電子商務(wù)的發(fā)展現(xiàn)狀、問題、影響和未來【外文翻譯】

1、本科畢業(yè)論文（設(shè)計）外 文 翻 譯原文：e-finance: current developments, issues, impacts, and futureas the growth of internet broadens its scope, e-finance grows accordingly. as part of e-commerce, e-finance has its own unique characteristics. on one hand, the internet offers convenience, price transparency, and broade

2、r access to information and lower costs; on the other hand, financial services are data intensive and do not generally need physical delivery of products. the combination of the two seems to give unique advantages to help e-financial services grow faster than other e-commerce sectors. the impact of

3、internet on traditional financial services can be categorized into price transparency, differential pricing, and bypass and disintermediation. since there is no broadly accepted definition of e-finance, we tentatively define e-finance as the provision of financial services: internet banking, brokera

4、ge, payment, mortgage and other lending, insurance and related services over the internet or via other public networks. sato (2001) shows recent developments in e-finance. the growth of financial services is estimated to exceed one trillion dollars. according to one estimate, e-finance revenues will

5、 more than double in three years (morgan stanley dean witter, 1999). however, not all segments grow at the same speed in financial services. among the segments such as brokerage, online banking, e-payments, life insurance, and investment banking, internet brokerage grows the fastest. online banking

6、grows a little bit more slowly. e-payments, life insurance, and internet banking hardly see any dramatic growth. however, some simpler financial service products might see potential growth in the next few years. they include online credit cards, mortgages, student loans, and car loans and leases; si

7、mpler insurance products such as car insurance, travel insurance, and home equity insurance. from an international perspective, e-finance grows the fastest in the united states and europe. pacific region also grows at a quick speed, led by japan, singapore, and other countries in the region. even th

8、ough the e-finance leaders are in the u.s. and europe, they also show different characteristics. u.s. e-finance is largely pc-based. that is caused by years of penetration of pc in the u.s. market. however, in europe, both pc and mobile phones penetrate fairly well in the market. this is not surpris

9、ing because europe has the mobile phone leaders such as nokia and ericsson. european countries usually adopt wap (wireless application protocol) technology, allowing internet banking and brokerage via mobile phones. this kind of banking is also referred to as “martini banking”: “anytime, any place,

10、from any access device”.according to mantel (2001), the first is product diffusion theory. building on a new product diffusion theory, some studies cite a laundry list of barriers standing in the way of e-finance growth path. on the demand side, studies have cited customer resistance or inertia, lac

11、k of incentives, and lack of customer awareness of the innovation as obstacles to change. on the supply side, studies have pointed to the lack of clear standards, the need to overcome industry fragmentation, inadequate incentives among incumbents, and the presence of network externalities. this theo

12、ry assumes implicitly that a significant portion of e-finance innovations are clear substitutes for existing services and that additional work by incumbent firms alone or in collaboration will lead to broad acceptance. a competing theory about the e-finance phenomenon is called new market developmen

13、t. the theory suggests that broader structural changes are underway, driven by technology, and these changes are blurring the lines between banking and commerce. while it is both natural and critical for incumbent firms to experiment, this theory suggests that innovations tend to unleash improvement

14、s that incumbents may not find valuable in the short-or mid-term. some observers may suggest that incumbent firms in these industries do not understand their markets or are not adequately investing in the future. however, studies have found that incumbent firms, for purely profit maximizing reasons,

15、 may not want to choose to pioneer some of these innovations themselves, leaving other firms with different specialties to do so. in other words, such firms do not see “first mover” benefits. each of the above-mentioned theory can show why some segments are more inclined to fast growth, and some oth

16、er segments will grow much slowly. the first theory will show that brokerage services will be much easier to move online, because the services are relatively simple. on the demand side, lower transaction costs and greater information transparency means more incentives for customers to join the servi

17、ce. on the supply side, relative low entry barriers push the incumbent firms to move to the online services quickly. otherwise, the incumbent firms will face market share erosion. in the case of slow growth in e-money service, investment banking service and other more complicated financial services,

18、 entry barriers are higher (investment banking), inconvenient (complicated financial service), and insecure (e-payment service). therefore, these segments show sluggish growth. according to the second theory, the fast growth of brokerage shows that the first mover benefits tremendously. first mover

19、will be able to grab a large chunk of customers. even though profit margin might erode in the short-term, the large volume from large market share will be more than enough to compensate the margin loss. from profit maximization point of view, brokerage firms will be able to identify the trends and m

20、ove quickly. however, other e-financial services are not able to show the fast growth observed in the brokerage house.as e-finance grows, many interrelated issues emerge. it shows that economic integration within and across countries, deregulation, advances in telecommunications, and the growth of t

21、he internet and wireless communication technologies are dramatically changing the structure and nature of financial services. internet and related technologies are more than just new distribution channel, they are also different ways of providing financial services. the related issues to e-finance a

22、re:1. safety and soundnessa) over the long run, there may be less need for a financial sector safety net, including prudential regulation and supervision of banks. b) authorities should be wary of extending guarantees to new deposit substitutes, as the moral hazard implications could be substantial.

23、 c) over the short run, authorities could require nonfinancial corporations to provide payment services through bank subsidiaries. over the long run, authorities may want to consider separating payment from other credit services and allow freer entry in payment services. d) e-finance will lower the

24、franchise value of incumbent institutions.2. competition policy.a) freer trade in financial services. b) defining markets. c) more economies of scale. d) competition policy will require that authorities simultaneously define technology and information policy. e) competition policy for financial serv

25、ices will increasingly need to be harmonized worldwide.3. global public policya) limits on cross-border financial services will become costlier and more distorting as the internet expands its reach, the location of providers becomes more difficult to pinpoint, solicitation harder to define. b) as e-

26、finance expands, less informed consumers will gain access to markets, raising issues for cross-border investor protection and transparency. c) access of new trading systems to contingent financing is also unclear, especially on a global basis.4. impact on developing countriesa) different entry barri

27、ers in developing countries pose different challenges for e-financial firms. b) e-finance will offer fewer choices to economies with poorly capitalized banking systems, weak regulations, and extensive guarantees on liabilities. c) e-finance will require a reassessment of the approach to financial se

28、ctor development. d) e-finance offers opportunities to quickly widen access to and improve financial services.we believe that e-finance will grow in any high agency cost industries with low entry barrier. in those industries, first mover it will have greater advantages over followers. more important

29、ly, lower barriers mean that incumbent face greater challenges from newcomers if they do not move first. this creates incentives for incumbent firms to move ahead. brokerage and trading systems will further the current development and attract more customers at greater reach. future models in banking

30、 systems might include:a) a universal bank that bundles a broad range of financial products and services under one roof for a broad range of customers.b) an institution that focuses on the broad financial and nonfinancial needs of a narrow segment of the market.c) they that uses technology to integr

31、ate financial services from a variety of specialized providers.d) a traditional, financial institution, which focuses on a limited number of financial products. pillar (2001) argued that as e-commerce grew, more legal measures would be mature to accommodate the growth in e-finance. they showed that

32、there were two trends going on at the same time. first, technology is escalating at an astounding pace. secondly, the world market has been tie much more closely than ever. these two trends put more pressure on firms decision making process and increase the chance for firms to take a wrong growth pa

33、th. these two trends also motivate financial service firms to go abroad, which have been more and more commonplace in the recent developments. however, pillar listed three barriers that firms had to face: governmental, legal, and economic. governmental barriers result from enactment of regulation an

34、d laws targeted at the financial services industry. these can be minimum capital investment requirements, restrictions on business activities, and disclosure and reporting requirements. some barriers can be a result from lack of regulation in countries without sophisticated legal infrastructure. thi

35、s may create uncertainty regarding enforceability of contracts or electronic signatures, inadequate intellectual property protection, and concerns over privacy and security. economic barriers are those that will bring economic costs when financial services firms try to complete transactions across b

36、orders. a good example will be the “cost of market access”, or the aggregate cost of constructing the technical infrastructure to enable information technology components to be effectively utilized. these would include legal and regulatory costs. another area that many e-finance reviews neglect is t

37、hat the internet financial services will also bring inefficiencies to the financial market. barber shows that even though ecns bring more liquidity, more information, and more price transparency to the investors, it is not true that more information will lead to a more efficient market. as more and

38、more uneducated investors come into the market, irrational behavior occurs in the market. sometimes, such irrational activities can last a fairly long period of time before a more reasonable new equilibrium is established. advancement in behavioral finance has shown much evidence that investors beha

39、ve “irrationally”. more information might lead to an illusion of knowledge. another effect from illusion of knowledge might lead to investors overconfidence about their skills, judgment and sometimes both. evidence shows that those investors turn over positions more quickly, borrow on margin more ag

40、gressively, and create a more volatile stock market. barber also show that the current movement and encouragement of online trading is actually hazardous to investors wealth. they found that from the sample of online accounts during 1991 to 1996, the most frequent trade accounts earned an 11.4% retu

41、rns versus the market returns 17.9%. the average online account earned an annual 16.4%, with common stock portfolio tied towards high beta stocks. the evidence showed that an e-financial service in online trading was adversarial to investors wealth. the reason for disappointing results may be many f

42、olds. but it does show that e-financial services may empower something that traditional financial services are avoiding. market inefficiency from information overload may be more serious than we think. lamont and thales (2001) shows that the market misprices technology stock carve-outs in the recent

43、 years. the obvious example is the 3com carve out, which will give old 3com shareholders with 1.5 new shares of the newly established entity. interestingly, the market priced the new entity with about $60/share and a mid $40s for the parent company. the only possibility for that to occur is that 3co

44、m has a negative worth. but by checking further with 3coms financial strength, the company obviously has more than $300 million positive cash flows. the seemingly apparent mispricing lasted for 3 months with all the necessary information available to investors. another interesting aspect of online t

45、rading is that it might create a clientele effect. barber show that more wealthy young investors are more likely to switch to online trading. men trade more than their women counterparts. their studies show that e-finance growth does reshape the way of thinking and behaving from all walks of lives,

46、especially to those who feel self-competence and feel self-control valuable.future payment systems framework might include a complex system as illustrated in mantel (2001). federal reserve banks (central banks) will need to work more closely with each other around the world, as more globalization in

47、 trading systems and exchanges occur across countries. supervisory work of the central banks needs more cooperation, and coordination. legal rules need to be crafted more carefully for jurisdiction domain when cross border transactions occur. in the meantime, within the united states, both benefits

48、and costs are to be evaluated from the recent innovation of e-finance. much evidence is needed to show the pervasive changes in the market. more importantly, investors should have more education about risks involved in e-finance. because e-finance does not only relate to some fields, but to many, th

49、e future growth of e-finance can t depend on one or two related areas to grow, but to all the related development of areas.source: yong h. kim (2001), “e-finance: current developments, issues, impacts, and future”. lecture notes on treasury management, university of cincinnat. edward elgar publishin

50、g, pp262-271.譯文：電子商務(wù)的發(fā)展現(xiàn)狀、問題、影響和未來隨著互聯(lián)網(wǎng)發(fā)展范圍的不斷擴大，電子金融也開始相應(yīng)地發(fā)展。作為電子商務(wù)的一部分，電子金融有其自身獨有的特點。一方面，互聯(lián)網(wǎng)提供電子金融諸多方便，它價格透明，并且能更廣泛地獲取信息，同時還能降低成本；另一方面，金融服務(wù)是數(shù)據(jù)密集型，而且一般不需要物理交付產(chǎn)品。這兩個方面的完美組合是它的獨特優(yōu)勢，能幫助電子金融服務(wù)的增長速度比其他電子商務(wù)領(lǐng)域快的多?；ヂ?lián)網(wǎng)對傳統(tǒng)金融服務(wù)的影響可分為價格透明度，差別定價，以及旁路和利用率。由于沒有電子金融的廣泛接受的定義，我們初步確定電子金融作為提供金融服務(wù)，融資：網(wǎng)上銀行，經(jīng)紀，付款，抵押貸款和其他

51、貸款，保險及相關(guān)服務(wù)在通過互聯(lián)網(wǎng)或其它公共網(wǎng)絡(luò)。佐藤，霍金斯（2001）指出電子金融的最新發(fā)展。對金融服務(wù)的增長預(yù)計將超過一萬億美元。據(jù)估計，電子金融的收入也將超過三年前，而且金額在兩倍以上。然而，并非所有部門的金融服務(wù)都有這樣相同的增長速度。如今，網(wǎng)上銀行，電子付款，人壽保險，銀行和投資銀行領(lǐng)域，他們并沒有像它那樣如此驚人的增長速度。其中互聯(lián)網(wǎng)絡(luò)算是成長較快的。而網(wǎng)上銀行的增長稍微慢一點點。電子付款，人壽保險，及網(wǎng)上銀行卻幾乎看不到任何的增長。然而，一些簡單的金融服務(wù)產(chǎn)品在未來幾年還是有一定的增長潛力的。它們包括網(wǎng)上信用卡，抵押貸款，學(xué)生貸款，汽車貸款和租賃，如汽車保險，旅游保險，保險和住房

52、產(chǎn)權(quán)簡單的保險產(chǎn)品。從國際角度來看，電子金融的增長，在美國和歐洲是最快的。亞太地區(qū)的增長速度差不多。在日本，新加坡等國家的帶領(lǐng)下，該地區(qū)其他國家也漸漸有了增長的趨勢。美國和歐洲的電子金融，他們表現(xiàn)出不同的特點。美國電子金融在很大程度上是基于pc的。這是由于對個人電腦的普。然而，在歐洲，由于個人電腦和移動電話的滲透，他們已經(jīng)有了相當(dāng)不錯的市場。這并不奇怪，因為歐洲有諾基亞和愛立信等手機領(lǐng)導(dǎo)者。歐洲國家通常采用的wap（無線應(yīng)用協(xié)議）技術(shù)，通過手機上網(wǎng)，允許銀行和經(jīng)紀業(yè)務(wù)。這種類型的銀行也被稱為“馬提尼銀行”：“任何時候，任何地方的任何接入設(shè)備”。據(jù)曼特爾（2001年），第一個是產(chǎn)品擴散理論。建立

53、在新產(chǎn)品擴散理論，一些研究舉一個在電子金融發(fā)展道路上的障礙路徑清單。在需求方面，有研究指出顧客具有惰性，缺乏激勵機制，以及客戶對更改的障礙缺乏創(chuàng)新意識。在供應(yīng)方面，有研究指出，缺乏明確的標(biāo)準，其中在職人員激勵不足，以及網(wǎng)絡(luò)外部性的存在。該理論認為，一個隱含的電子金融創(chuàng)新的重要部分是清楚的替代品，通過現(xiàn)有的服務(wù)和單獨或合作將導(dǎo)致在位企業(yè)廣泛接受額外的工作。一個關(guān)于電子金融競爭現(xiàn)象的理論，稱為新的市場發(fā)展。該理論認為，更廣泛的結(jié)構(gòu)改革正在進行中，由技術(shù)驅(qū)動的，而這些變化是銀行業(yè)和商業(yè)之間模糊的線條。雖然這是自然的，也是對現(xiàn)有企業(yè)進行試驗的關(guān)鍵，這個理論認為，創(chuàng)新改進，往往會釋放出可能無法找到在短期

54、或中期有價值。一些觀察家認為，可能在這些行業(yè)中在位企業(yè)不理解他們的市場或沒有充分投資于未來。然而，研究人員發(fā)現(xiàn)，原有的企業(yè)利潤最大化為純粹的原因，可能不希望選擇自己作為創(chuàng)新的先鋒，讓不同專長的其他公司這樣做。換言之，這些企業(yè)沒有看到“先行者”的好處。對上述理論都可以說明為什么某些環(huán)節(jié)更傾向于快速增長，以及其他一些領(lǐng)域?qū)⒃鲩L緩慢得多。第一種理論將表明，經(jīng)紀服務(wù)將更加容易搬到網(wǎng)上，因為服務(wù)都比較簡單。在需求方面，降低交易成本和增加信息透明度，意味著更多的優(yōu)惠措施，鼓勵客戶加入該服務(wù)。在供應(yīng)方面，相對較低的進入壁壘，現(xiàn)任公司推移動迅速的在線服務(wù)。否則，在位企業(yè)將面臨市場份額的下降。在增長緩慢的情況下

55、薄的電子貨幣服務(wù)，投資銀行服務(wù)和其他更復(fù)雜的金融服務(wù)，進入壁壘較高（投資銀行），不方便（復(fù)雜的金融服務(wù)），不安全（電子支付服務(wù)）。因此，這些片段顯示增長乏力。根據(jù)第二個理論，券商的快速增長表明，巨大的先發(fā)優(yōu)勢。先行者將能夠搶到客戶大塊。盡管利潤率可能會削弱在短期內(nèi)，從大的市場份額大容量將超過保證金不足以賠償損失。從利潤最大化的角度來看，經(jīng)紀公司將能夠識別的趨勢和迅速采取行動。不過，其他電子金融服務(wù)不能夠顯示快速增長的經(jīng)紀行觀察。隨著電子金融的發(fā)展，許多相互關(guān)聯(lián)的問題出現(xiàn)。它顯示了在與不同國家，放松管制，電信的進步，經(jīng)濟一體化，以及互聯(lián)網(wǎng)和無線通信技術(shù)的發(fā)展正在顯著地改變結(jié)構(gòu)和金融服務(wù)的性質(zhì)。互

56、聯(lián)網(wǎng)及其相關(guān)技術(shù)不僅僅是新的分銷渠道，他們也提供金融服務(wù)的不同方式。電子金融相關(guān)的問題是：1、安全性和穩(wěn)健性 a)從長遠而言，有可能不太需要金融部門的安全網(wǎng)，包括審慎監(jiān)管和銀行監(jiān)管。b）當(dāng)局應(yīng)擴大新的存款擔(dān)保，以替代舊的形式，因為道德風(fēng)險影響可能是巨大的。c）在短期內(nèi)，當(dāng)局可能需要向非金融企業(yè)通過銀行附屬公司提供支付服務(wù)。從長遠來看，當(dāng)局可能需要考慮其他信貸業(yè)務(wù)分開，并允許自由付款付款服務(wù)項目。d）電子金融將降低現(xiàn)任機構(gòu)的特許權(quán)價值。 2、競爭政策。a）更自由的貿(mào)易金融服務(wù)。b）界定市場。 c）規(guī)模更大的經(jīng)濟體 。d）競爭政策，同時要求當(dāng)局確定技術(shù)和信息的政策。 e）對金融服務(wù)的政策，競爭將越

57、來越需要全球范圍內(nèi)的協(xié)調(diào)。3、全球公共政策。a）對跨境金融服務(wù)限制將變得更昂貴，更扭曲隨著互聯(lián)網(wǎng)擴大其覆蓋面對供應(yīng)商的位置變得更加難以確定，招標(biāo)很難界定。b）電子金融的擴展，少數(shù)知情的消費者將獲得市場準入，提高跨境投資者的保障和透明度問題。c）新的交易系統(tǒng)，特別是在全球基礎(chǔ)上的融資隊伍訪問也不是很清楚。4、對發(fā)展中國家的影響。a）在發(fā)展中國家不同的進入壁壘構(gòu)成電子金融公司不同的挑戰(zhàn)。b）電子財政將提供更少的選擇，以經(jīng)濟不佳的銀行系統(tǒng)的資本，弱法規(guī)，并在廣泛的擔(dān)保責(zé)任。c）電子財政將需要對金融部門的發(fā)展方式進行重新評估。d）電子金融的機會，迅速擴大利用和改進金融服務(wù)。 他們認為，隨著電子商務(wù)的日益發(fā)展，法律政策與措施也應(yīng)該隨之成熟和完善依賴，以適應(yīng)電子金融的發(fā)展。同時指出，有技術(shù)和世