over group borrowers and borrowers who are socially proximate to themselves. They also find that lenders prefer the borrowers who are more like themselves in terms of gender, occupation and first name initial. More interestingly, Gonzalez and Loureiro (2014) have similar findings: (1) when perceived age represents competence, attractiveness has no effect on loan success; (2) when lenders and borrowers are of the same gender, attractiveness might lead to a loan failure (i.e., the ‘beauty is beastly' effect) and (3) loan success is sensitive to the relative age and attractiveness of lenders and borrowers. Herzenstein et al. (2011) find that herding in the loan auction is positively related to its subsequent performance, that is whether borrowers pay the money back on time.III.DataIn this section, the loan applicants' data is first described, followed by loan distribution based on loan purposes, credit grade and loan status and it ends with thedetailed descriptive statistics of the loan applicants. This study uses 61 451 loan applications in the Lending Club from May 2007 to June 2012 obtained from . Over the study period, the Lending Club lent about $713 million to borrowers. To address the borrowers' behaviour in online P2P lending, we first examine the main reasons for borrowing money from others. Table 1 lists the borrowers' self-claimed reasons summarized in the Lending Club. Almost 70% of loan requested are related to debt consolidation or credit card debts with a total loan amount requested of approximately $387 million and $108 million, respectively. The number of loan applications for education, renewable energy and vacation contribute less than 1% of total loans with the total loan requested ranging from 1 to 3 million. The borrowers state that their preferences to borrow from the Lending Club are lower borrowing rate and inability to borrow enough money from credit cards. The second purpose for borrowing is to pay home mortgage or to re-model home.Table 1. Loan distributions by loan purpose (May 2007–June 2012)Notes: The data is obtained from 61 451 loan applicants in the Lending Club, , from May 2007 to June 2012.The loan-seeking persons are asked to provide the reasons for requesting loans.The Lending Club uses the borrower's FICO credit scores along with other information to assign a loan credit grade ranging from A1 to G5 in descending credit ranks to each loan. The detailed procedure is as follows: after assigning a base score based on FICO ratings, the Lending Club makes some adjustments depending on requested loan amount, number of recent credit inquiries, credit history length, total open credit account, currently open credit accounts and revolving line utilization todetermine the final grade, which in turn determines the interest rate on the loan.Table 2 reports the loan distribution by credit grade. The majority of borrowing requests have grades between A1 and E5. The Highest loan amounts requested are from borrowers with ‘B' credit grade, which contribute 29.56% of total amount of loans requested. The total number of applicants for this ‘B' credit grade group is 18 707, which represents total loans of approximately $210 million. The lowest loan amounts requested are from borrowers with the lowest ‘G' credit grade which accounts for 1.53% of total loans. There are only 608 loan applicants for this lowest credit rating ‘G' group and it represents approximately $11 million in total loan value. According to the Lending Club's policy, a loan credit grade is used to determine the interest rate and the maximum amount of money that a borrower can request. The higher the loan grade, the lower the interest rate. A borrowing request with a low grade renders a higher interest rate as a compensation for a high risk held by lenders. Table 2. Loans distribution by credit grades (May 2007–June 2012)Notes: The Lending Club uses the borrowers’ FICO credit scores along with other information to classify a loan from Grade A1 to G5 in descending credit risk. Therefore, A1 credit grade represents the highest credit quality/low-risk borrowers, whereas G5 credit grade represents the lowest credit quality/ high-risk borrowers. Total amount of loans requested as a percentage of total loan is 19.35% for credit grade group ‘A’, 29.56% for ‘B’, 19.94% for ‘C’, 14.84% for ‘D’, 10.15% for ‘E’, 4.59% for ‘F’ and 1.53% for ‘G’.Finally, Panel A of Table 3 shows the loan status for all the loan requests on 20 July 2012. Overall, the default rate is 4.60% with total losses of approximately $29 million. Another 2.45% of total loan requests which constitute $18.6 million could be potentially lost because the borrowers are late in making payment within 30 days or 120 days and not paying the normal instalments. 17.98% of the loans are fully paid with an approximate value of $108 million. The $557 million loans are in current status account for 74.91% of total loans. Naturally, loans with a lower grade demonstrate a higher default rate. Therefore, study on risk management on P2P lending is relevant for the lenders to optimize their investment portfolios. Panel B of Table 3 reports the loan status for the matured loans. The overall loss rate is much higher for matured loans. Among 4904 matured loans, 914 loans are charged-off, which represent 18.6%. The total loss is $5.5 million which represents 13% of all matured loans amount. Less than 1% of the matured loans are late in terms of making payment with the unpaid balance of approximately $27 000. 80.77% or $33 million of matured loans are fully paid.Table 3. Loan distribution by the loan status (May 2007–June 2012)Table 4 reports the general characteristics and credit history of the online P2P loan applicants from the Lending Club. Based on our sample of 61 451 loanapplicants, the average monthly interest charged on a loan is 12.34%. On average, 471 days passed from the issue date of the loan. The average credit grade of a borrower is 25, which corresponds to credit category between B and C. The average size of a typical loan is $11 604 and the average monthly payment is $351. The borrower in general pays back $4384 a month and has $7873 left to be paid. The average ratio of the remaining balance to total loans is 63%.Examining the borrowers' characteristics, it shows that the mean income of a borrower from the Lending Club is $5796 with the debts to income ratio of 0.1381. On average, a borrower has 9.56 open credit lines and 22 total credit lines, carries $14 315 average revolving credit balance and almost half (51.6%) of his or her credit limit. In the last six months, there is 1 credit inquiry requested by an average borrower. Average FICO score category of a typical borrower is 3.48, which corresponds to a FICO score between 680 and 750.Table 4. Descriptive statistics (May 2007–June 2012)Notes: Credit Grade is the grade assigned by the Lending Club based on the FICOrano credit rating information along with other information. Credit Grade ‘1’ is the loan category of ‘G’ which is the riskiest class of loans. Credit Grade ‘7’ is the loan category of ‘A’ which is the lowest risk borrowers. FICOrano is the credit rating of the borrowers rated by credit card companies. FICO 6 corresponds to borrowers with the FICO score above 780, FICO 5 corresponds to FICO score between 750–779, FICO 4 = 714–749, FICO 3 = 679–713, FICO 2 = 660–678 and FICO 1 = 640–659, respectively.IV.ConclusionsCredit risk is an important concern for the P2P loans. This study employs the data from the Lending Club to evaluate the credit risk of the P2P online loans. We findthat credit score, debt-to-income ratio, FICO score and revolving line utilization play an important role in determining loan default. The credit categorization used by the Lending Club successfully predicts the default probability with one exception of next lowest credit grade ‘F'. In general, higher credit grade loan is associated with lower default risk.The mortality risk also increases with the maturity of the loans. Loans with lower credit grade and longer duration are associated with high mortality rate. The Cox Proportional Hazard Test results show that as the credit risk of the borrowers increases, so does the likelihood of loan being default. However, the higher interest rate currently charged for the riskier borrower is not significant enough to justify the higher default probability. This suggests that the lenders would be better off to lend only to the safest borrowers in the highest grade category of 7 or Grade A. Increasing spreads on riskier borrower may lead to a more severe adverse selection resulting in higher default risk.The Lending Club lenders should either extend credits only to the highest grade borrower or try to find more creative ways to lower the default rate among current borrowers. When comparing with the US national consumers, borrowers with relatively higher income and potentially higher FICO scores do not participate in the P2P market. Creating incentives to attract these types of borrowers would have a significant potential to decrease the default risk in this market.中文译文：点对点（P2P）网络借贷的信用风险与贷款绩效评估摘要近年来点对点（P2P）网络借贷开始兴起。

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。

电子银行研究互联网金融外文文献翻译

文献出处：Safeena R. The study on the development of electronic banking business [J]. International Journal of Information, 2015, 12(2): 55-65.原文The study on the development of electronic banking businessSafeena RAbstractThis article mainly from the electronic banking business development present situation and problems, this paper carefully analyses the electronic banking operational risk, reputation risk and legal risk, so as to find out the healthy development of the electronic banking technology security measures should be taken, the external resource management, professional and technical training and the establishment of the emergency measures, etc., To vigorously promote the development of electronic banking business.Keywords: Electronic banking; Business development; strategy1 IntroductionRefers to the banking financial institutions to use electronic banking facing the social public open communication channel, or open the public network, as well as the bank for particular self-service facilities or customers to establish dedicated network, provide banking services to customers. Way to the new service for the customer, make customer not limited by geographical and time and space, (Anytime), at any time, Anywhere (Anywhere), in any way (Anyhow) to provide services, namely say usually 3A service. Banks through electronic channels to provide customers with related products and services include: commercial POS terminals, ATM teller machines, telephone banking, personal computer, Internet, mobile phone, etc. Electronic banking business belongs to a whole new way of banking services, is the combination of information technology and the existing banking product innovation, and added to the promotion of counter service. Electronic banking business from scratch, since the childhood, in recent years has entered a fast track of development, with online banking, telephone banking, mobile banking, self-service banking, online securities, such as online insurance new service way, for the majority of users has broughtconvenient service experience.2 The existing problems in the development of electronic banking business2.1 Electronic trading ideas are fairly weakAlthough the bank has now had the very big development, but there are quite a few people remain skeptical about whether electronic trading actually, the idea of people also can't keep up with the development of network technology and quality. Electronic trading requires not only the popularity of network terminal equipment, also need to participants for mastering and using of e-commerce and network technology, and the several aspects are also quite weak.2.2 Lack of national unity, authority CA authentication centerAt present, the bank on the net is directly or indirectly, the CA founded on their own. From the perspective of the specification, only to the construction of unified national public certification center, can play the role of neutral, authoritative certification center. The people's bank has sent in April 1999, the tender, start building unified CA authentication center, but progress has been slow. When this kind of situation hindered the pace of construction of commercial bank for online banking, commercial Banks or pedestrian area of the branch will be redesigned. If Banks or regions are building their own CA authentication center, construction before they are unified, there will be a cross certification, if coupled with cross with foreign Banks. Certification, will greatly hinder the bank on the net service efficiency and accuracy, and can also lead to repeated construction and waste of resources.2.3 Credit mechanism is not sound, the market environment is imperfectDespite the current market economy has had the very big development, but the bottom of the credit system development process is relatively low, the current commercial bank electronic payment system is fragmented, patchy credit, enterprises and individual customers cannot share information resources, its overall advantages is not apparent. Associated with electronic payment of customs, taxation, transportation department failed to form a complete set of network with the bank of network level, restrict the development of electronic banking business.2.4 SecurityCustomer identification and guarantee data confidentiality and integrity, is the fundamental guarantee of electronic banking development. Due to the openness of the Internet it and the complexity of electronic banking in technology, information security problems become the core problem in the course of the construction of electronic banking. The network bank three hidden trouble in security: one is the most computer hardware equipment mainly rely on imports from;2 it is system encryption program is not enough, easy resulting in the loss of customer funds; Three is a network system is not stable, easy operating problems, etc.2.5 The laws and regulations is still relatively lagging behindThe rules are in use electronic banking information transmission is the TCP/IP protocol, clear with the customer in a signed a contract on the basis of the rights and obligations relations, problems are resolved through arbitration. Because of the lack of related laws, problem involves responsibility identification, bear, after the execution of arbitration results such as complex legal relationship is difficult to solve now. The new "contract law" although admitted the legal effect of electronic contract, did not solve the problem of the digital signature. These virtually increase the bank and customer trouble of electronic bank financial transactions and risk.2.6 Poor single financial varieties, system integrationTo build an electronic bank, first should basically have the following characteristics: service to all-ionization, risk diversification, information integration, electronic business market, the internationalization of standards and methods. But the single most varieties of banking and finance, the risk is very concentrated; Poor internal business systems integration, data is not uniform, it is difficult to link up the relevant unit organically, and the electronic banking and electronic commerce management and service system also can't keep up with, can't meet the needs of customers. Social economy and the rapid development of science and technology, the overall management of commercial Banks had a profound effect, since entering the foreign Banks gradually into the financial markets, the increasingly fierce competition of banking, electronic banking become an important competitive weapon. Commercial Banks in order to continue to survival and development under the newsituation, put forward the fundamental requirement to the development of electronic banking, not only effectively pushing it forward quickly, and determines the final development direction.Economic globalization, social information, changed people's thinking and ideas of a new life pattern are emerging. Faster and faster pace of life, more and more active economic activities, make people more and more pursuit of all-weather, anywhere, in any way can enjoy convenient service to the bank. In order to meet this need, commercial Banks must speed up the use of information technology, to launch all kinds of electronic banking self-service products, fully replace traditional counter business, realize electronic banking service mode 3A to permeate the full range of social and economic life, so as to occupy the market, stable customer. In the long run, the income structure of commercial Banks will change, the savings and loan will be more and smaller, poor by loan is poor profit space also more and more narrow, non interest income share will increase steadily. In response to this change, commercial Banks must take electronic banking platform construction into and securities, insurance, funds and other financial enterprises cooperation platform, key development has broad market prospects of electronic banking business innovation, including securities, investment, consulting, intermediary business, how kind of modern business, expanding profit channel and source of income, improve comprehensive selling long-term profitability.3 The operation risk of electronic banking businessWith the rapid development of information in the bank, electronic banking potential risk is increasingly revealed. Because of the electronic banking business is different with the traditional banking business has many characteristics, such as networking, virtualization, self-support, categories of the risk, risk control methods and means there are a lot of particularity, realize electronic banking risk, effective risk prevention, to avoid risk of banking industry and ensure steady and healthy development of the electronic bank has great significance to the maintenance aspects and so on bank credit. Electronic banking business risk the variety, content and form is differ, but generally can be divided into operation risk, reputation risk and legal risk,etc.3.1 Operating riskOperational risk refers to the incomplete due to internal procedure or failure and problems about system, system or manual operation, or the risk of external factors. Concrete and including security risk, system design, operation and maintenance of the risk. Security risk. Due to the increase of the electronic computer function route entry points in the geographic dispersion, and include the Internet public networks such as the use of various communication systems, to enter the bank's core accounting control system and risk management systems are becoming increasingly complicated, a variety of specific access and authentication problems could happen, make the electronic banking system of external attack. Banks will also be due to the negligence of employee fraud and negligence at risk. The system design, operation and maintenance. Banks face the choice of system design is not perfect or run the risk of not smooth. Such as electronic banking system may not be the match the needs of customers, business development sluggish; External service providers may not have the necessary professional technology or not update in time or because of their own enterprise fails to fulfill the obligation of technical services; Application system paralysis is not back to normal in time, etc. Due to the development of information technology with each passing day, Banks face the risk of system to be eliminated, and so on.3.2 Reputation riskReputation risk is caused by negative public opinion on bank risk, the bank's ability to establish and maintain customer relationship severely damaged, leading to the significant loss of financing or customer base. For example, online banking products and services produced negative public opinion, or process so that seriously affects the Banks' earnings or damage to the bank's capital, reputation risk when they generate. It will affect the Banks to build new client relationships, so that the agency faces lawsuits, financial losses or reputation losses.3.3 The legal risksLegal risk is due to the violation of laws, regulations, rules or trading habits orprofessional moral and ethical standards, or inconsistent with, or the rights and obligations of the parties fail to allocate, or through electronic media to conclude the agreement for the risks caused by uncertainty, and so on and so forth. Due to lack of electronic banking development can be based on standards, and electronic banking business in trading rules, the validity of contracts, the trade both parties responsibilities and consumers' rights and interests protection, compared with the traditional bank more complex and more difficult to define, the existence of the corresponding laws and regulations blank, it is easy to produce fringes of phenomenon, and once a dispute is difficult to solve.译文电子银行业务发展研究Safeena R摘要本文主要从电子银行业务发展的现状及其存在的问题入手, 认真分析了电子银行存在的操作风险、声誉风险和法律风险,从而找出电子银行健康发展应采取的技术安全措施、外部资源的管理、专业技术的培训和应急措施的建立等, 以大力促进电子银行业务发展。

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P2P网络借贷外文翻译文献

电子银行研究互联网金融外文文献翻译

电子银行研究互联网金融外文文献翻译文献出处：Safeena R. The study on the development of electronic banking business [J]. International Journal of Information, 2015, 12(2): 55-65.原文The study on the development of electronic banking businessSafeena RAbstractThis article mainly from the electronic banking business development present situation and problems, this paper carefully analyses the electronic banking operational risk, reputation risk and legal risk, so as to find out the healthy development of the electronic banking technology security measures should be taken, the external resource management, professional and technical training and the establishment of the emergency measures, etc., To vigorously promote the development of electronic banking business.Keywords: Electronic banking; Business development; strategy1 IntroductionRefers to the banking financial institutions to use electronic banking facing the social public open communication channel, or open the public network, as well as the bank for particular self-service facilities or customers to establish dedicated network, provide banking services to customers. Way to the new service for the customer, make customer not limited by geographical and time and space, (Anytime), at any time, Anywhere (Anywhere), in any way (Anyhow) to provide services, namely say usually 3Aservice. Banks through electronic channels to provide customers with related products and services include: commercial POS terminals, ATM teller machines, telephone banking, personal computer, Internet, mobile phone, etc. Electronic banking business belongs to a whole new way of banking services, is the combination of information technology and the existing banking product innovation, and added to the promotion of counter service. Electronic banking business from scratch, since the childhood, in recent years has entered a fast track of development, with online banking, telephone banking, mobile banking, self-service banking, online securities, such as online insurance new service way, for the majority of users has brought convenient service experience.2 The existing problems in the development of electronic banking business2.1 Electronic trading ideas are fairly weakAlthough the bank has now had the very big development, but there are quite a few people remain skeptical about whether electronic trading actually, the idea of people also can't keep up with the development of network technology and quality. Electronic trading requires not only the popularity of network terminal equipment, also need to participants for mastering and using of e-commerce and network technology, and the several aspects are also quite weak.2.2 Lack of national unity, authority CA authentication centerAt present, the bank on the net is directly or indirectly, the CA founded on their own. From the perspective of the specification, only to the construction of unified national public certification center, can play the role of neutral, authoritative certification center. The people's bank has sent in April 1999, thetender, start building unified CA authentication center, but progress has been slow. When this kind of situation hindered the pace of construction of commercial bank for online banking, commercial Banks or pedestrian area of the branch will be redesigned. If Banks or regions are building their own CA authentication center, construction before they are unified, there will be a cross certification, if coupled with cross with foreign Banks. Certification, will greatly hinder the bank on the net service efficiency and accuracy, and can also lead to repeated construction and waste of resources.2.3 Credit mechanism is not sound, the market environment is imperfectDespite the current market economy has had the very big development, but the bottom of the credit system development process is relatively low, the current commercial bank electronic payment system is fragmented, patchy credit, enterprises and individual customers cannot share information resources, its overall advantages is not apparent. Associated with electronic payment of customs, taxation, transportation department failed to form a complete set of network with the bank of network level, restrict the development of electronic banking business.2.4 SecurityCustomer identification and guarantee data confidentiality and integrity, is the fundamental guarantee of electronic banking development. Due to the openness of the Internet it and the complexity of electronic banking in technology, information security problems become the core problem in the course of the construction of electronic banking. The network bank three hidden trouble in security: one is the most computer hardware equipment mainly rely on imports from;2 it is system encryptionprogram is not enough, easy resulting in the loss of customer funds; Three is a network system is not stable, easy operating problems, etc.2.5 The laws and regulations is still relatively lagging behindThe rules are in use electronic banking information transmission is the TCP/IP protocol, clear with the customer in a signed a contract on the basis of the rights and obligations relations, problems are resolved through arbitration. Because of the lack of related laws, problem involves responsibility identification, bear, after the execution of arbitration results such as complex legal relationship is difficult to solve now. The new "contract law" although admitted the legal effect of electronic contract, did not solve the problem of the digital signature. These virtually increase the bank and customer trouble of electronic bank financial transactions and risk.2.6 Poor single financial varieties, system integrationTo build an electronic bank, first should basically have the following characteristics: service to all-ionization, risk diversification, information integration, electronic business market, the internationalization of standards and methods. But the single most varieties of banking and finance, the risk is very concentrated; Poor internal business systems integration, data is not uniform, it is difficult to link up the relevant unit organically, and the electronic banking and electronic commerce management and service system also can't keep up with, can't meet the needs of customers. Social economy and the rapid development of science and technology, the overall management of commercial Banks had a profound effect, since entering the foreign Banks gradually into the financial markets, the increasingly fierce competition of banking, electronicbanking become an important competitive weapon. Commercial Banks in order to continue to survival and development under the newsituation, put forward the fundamental requirement to the development of electronic banking, not only effectively pushing it forward quickly, and determines the final development direction.Economic globalization, social information, changed people's thinking and ideas of a new life pattern are emerging. Faster and faster pace of life, more and more active economic activities, make people more and more pursuit of all-weather, anywhere, in any way can enjoy convenient service to the bank. In order to meet this need, commercial Banks must speed up the use of information technology, to launch all kinds of electronic banking self-service products, fully replace traditional counter business, realize electronic banking service mode 3A to permeate the full range of social and economic life, so as to occupy the market, stable customer. In the long run, the income structure of commercial Banks will change, the savings and loan will be more and smaller, poor by loan is poor profit space also more and more narrow, non interest income share will increase steadily. In response to this change, commercial Banks must take electronic banking platform construction into and securities, insurance, funds and other financial enterprises cooperation platform, key development has broad market prospects of electronic banking business innovation, including securities, investment, consulting, intermediary business, how kind of modern business, expanding profit channel and source of income, improve comprehensive selling long-term profitability.3 The operation risk of electronic banking businessWith the rapid development of information in the bank, electronic banking potential risk is increasingly revealed. Because of the electronic banking business is different with the traditional banking business has many characteristics, such as networking, virtualization, self-support, categories of the risk, risk control methods and means there are a lot of particularity, realize electronic banking risk, effective risk prevention, to avoid risk of banking industry and ensure steady and healthy development of the electronic bank has great significance to the maintenance aspects and so on bank credit. Electronic banking business risk the variety, content and form is differ, but generally can be divided into operation risk, reputation risk and legal risk, etc.3.1 Operating riskOperational risk refers to the incomplete due to internal procedure or failure and problems about system, system or manual operation, or the risk of external factors. Concrete and including security risk, system design, operation and maintenance of the risk. Security risk. Due to the increase of the electronic computer function route entry points in the geographic dispersion, and include the Internet public networks such as the use of various communication systems, to enter the bank's core accounting control system and risk management systems are becoming increasingly complicated, a variety of specific access and authentication problems could happen, make the electronic banking system of external attack. Banks will also be due to the negligence of employee fraud and negligence at risk. The system design, operation and maintenance. Banks face the choice of system design is not perfect or run the risk of not smooth. Such as electronic banking system may not be the matchthe needs of customers, business development sluggish; External service providers may not have the necessary professional technology or not update in time or because of their own enterprise fails to fulfill the obligation of technical services; Application system paralysis is not back to normal in time, etc. Due to the development of information technology with each passing day, Banks face the risk of system to be eliminated, and so on.3.2 Reputation riskReputation risk is caused by negative public opinion on bank risk, the bank's ability to establish and maintain customer relationship severely damaged, leading to the significant loss of financing or customer base. For example, online banking products and services produced negative public opinion, or process so that seriously affects the Banks' earnings or damage to the bank's capital, reputation risk when they generate. It will affect the Banks to build new client relationships, so that the agency faces lawsuits, financial losses or reputation losses.3.3 The legal risksLegal risk is due to the violation of laws, regulations, rules or trading habits orprofessional moral and ethical standards, or inconsistent with, or the rights and obligations of the parties fail to allocate, or through electronic media to conclude the agreement for the risks caused by uncertainty, and so on and so forth. Due to lack of electronic banking development can be based on standards, and electronic banking business in trading rules, the validity of contracts, the trade both parties responsibilities and consumers' rights and interests protection, compared with the traditional bank more complex and more difficult to define, the existence ofthe corresponding laws and regulations blank, it is easy to produce fringes of phenomenon, and once a dispute is difficult to solve.译文电子银行业务发展研究Safeena R摘要本文主要从电子银行业务发展的现状及其存在的问题入手, 认真分析了电子银行存在的操作风险、声誉风险和法律风险,从而找出电子银行健康发展应采取的技术安全措施、外部资源的管理、专业技术的培训和应急措施的建立等, 以大力促进电子银行业务发展。

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。

网络金融风险防范外文翻译文献

网络金融风险防范外文文献翻译(含：英文原文及中文译文)英文原文How to guard against financial risks network ProfessorKristian BehrensFirst, the definition of network finance Network 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 electronicmoney 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 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 relativelybackward 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 isthe 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, 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 risksPoint of the network of financial risks, involving a wide range ofinterests, 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 financialinstitutions 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 informationdisclosure 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 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.中文译文网络金融风险防范克里斯蒂安·贝伦斯网络金融的定义网络金融是计算机网络对于金融活动和相关活动的技术支持一般，是信息技术与现代金融相结合的产物，但它不是简单的组合这两个，但一个金融业乃至所有行业的一个运营机制，是企业系统发展的未来。

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互联网大数据金融中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Internet Finance's Impact on Traditional FinanceAbstractAs the advances in modern information and Internet technology, especially the develop of cloud computing, big data, mobile Internet, search engines and social networks, profoundly change, even subvert many traditional industries, and the financial industry is no exception. In recent years, financial industry has become the most far-reaching area influenced by Internet, after commercial distribution and the media. Many Internet-based financial service models have emerged, and have had a profound and huge impact on traditional financial industries. "Internet-Finance" has win the focus of public attention.Internet-Finance is low cost, high efficiency, and pays more attention to the user experience, and these features enable it to fully meet the special needs of traditional "long tail financial market", to flexibly provide more convenient and efficient financial services and diversified financial products, to greatly expand the scope anddepth of financial services, to shorten the distance between people space and time, and to establish a new financial environment, which effectively integrate and take use of fragmented time, information, capital and other scattered resources, then add up to form a scale, and grow a new profit point for various financial institutions. Moreover, with thecontinuous penetration and integration in traditional financial field, Internet-Finance will bring new challenges, but also opportunities to the traditional. It contribute to the transformation of the traditional commercial banks, compensate for the lack of efficiency in funding process and information integration, and provide new distribution channels for securities, insurance, funds and other financial products. For many SMEs, Internet-Finance extend their financing channels, reduce their financing threshold, and improve their efficiency in using funds. However, the cross-industry nature of the Internet Finance determines its risk factors are more complex, sensitive and varied, and therefore we must properly handle the relationship between innovative development and market regulation, industry self-regulation.Key Words：Internet Finance; Commercial Banks; Effects; Regulatory1 IntroductionThe continuous development of Internet technology, cloud computing, big data, a growing number of Internet applications such as social networks for the business development of traditional industry provides a strong support, the level of penetration of the Internet on the traditional industry. The end of the 20th century, Microsoft chairman Bill Gates, who declared, "the traditional commercial bank will become the new century dinosaur". Nowadays, with the development of the Internet electronic information technology, we really felt this trend, mobile payment, electronic bank already occupies the important position in our daily life.Due to the concept of the Internet financial almost entirely from the business practices, therefore the present study focusedon the discussion. Internet financial specific mode, and the influence of traditional financial industry analysis and counter measures are lack of systemic research. Internet has always been a key battleground in risk investment, and financial industry is the thinking mode of innovative experimental various business models emerge in endlessly, so it is difficult to use afixed set of thinking to classification and definition. The mutual penetration and integration of Internet and financial, is a reflection of technical development and market rules requirements, is an irreversible trend. The Internet bring traditional financial is not only a low cost and high efficiency, more is a kind of innovative thinking mode and unremitting pursuit of the user experience. The traditional financial industry to actively respond to. Internet financial, for such a vast blue ocean enough to change the world, it is very worthy of attention to straighten out its development, from the existing business model to its development prospects."Internet financial" belongs to the latest formats form, discusses the Internet financial research of literature, but the lack of systemic and more practical. So this article according to the characteristics of the Internet industry practical stronger, the several business models on the market for summary analysis, and the traditional financial industry how to actively respond to the Internet wave of financial analysis and Suggestions are given, with strong practical significance.2 Internet financial backgroundInternet financial platform based on Internet resources, on the basis of the big data and cloud computing new financial model. Internet finance with the help of the Internet technology, mobile communication technology to realize financing, paymentand information intermediary business, is a traditional industry and modern information technology represented by the Internet, mobile payment, cloud computing, data mining, search engines and social networks, etc.) Produced by the combination of emerging field. Whether financial or the Internet, the Internet is just the difference on the strategic, there is no strict definition of distinction. As the financial and the mutual penetration and integration of the Internet, the Internet financial can refer all through the Internet technology to realize the financing behavior. Internet financial is the Internet and the traditional financial product of mutual infiltration and fusion, the new financial model has a profound background. The emergence of the Internet financial is a craving for cost reduction is the result of the financial subject, is also inseparable from the rapid development of modern information technology to provide technical support.2.1 Demands factorsTraditional financial markets there are serious information asymmetry, greatly improve the transaction risk. Exhibition gradually changed people's spending habits, more and more high to the requirement of service efficiency and experience; In addition, rising operating costs, to stimulate the financial main body's thirst for financial innovation and reform; This pulled by demand factors, become the Internet financial produce powerful inner driving force.2.2 Supply driving factorData mining, cloud computing and Internet search engines, such as the development of technology, financial and institutional technology platform. Innovation, enterprise profit-driven mixed management, etc., for the transformation of traditional industry and Internet companies offered financialsector penetration may, for the birth and development of the Internet financial external technical support, become a kind of externalization of constitution. In the Internet "openness, equality, cooperation, share" platform, third-party financing and payment, online investment finance, credit evaluation model, not only makes the traditional pattern of financial markets will be great changes have taken place, and modern information technology is more easily to serve various financial entities. For the traditional financial institutions, especially in the banking, securities and insurance institutions, more opportunities than the crisis, development is better than a challenge.3 Internet financial constitute the main body3.1 Capital providersBetween Internet financial comprehensive, its capital providers include not only the traditional financial institutions, including penetrating into the Internet. In terms of the current market structure, the traditional financial sector mainly include commercial Banks, securities, insurance, fund and small loan companies, mainly includes the part of the Internet companies and emerging subject, such as the amazon, and some channels on Internet for the company. These companies is not only the providers of capital market, but also too many traditional so-called "low net worth clients" suppliers of funds into the market. In operation form, the former mainlythrough the Internet, to the traditional business externalization, the latter mainly through Internet channels to penetrate business, both externalization and penetration, both through the Internet channel to achieve the financial business innovation and reform.3.2 Capital demandersInternet financial mode of capital demanders although there is no breakthrough in the traditional government, enterprise and individual, but on the benefit has greatly changed. In the rise and development of the Internet financial, especially Internet companies to enter the threshold of made in the traditional financial institutions, relatively weak groups and individual demanders, have a more convenient and efficient access to capital. As a result, the Internet brought about by the universality and inclusive financial better than the previous traditional financial pattern.3.3 IntermediariesInternet financial rely on efficient and convenient information technology, greatly reduces the financial markets is the wrong information. Docking directly through Internet, according to both parties, transaction cost is greatly reduced, so the Internet finance main body for the dependence of the intermediary institutions decreased significantly, but does not mean that the Internet financial markets, there is no intermediary institutions. In terms of the development of the Internet financial situation at present stage, the third-party payment platform plays an intermediary role in this field, not only ACTS as a financial settlement platform, but also to the capital supply and demand of the integration of upstream and downstream link multi-faceted, in meet the funds to pay at the same time, have the effect of capital allocation. Especially in the field of electronic commerce, this function is more obvious.3.4 Large financial dataBig financial data collection refers to the vast amounts of unstructured data, through the study of the depth of its mining and real-time analysis, grasp the customer's trading information,consumption habits and consumption information, and predict customer behavior and make the relevant financial institutions in the product design, precise marketing and greatly improve the efficiency of risk management, etc.Financial services platform based on the large data mainly refers to with vast trading data of the electronic commerce enterprise's financial services. The key to the big data from a large number of chaotic ability to rapidly gaining valuable information in the data, or from big data assets liquidation ability quickly. Big data information processing, therefore, often together with cloud computing.4 Global economic issuesFOR much of the past year the fast-growing economies of the emerging world watched the Western financial hurricane from afar. Their own banks held few of the mortgage-based assets that undi d the rich world’s financial firms. Commodity exporters were thriving, thanks to high prices fo r raw materials. China’s economic juggernaut powered on. And, from Budapest to Brasília, an abundance of credit fuelled domestic demand. Even as talk mounted of the rich world suffering its worst financial collapse since the Depression, emerging economies seemed a long way from the centre of the storm.No longer. As foreign capital has fled and confidence evaporated, the emerging world’s stockmarkets have plunged (in some cases losing half their value) and currencies tumbled. The seizure in the credit market caused havoc, as foreign banks abruptly stopped lending and stepped back from even the most basic banking services, including trade credits.Like their rich-world counterparts, governments are battling to limit the damage (see article). That is easiest for those withlarge foreign-exchange reserves. Russia is spending $220 billion to shore up its financial services industry. South Korea has guaranteed $100 bill ion of its banks’ debt. Less well-endowed countries are asking for help.Hungary has secured a EURO5 billion ($6.6 billion) lifeline from the European Central Bank and is negotiating a loan from the IMF, as is Ukraine. Close to a dozen countries are talking to the fund about financial help.Those with long-standing problems are being driven to desperatemeasures. Argentina is nationalising its private pension funds, seemingly to stave off default (see article). But even stalwarts are looking weaker. Figures released this week showed that China’s growth slowed to 9% in the year to the third quarter-still a rapid pace but a lot slower than the double-digit rates of recent years.The various emerging economies are in different states of readiness, but the cumulative impact of all this will be enormous. Most obviously, how these countries fare will determine whether the world economy faces a mild recession or something nastier. Emerging economies accounted for around three-quarters of global growth over the past 18 months. But their economic fate will also have political consequences.In many places-eastern Europe is one example (see article)-financial turmoil is hitting weak governments. But even strong regimes could suffer. Some experts think that China needs growth of 7% a year to contain social unrest. More generally, the coming strife will shape the debate about the integration of the world economy. Unlike many previous emerging-market crises, today’s mess spread from the rich world, largely thanks to increasingly integrated capital markets. If emerging economiescollapse-either into a currency crisis or a sharp recession-there will be yet more questioning of the wisdom of globalised finance.Fortunately, the picture is not universally dire. All emerging economies will slow. Some will surely face deep recessions. But many are facing the present danger in stronger shape than ever before, armed with large reserves, flexible currencies and strong budgets. Good policy-both at home and in the rich world-can yet avoid a catastrophe.One reason for hope is that the direct economic fallout from the rich world’s d isaster is manageable. Falling demand in America and Europe hurts exports, particularly in Asia and Mexico. Commodity prices have fallen: oil is down nearly 60% from its peak and many crops and metalshave done worse. That has a mixed effect. Although it hurts commodity-exporters from Russia to South America, it helps commodity importers in Asia and reduces inflation fears everywhere. Countries like Venezuela that have been run badly are vulnerable (see article), but given the scale of the past boom, the commodity bust so far seems unlikely to cause widespread crises.The more dangerous shock is financial. Wealth is being squeezed as asset prices decline. China’s house prices, for instance, have started falling (see article). This will dampen domestic confidence, even though consumers are much less indebted than they are in the rich world. Elsewhere, the sudden dearth of foreign-bank lending and the flight of hedge funds and other investors from bond markets has slammed the brakes on credit growth. And just as booming credit once underpinned strong domestic spending, so tighter credit will mean slower growth.Again, the impact will differ by country. Thanks to huge current-account surpluses in China and the oil-exporters in the Gulf, emerging economies as a group still send capital to the rich world. But over 80 have deficits of more than 5% of GDP. Most of these are poor countries that live off foreign aid; but some larger ones rely on private capital. For the likes of Turkey and South Africa a sudden slowing in foreign financing would force a dramatic adjustment. A particular worry is eastern Europe, where many countries have double-digit deficits. In addition, even some countries with surpluses, such as Russia, have banks that have grown accustomed to easy foreign lending because of the integration of global finance. The rich world’s bank bail-outs may limit the squeeze, but the flow of capital to the emerging world will slow. The Institute of International Finance, a bankers’ group, expects a 30% decline in net flows of private capital from last year.This credit crunch will be grim, but most emerging markets can avoidcatastrophe. The biggest ones are in relatively good shape. The more vulnerable ones can (and should) be helped.Among the giants, China is in a league of its own, with a $2 trillion arsenal of reserves, a current-account surplus, little connection to foreign banks and a budget surplus that offers lots of room to boost spending. Since the country’s leaders have made clear that they will do whatev er it takes to cushion growth, China’s economy is likely to slow-perhaps to 8%-but not collapse. Although that is not enough to save the world economy, such growth in China would put a floor under commodity prices and help other countries in the emerging world.The other large economies will be harder hit, but should beable to weather the storm. India has a big budget deficit and many Brazilian firms have a large foreign-currency exposure. But Brazil’s economy is diversified and both countries have plenty of reserves to smooth the shift to slower growth. With $550 billion of reserves, Russia ought to be able to stop a run on the rouble. In the short-term at least, the most vulnerable countries are all smaller ones.There will be pain as tighter credit forces adjustments. But sensible, speedy international assistance would make a big difference. Several emerging countries have asked America’s Federal Reserve for liquidity support; some hope that China will bail them out. A better route is surely the IMF, which has huge expertise and some $250 billion to lend. Sadly, borrowing from the fund carries a stigma. That needs to change. The IMF should develop quicker, more flexible financial instruments and minimise the conditions it attaches to loans. Over the past month deft policymaking saw off calamity in the rich world. Now it is time for something similar in the emerging world.5 ConclusionsInternet financial model can produce not only huge social benefit, lowertransaction costs, provide higher than the existing direct and indirect financing efficiency of the allocation of resources, to provide power for economic development, will also be able to use the Internet and its related software technology played down the traditional finance specialized division of labor, makes the financial participants more mass popularization, risk pricing term matching complex transactions, tend to be simple. Because of the Internet financial involved in the field are mainly concentrated in the field of traditional financial institutions to the currentdevelopment is not thorough, namely traditional financial "long tail" market, can complement with the original traditional financial business situation, so in the short term the Internet finance from the Angle of the size of the market will not make a big impact to the traditional financial institutions, but the Internet financial business model, innovative ideas, and its apparent high efficiency for the traditional financial institutions brought greater impact on the concept, also led to the traditional financial institutions to further accelerate the mutual penetration and integration with the Internet.译文：互联网金融对传统金融的影响作者：罗萨米;拉夫雷特摘要网络的发展，深刻地改变甚至颠覆了许多传统行业，金融业也不例外。

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网络金融风险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：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。