电子商务的发展现状、问题、影响和未来【外文翻译】

1、本科毕业论文（设计）外 文 翻 译原文：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, Äúfirst mover it will have greater advantages over followers. mo

29、re importantly, 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 model

30、s in banking 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 technolo

31、gy to integrate 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

32、showed that 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

33、a wrong growth path. 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

34、 of regulation and 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 in

35、frastructure. this 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 tran

36、sactions across borders. 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 rev

37、iews neglect is that 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 mar

38、ket. as more and 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 th

39、at investors behave “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

40、on margin more aggressively, 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 ear

41、ned an 11.4% returns 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 resu

42、lts may be many folds. 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-o

43、uts in the recent 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

44、occur is that 3com 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 a

45、spect of online trading 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

46、 walks of lives, 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

47、 globalization in 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 state

48、s, both benefits 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

49、, but to many, the future growth of e-finance can Äôt 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 cinc

50、innat. edward elgar publishing, pp262-271.译文：电子商务的发展现状、问题、影响和未来随着互联网发展范围的不断扩大，电子金融也开始相应地发展。作为电子商务的一部分，电子金融有其自身独有的特点。一方面，互联网提供电子金融诸多方便，它价格透明，并且能更广泛地获取信息，同时还能降低成本；另一方面，金融服务是数据密集型，而且一般不需要物理交付产品。这两个方面的完美组合是它的独特优势，能帮助电子金融服务的增长速度比其他电子商务领域快的多。互联网对传统金融服务的影响可分为价格透明度，差别定价，以及旁路和利用率。由于没有电子金融的广泛接受的定义，我们初步确定电子金融作

51、为提供金融服务，融资：网上银行，经纪，付款，抵押贷款和其他贷款，保险及相关服务在通过互联网或其它公共网络。佐藤，霍金斯（2001）指出电子金融的最新发展。对金融服务的增长预计将超过一万亿美元。据估计，电子金融的收入也将超过三年前，而且金额在两倍以上。然而，并非所有部门的金融服务都有这样相同的增长速度。如今，网上银行，电子付款，人寿保险，银行和投资银行领域，他们并没有像它那样如此惊人的增长速度。其中互联网络算是成长较快的。而网上银行的增长稍微慢一点点。电子付款，人寿保险，及网上银行却几乎看不到任何的增长。然而，一些简单的金融服务产品在未来几年还是有一定的增长潜力的。它们包括网上信用卡，抵押贷款，

52、学生贷款，汽车贷款和租赁，如汽车保险，旅游保险，保险和住房产权简单的保险产品。从国际角度来看，电子金融的增长，在美国和欧洲是最快的。亚太地区的增长速度差不多。在日本，新加坡等国家的带领下，该地区其他国家也渐渐有了增长的趋势。美国和欧洲的电子金融，他们表现出不同的特点。美国电子金融在很大程度上是基于pc的。这是由于对个人电脑的普。然而，在欧洲，由于个人电脑和移动电话的渗透，他们已经有了相当不错的市场。这并不奇怪，因为欧洲有诺基亚和爱立信等手机领导者。欧洲国家通常采用的wap（无线应用协议）技术，通过手机上网，允许银行和经纪业务。这种类型的银行也被称为“马提尼银行”：“任何时候，任何地方的任何接入

53、设备”。据曼特尔（2001年），第一个是产品扩散理论。建立在新产品扩散理论，一些研究举一个在电子金融发展道路上的障碍路径清单。在需求方面，有研究指出顾客具有惰性，缺乏激励机制，以及客户对更改的障碍缺乏创新意识。在供应方面，有研究指出，缺乏明确的标准，其中在职人员激励不足，以及网络外部性的存在。该理论认为，一个隐含的电子金融创新的重要部分是清楚的替代品，通过现有的服务和单独或合作将导致在位企业广泛接受额外的工作。一个关于电子金融竞争现象的理论，称为新的市场发展。该理论认为，更广泛的结构改革正在进行中，由技术驱动的，而这些变化是银行业和商业之间模糊的线条。虽然这是自然的，也是对现有企业进行试验的关

54、键，这个理论认为，创新改进，往往会释放出可能无法找到在短期或中期有价值。一些观察家认为，可能在这些行业中在位企业不理解他们的市场或没有充分投资于未来。然而，研究人员发现，原有的企业利润最大化为纯粹的原因，可能不希望选择自己作为创新的先锋，让不同专长的其他公司这样做。换言之，这些企业没有看到“先行者”的好处。对上述理论都可以说明为什么某些环节更倾向于快速增长，以及其他一些领域将增长缓慢得多。第一种理论将表明，经纪服务将更加容易搬到网上，因为服务都比较简单。在需求方面，降低交易成本和增加信息透明度，意味着更多的优惠措施，鼓励客户加入该服务。在供应方面，相对较低的进入壁垒，现任公司推移动迅速的在线服

55、务。否则，在位企业将面临市场份额的下降。在增长缓慢的情况下薄的电子货币服务，投资银行服务和其他更复杂的金融服务，进入壁垒较高（投资银行），不方便（复杂的金融服务），不安全（电子支付服务）。因此，这些片段显示增长乏力。根据第二个理论，券商的快速增长表明，巨大的先发优势。先行者将能够抢到客户大块。尽管利润率可能会削弱在短期内，从大的市场份额大容量将超过保证金不足以赔偿损失。从利润最大化的角度来看，经纪公司将能够识别的趋势和迅速采取行动。不过，其他电子金融服务不能够显示快速增长的经纪行观察。随着电子金融的发展，许多相互关联的问题出现。它显示了在与不同国家，放松管制，电信的进步，经济一体化，以及互联网

56、和无线通信技术的发展正在显着地改变结构和金融服务的性质。互联网及其相关技术不仅仅是新的分销渠道，他们也提供金融服务的不同方式。电子金融相关的问题是：1、安全性和稳健性 a)从长远而言，有可能不太需要金融部门的安全网，包括审慎监管和银行监管。b）当局应扩大新的存款担保，以替代旧的形式，因为道德风险影响可能是巨大的。c）在短期内，当局可能需要向非金融企业通过银行附属公司提供支付服务。从长远来看，当局可能需要考虑其他信贷业务分开，并允许自由付款付款服务项目。d）电子金融将降低现任机构的特许权价值。 2、竞争政策。a）更自由的贸易金融服务。b）界定市场。 c）规模更大的经济体 。d）竞争政策，同时要求

57、当局确定技术和信息的政策。 e）对金融服务的政策，竞争将越来越需要全球范围内的协调。3、全球公共政策。a）对跨境金融服务限制将变得更昂贵，更扭曲随着互联网扩大其覆盖面对供应商的位置变得更加难以确定，招标很难界定。b）电子金融的扩展，少数知情的消费者将获得市场准入，提高跨境投资者的保障和透明度问题。c）新的交易系统，特别是在全球基础上的融资队伍访问也不是很清楚。4、对发展中国家的影响。a）在发展中国家不同的进入壁垒构成电子金融公司不同的挑战。b）电子财政将提供更少的选择，以经济不佳的银行系统的资本，弱法规，并在广泛的担保责任。c）电子财政将需要对金融部门的发展方式进行重新评估。d）电子金融的机会，迅速扩大利用和改进金融服务。 他们认为，随着电子商务的日益发展，法律政策与措施也应该随之成熟和完善依赖，以适应电子金融的发展。同时指出，有技