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1、-文献出处: Ramsey; Labored. Internet Finances Impact on Traditional Finance J. The Journal of International Finance, 2014, 16(2): 31-49.原文Internet Finances Impact on Traditional FinanceRamsey; Labored.Abstract As the advances in modern information and Internet technology, especially the develop of cloud
2、 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 distr
3、ibution 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 exp
4、erience, 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 distan
5、ce 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
6、 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 inf
7、ormation 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 natur
8、e 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 Intr
9、oductionThe 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
10、. 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 occup
11、ies 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 mea
12、sures 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.
13、 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 unr
14、emitting 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 prospec
15、ts. 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
16、 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 d
17、ata 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
18、 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 pene
19、tration 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 backgrou
20、nd. 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 informat
21、ion asymmetry, greatly improve the transaction risk. Exhibition gradually changed peoples spending habits, more and more high to the requirement of service efficiency and experience; In addition, rising operating costs, to stimulate the financial main bodys thirst for financial innovation and reform
22、; 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
23、-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 openne
24、ss, 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 fina
25、ncial 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 compre
26、hensive, 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 in
27、cludes 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 operati
28、on form, the former mainly through the Internet, to the traditional business externalization, the latter mainly through Internet channels to penetrate business, both externalization and penetration, both through the Internet channel to achieve the financial business innovation and reform.3.2 Capital
29、 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 ma
30、de 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 Inter
31、mediariesInternet 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
32、 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 th
33、is 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, th
34、is 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 customers trading information, consumption habits and consumption information, and predict
35、 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 enterprises fina
36、ncial 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
37、 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 worlds financial firms. Commodity exporters were thriving, thanks to high prices for raw materials. Chinas econ
38、omic juggernaut powered on. And, from Budapest to Braslia, 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 capit
39、al has fled and confidence evaporated, the emerging worlds 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, in
40、cluding 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 o
41、f 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
42、-standing problems are being driven to desperate measures. 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 Chinas growth slowed to 9% in the year to the third quarter-sti
43、ll 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 rec
44、ession 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 ev
45、en 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, todays mess spread from the rich world, l
46、argely 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
47、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 f
48、allout from the rich worlds disaster is manageable. Falling demand in America and Europe hurts exports, particularly in Asia and Mexico. Commodity prices have fallen: oil is down nearly 60% from its peak and many crops and metals have done worse. That has a mixed effect. Although it hurts commodity-
49、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. Chinas house prices, for