互联网金融外文翻译文献

文献信息：文献标题：INTERNETFINANCE:DIGITALCURRENCIESANDALTERNATIVEFINANCELIBERATINGTHECAPITALMARKETS（互联网金融：数字货币和替代金融解放资本市场）国外作者：KimWales文献出处：《JournalofGovernanceandRegulation》,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：INTERNETFINANCE:DIGITALCURRENCIESANDALTERNATIVEFINANCELIBERATINGTHECAPITALMARKETSAbstractThisarticlediscusseshowthesuddenshiftinpolicyreformandinnovationhasthepotentialtoliberatethefinancialmarkets.TheeconomicpotentialofinternetfinanceisbeginningtotakeholdacrossthecapitalmarketsasindustrieslikePeer–to–PeerLending,EquityandDebtbasedCrowdfundingandvirtualcurrenciesandcryptocurrencieswhicharetypesofdigitalcurrencyarequicklytransformingthewaybusinessesarebeingfinanced.Fromborrowingandlending,buyingandsellingsecurities,toconductingwiretransfersinternationally,theseinnovationsarecreatinganewclassandgenerationofinvestorswillsourceinvestmentsopportunities.Helpinginstitutionsandgovernmentsassessrisksandmanageperformanceinordertodeterminewheretodeploycapital;andshowingsignsoflesseningtheinequalitygap.Followingtheneolithicagriculturalrevolutionandtheindustrialrevolution,thisnewrevolutionwillenablemorepeopletoaccessfinancialservicesinlesstraditionalways,especiallytheunbankedworldwithitshugepotential.Thesenewfinancialopportunities,suchaspeer–to-peer(P2P)lending,willbediscussedandexamined,andwewillstresshowtheycanallowpeopletobypasscurrentbarriersintheglobaleconomy.Weconcludebyarguingthatallthesedevelopments,energizedbytheeffortsofinnovatorsandentrepreneurs,havethepotentialtoradicallytransformtheworldinwhichwelive,whilepromotingthecorevaluesofindustrializedsocietiesincludingdemocracy,capitalformation,sustainability,andequalitywithoutsolelyrelyingontaxincreases.KeyWords:InternetFinance,DigitalCurrencies,CapitalMarkets,AlternativeFinanceIntroductionThewaywedobusinessisbeingrevolutionized.Thereisdecreasingtrustoftraditionalbanks,mainlyduetotheaftershocksofthe2008financialcrisisandthestringofscandalsthathasaffectedbanksreputationsincethen,includingtheLIBORinterestrateriggingscandal,moneylaundering,highrisklendingandtaxevasion.Asaccesstotraditionalfundingbecomesmoreelusiveandasmoreandmorepeoplejointheranksofthe“unbanked,”itisclearthatnewwaysofcreatingbusiness,jobandcapital,inamoreequitablewaymustbefound.Andindeed,aneconomicrevolutionisunderway,whichisradicallytransformingthefinancialecosystem,viaemergingtechnologies,changinglegislation,andalternativefundingmechanisms.BarriersintheGlobalEconomyKendallandVoorhies(2014)notethatinsomecountries,“themostimportantbuffersagainstcripplingfinancialsetbacksarefinancialtoolssuchaspersonalsavings,insurance,credit,orcashtransfersfromfamilyandfriends.Yetthesearerarelyavailablebecausemostoftheworld’spoorlackaccesstoeventhemostbasicbankingservices.”Inaddition,Webber(2014)notesthattheWorldBankcalculatesthatabout75%“oftheworld’spoorisunbanked,”amountingtoroughly2.5billionpeoplewhoareunabletoaccessanybankingservices.Theseunbankedpeopleareoftenrelianton“apatchworkofinformalandoftenprecariousarrangementstomanagetheirfinanciallives.”However,“technologyandnewbusinessmodelsarebeginningtoshapedifferenttypesofbusinessfinanceandfunding”availableacrosstheglobe[Vistage(2013)],especiallyindevelopingcountries.Forinstance,75%ofKenyansnowhavemobilebankingservices,whileinBrazilbasicbankingtransactionsarenowavailableatlocalshops[Webber(2014)].Butwhilethe‘unbanked’areincreasinglybeingservedindevelopingcountries,Webber(2014)notesthatinclusionintraditionalbankingservicesisbecomingmoreproblematicintheEUandUS:TheAllianceforFinancialInclusion,aglobalnetworkofpolicymakers,reportedthatthereare“58millionpeopleintheEUwithoutbankaccessandanother92millionare‘underserved’–havingaccess,say,tojustonebankwhileintheUS,nearly10millionhouseholdsarebelievedtobeoutsideoftheformalbankingsystem.”Increasingly,thewealthyarebeingreliedupontoredirectinvestmentdollarstowardemerginggrowthcompaniesthroughdifferenttypesofincentivesandnewfundingmodels,howeverunderstandingthenewrangeoffinancialservicesandmeansofaccesswillbe‘challenging”butimportantforallinvolved[Vistage(2013)].Inparticular,understandingtheimportantdifferencesbetweenthehugerangeoffinanceandfundingoptionsavailable–frombanklendingtocrowd-sourcedfundingtomicrofinancetoprivateequityandventurecapital–isachallenge,butwillbefundamentalforbusinessleaders,emerginggrowthcompaniesandinvestorsastheyconsidertheirplaceintheeconomicequation.Atthesametime,asIhavewritteninanearlierpaper,itisalsoimportantthataverageworkingclassindividualsarealsogiventhechancetotakeadvantageofthesenewinvestmentandfinancingopportunities[Wales(2014)].Maney(2013)saysthattheworldisundergoingathirdrevolution(followingonfromtheNeolithicAgriculturalRevolutionandtheIndustrialRevolution),andthisisaveryaptdescription.Humankind’scollectiveknowledgeisbeingaggregatedanddisseminatedandisincreasinglyallowingcompleteaccesstothesurgeofuniversalinformationandweallhavetheabilitytoconnectwithalmosteveryoneontheplanet[Maney(2013)].Democratizationofthecapitalmarketswithfinancialandinvestmentproductssuchassecuritiesbasedcrowdfunding,peer-to-peerlending(P2P),Bitcoinandmore--inparallel--withtechnologicaladvancesontheInternet,socialmedia,andthesmartphonehaveallequallyrevolutionizedthewaythatwedothings.Thisnewrevolution,startedinthedevelopingworld,willenablemorepeopletoaccessfinancialservicesinlesstraditionalways.Thesenewfinancialopportunities,suchaspeertopeer(P2P)lendingandbitcoinwillnowbediscussedinturn.DawnofaNewEra:P2PandtheCrowdInrecentyears,peer-to-peerlendinghasattractedborrowersandlendersthathadbeendisplacedbythebanks.The“newnormal’inthisseaofchangeisleveragingnetworksofsocialcapital,betterknownas“thecrowd”toinfusethemoneyneededintoacompanyinordertostart,groworsustainitspractice.AccordingtotheSmallBusinessAdministration,recoveringiscontinuinginboth“borrowingandlendingconditions”,althoughrecoveryisslowerforsmallerfirms.Unfortunately,businesseshaveexperiencedadownturnintheirfinancialposition,whichhasmadesecuringfundsfrombanksverydifficultduringatimeofincreasingfinancialregulation.Thisisreflectedinanumberofstudiesintosmallbusinesslendingoverthelastfewyears.TheNewYorkFederalReserveregularlysurveyssmallbusinessownersregarding“theirneedsandexperiences,”inordertogaugethecreditenvironment,andinthe.April/May2012survey,544smallbusinessesparticipated.Thefeedbackfromthesurveyindicatesthat“therecentdropinlendingmaybedueinparttoweakerfirmsself-selectingoutofthecreditmarket”:abouttwo-thirdsoftheparticipantsdidnotapplyforanyfinancing,andhalfoftheserespondentsdidnotdosobecausetheyfearedtheirapplicationswouldbedeclined.Participantsalsoreported“higherdenialrates”formicroloansthanforloansofhigheramounts,suggestingthatthedemandformicroloansisthere.Oxfam’s(2014)reportintoglobaleconomicinequalitystatedthatamere1%oftheglobalpopulationcontrolsalmosthalfoftheglobalwealth.Furthermore,this1%owns$110trillionwhichis65timesthecombinedwealthofthe“poorest3.5billionpeople,”the85richestpeopleownthesameasthecombinedtotalwealthofthebottom50%oftheglobalpopulation,and70%ofthepopulationresideincountrieswhere“economicinequalityhasincreasedinthelast30years”.Thesestatisticsemphasizethefactthatthereisadisproportionateamountofcapitalnotmakingitswayintothehandsof“thecrowd”aswellasthedifficultyofgainingaccesstothatcapital.Historyillustratesthatduringperiodsofradicalchange,ittooktwoworldwarstoshifttheeconomy[Piketty(2014)].Nowinequalityisrisingbacktopre-1915warlevels.AccordingtoPiketty(2014),thisshouldbecounteractedviaglobaltaxonwealthorsimilarmeasures.Whilehereweagreeontheinequalityrise,Isubmitthatwealthinequalitycouldimprovenaturallythroughadvancesintechnologyandthedemocratizationofcapitalundertheumbrellaof“internetfinance”ratherthanthroughfiscalpolicyalone.Globally,peer–to–peerplatformsoriginatedanestimated$70billionin2014.Yet,theseloansonlymakeupasmallportionofthetotalnumberofsmallbusinessloans[Eavis(2014)].Inthefirstquarterof2014,bankslentatotalof$291billiontosmallbusinesses,accordingtoFDICfigures,whileincontrast,USP2Plendingplatform,ProsperMarketplaceoriginatedover$3billionofloansonplatformasof1Q2015.Asofthe2014,Peer–to–PeerLending(Debt)originated$11billioninloansintheU.S.,$56billioninChinaand$5.6billioninEuropein2014,respectively.Thesenumbersareprojectedtodoublebytheendof2015.MobilebankingMobilebankingisbecomingincreasinglypopularanditsapplicationshavethe“potentialtoencouragefinancialdisciplineinevenmoreeffectiveways”[KendallandVoorhies(2014)]Mobilebankinghasthreeadvantagesovertraditionalbankingmodels,whichcanalsobetranslatedforprimaryandsecondarymarkets[KendallandVoorhies(2014)]:—Mobiletransactionsarevirtuallyfree.Counterservicesatfinancialinstitutionsmakeupmostoftheroutinebankcosts,however,withmobilebanking,thesametransactionscanbemadewithlittleornocosttothefinancialinstitutionsormobileserviceproviders,andbyextensionthoseservicingtransactionswithintheprimaryandsecondarymarkets.—Thesemobiletransactionscreatehugeamountsofdata,“whichbanksandotherproviderscanusetodevelopmoreprofitableserversandevensubstitutefortraditionalcreditscores(whichcanbehardforthosewithoutformalrecordsorfinancialhistoriestoobtain)”.Overtime,therewillbeanemergenceofmobileratingsagenciesthatwillassistentrepreneursandinvestorstoovercomethishurdleintheprimaryandsecondarymarkets.—Mobileplatformsoperateinrealtime,allowinginstantaneousaccountinformation,messagingandnewservicessignup.DigitalCurrency:thecaseofvirtualandcryptocurrenciesDigitalcurrencybusinessesarenowproliferatingwith$350millioninvestedbyventurecapitalistin2014and$230millioninvestedtheyearprior.Foramoment,let’sexplorehowthecryptocurrency,Bitcoincouldtransformfinancialmarkets,byservingasacatalystforcapitalformation,especiallyinunderservedregionslikeAfricaandHaiti,whichareindireneedofbankingfacilitiesandaccesstocapitalandtechnologylikeblockchainisbeginningtoserveasthebackboneinfrastructureforthemovementofcurrencies.Bitcoiniscurrencythatcanbetradedinternationallyandanonymously,andbecauseitisadecentralizeddigitalcurrency,therearenofees,governmentregulation,andoversightbybanksandgovernment-backedsecurities[Pagliery(2014a)].Fiveyearsafteritsintroduction,Bitcoinisamongthemoststudiedandtradedfinancialproducts.Bitcoinpaymentsoccurpeer-to-peerwithnoadministratorandthiscryptocurrencyisnowapopularformofdigitalcurrency.Anumberoftopinvestorssupportthisdigitalcurrency(including,forexample,MarcAndreessenandtheWinklevosstwins).MerchantsseeBitcoinwithfavorbecauseofitslowerfeeswhencomparedwithcreditcards,andthefactthatfeesarepaidbythepurchaserandnotbythevendor.However,Bitcoinhasalsobeenquitevolatilesofarandhasbeensubjecttointensescrutinybygovernments.Indeed,lastyearthebitcoinexchange,Mt.Gox,collapsed,whichraisedquestionsregarding“thesecurityofinvestinginavirtualcurrencythatisn’tregulatedbygovernments”[Vaishampayan(2014)].However,otherplayers,suchasSecondMarket,createdanew,andmoresecure,bitcoinexchangeandlaunchedaBitcoinInvestmentTrust.ThereisanexcellentandpotentiallyrevolutionaryopportunitytoincorporatecryptocurrencieslikeBitcoinintoproductssuchascrowdfundingplatformsandmobile-enabledplatformsthatcouldservetheunbanked,underserved,andtheemergingmiddleclass,whorepresentwellover2billionpeopleworldwide.$90billionayearisspentbythispopulationonalternativeservicessuchascheckcashersandpaydayloans[Schutte(2014)]andtheystruggletoobtainthefinancing,beyondlimitedmicrofinanceopportunities,tocreatebusinesses.Creatingvalueforthissegmentofthepopulationcouldbeveryexcitingifsocialcapitalandtechnologyareleveragedproperly.Bitcoincouldbeusedforremittances,liquidityaccesstocash,andcreditforfrontierandemergingcountries.ConclusionTheworldisembarkinguponaneweconomicrevolution.Institutionalmarketmakingmaybecomeaprofessionofthepastasthedemocratizationofcapitalisbeingdrivenmoreandmorebyretailinvestors.Thecatalystforthisphenomenonoriginatedintheglobaleconomicrecession.Unemployment,whilegoingdown,istillaproblem,andinterestratesremainathistoriclowsofalmostzeropercentwhilestartupandemerginggrowthcompaniesfinditdifficulttoraisecapitalviatraditionalavenues.Start-upsaremajorjobcreators(smallfirmscreated65%ofnewjobsintheUSbetween1993and2009),buttheyaren’tgettingthefundingtoremainoperational.2.5billionpeopleareunbanked[Chaiaetal(2010)]whileover2billionarelivingonlessthan$2aday.Withalloftheglobalresources,itishardtounderstandwhythewealthdisparitygapcontinuestoincreaseinthe21stcenturywith1%ofthepopulationcontrollingover50%oftheworld’swealth.OnApril5,2012,PresidentBarackObamasignedintolegislationTheJumpstartOurBusinessStartupsAct(JOBSAct),ignitingachangeto80-year-oldsecuritieslawswhilespurringachangingoftheguardsgloballyandenablingthedemocratizationofthecapitalmarkets.TechnologicaladvancessuchasWeb3.0,socialcapital,smartphonesandmobiletechnology,andBitcoinarefuelingthiseconomicrevolution.Thisrevolutionisalsoknownas“frictionlesscapitalism”,atermcoinedbyBillGatesin1994,inhisbook,TheRoadAhead,whichsuggestsanewgenerationofinternetcompaniesareinnovatingtofindwaysofreducingfrictionwithintheinterneteconomy.Iwilltakethisthoughtonestepfurtherandproposethattheinternetisbecomingthenewindustrialnetworkwherewecanconnectwithoneanotherdirectlyallowingforadvancesincreating“frictionlesslabormarkets.”Astheseexamplesshow,aneweconomicrevolutionhasthepotentialtodisruptsocialandcapitalnorms.Everyaspectoflifewillbetransformedduetotheinterrelatednatureoftheecosystembecauseincreasedactivityinonepartoftheecosystemspursanincreaseinactivityinothers.Iconcludebyarguingthatallthesedevelopments,energizedbytheeffortsofinnovatorsandentrepreneurs,havethepotentialtoradicallytransformtheworldinwhichwelive,whilepromotingthecorevaluesofindustrializedsocietiesincludingdemocracy,capitalformation,sustainability,andequality.Abravenewworldofbusinessandfinance,whichismoreequalandfairer,isjustaroundthecorner.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。互联网金融的经济潜力开始在资本市场上占有一席之地，因为像P2P贷款、股权众筹、债务众筹、虚拟货币和数字货币类型的加密货币，正在迅速改变企业融资的方式。从借贷、买卖证券到国际电汇，这些创新创造了一个新的阶层，一代投资者将获得投资机会。帮助机构和政府评估风险和管理绩效，以确定在何处部署资本；并显示减少不平等差距的迹象。继新石器时代的农业革命和工业革命之后，这场新的革命将使更多的人能够以不太传统的方式获得金融服务，特别是具有巨大潜力的无银行账户。这些新的财务机会，如P2P贷款，将被讨论和审查，我们将强调它们如何能够让人们摆脱当前全球经济中的障碍。最后，我们认为，所有这些发展，在创新者和企业家的努力下，都有可能彻底改变我们所处的世界，同时促进了包括民主、资本形成、可持续性和平等在内的工业化社会的核心价值，而不仅仅依靠增税。关键词：互联网金融，数字货币，资本市场，替代金融引言我们做生意的方式正在发生革命性变化。传统银行的信任度日益下降，主要是由于2008年金融危机的余震以及此后影响银行声誉的一连串丑闻，包括伦敦银行同业拆借利率操纵丑闻，洗钱，高风险贷款和逃税。随着获得传统资金的机会变得越来越难以捉摸，越来越多的人加入到“无银行账户”的行列，很显然，必须要找到一种新途径，以更加公平的方式创造商业、就业和资本。事实上，一场经济革命正在进行，它正在通过新技术、改变立法和替代筹资机制来彻底改变金融生态系统。全球经济中的障碍肯德尔和伍里斯（2014）指出，在一些国家，“抵御严重金融挫折的最重要缓冲是金融工具，如个人储蓄、保险、信贷或家庭和朋友的现金转账。然而，这些的可用性都不大，因为世界上大多数穷人甚至连最基本的银行服务都得不到”。此外，韦伯（2014）还指出，世界银行估计，“世界上的穷人大约有75％没有银行账户”，这相当于大约有25亿人无法获得任何银行服务。这些没有银行账户的人往往依赖于“东拼西凑的非正式的、经常不稳定的安排来管理他们的财务生活”。然而，“技术和新的商业模式正在开始形成遍布全球的不同类型的商业融资和资金”[威斯特奇（2013）]，特别是在发展中国家。例如，75％的肯尼亚人现在都有移动银行服务，而在巴西，基本的银行业务在当地商店就可以买到[韦伯（2014）]。当发展中国家越来越多地服务于“无银行账户”时，韦伯（2014）指出，在欧盟和美国，传统的银行服务越来越有问题：全球的政策制定者金融包容联盟报告说，“在欧盟，约有5800万人没有银行业务，另外有9200万人认为服务水平低下——在美国，有的人只在一家银行有业务，将近1000万个家庭被认为在正规的银行系统之外”。越来越多的富人正在通过不同类型的激励措施和新的融资模式，将投资资金转向新兴的成长型公司，虽然了解新的金融范围和准入渠道将是“具有挑战性的”，但对所有参与者来说都是重要的[威斯特奇（2013）]。特别是，了解巨大的融资渠道和资金选择之间的重要差异——从银行贷款到大众融资，从小额信贷到私人股本和风险投资——都是存在挑战性的，但对于商业领袖、新兴的成长型公司和投资者来说，考虑到他们在经济等式中的地位，这将是至关重要的。同时，正如我在较早的一篇文章中所写的那样，普通工薪阶层也有机会利用这些新的投资和融资渠道，这一点同样重要[威尔斯（2014）]。梅尼（2013）说，世界正在经历第三次革命（继新石器时代的农业革命和工业革命之后），这是一个非常贴切的描述。人类的集体知识正在被聚集和传播，全球通用信息被越来越多的人掌握利用，我们都有能力与地球上的每一个人建立联系[梅尼（2013）]。资本市场的金融和投资产品民主化,如股权众筹、P2P贷款、比特币等等，同时，随着互联网技术的进步，社交媒体和智能手机都同样革命性地改变了我们做事的方式。这场始于发展中国家的新革命，将使更多的人能够以不太传统的方式获得金融服务。这些新的金融机会，如P2P贷款和比特币，将依次被讨论。新时代的曙光：P2P与大众近年来，P2P贷款吸引了那些被银行排除在外的借款人和贷款人。在这变化的浪潮中，“新常态”，或者更好的称呼为“大众”，正在利用社会资本网络，为公司注入所需的资金,以便启动、发展或维持其业务。根据小企业管理局的统计，在“借贷条件”下，经济复苏仍然在继续，虽然小企业复苏的步伐较慢。不幸的是，企业的财务状况出现下滑，在金融监管日益增多的情况下，这使得它们很难获得银行资金。过去几年里，有许多关于小企业贷款的研究都反映了这一点。纽约联邦储备委员会定期调查小企业主“他们的需求和经验”，以衡量信贷环境。2012年4月/5月，544家小企业参与了调查。调查的反馈意见表明，“近期贷款的下降，可能是由于部分实力较弱的企业自我选择了信贷市场”：大约三分之二的参与者没有申请任何融资，其中一半的受访者表示，没有这样做是因为他们担心他们的申请会被拒绝。参与者还报告说，与高额贷款相比，小额贷款存在“更高的拒绝率”，这表明小企业对小额贷款的需求是存在的。牛津饥荒救济委员会（2014）对全球经济不平等的报告指出，全球只有1％的人口控制着近一半的全球财富。此外，这1％拥有110万亿美元，是“最贫穷的35亿人口”的财富总和的65倍，85位最富有的人拥有的财富与全球人口最低的50％的总财富相同，70%的人口居住在“过去30年经济不平等加剧”的国家。这些统计数字强调了这样一个事实，即没有过多的资本流入到“大众”手中，“大众”也难以获得资本。历史表明，在激进变革的时期，经历了两次世界大战，改变了经济状况[皮凯蒂（2014）]。现在不平等正在回升到1915年以前的战争水平。根据皮凯蒂（2014）的观点，不平等现象应该通过全球财富税或类似措施来加以改善。在这里，我们就不平等现象的加剧达成一致，我认为，在“互联网金融”的环境下，财富不平等可以通过技术进步和资本民主化得到顺其自然的改善，而不是仅仅依靠财政政策。在全球范围内，P2P平台在估计在2014产生了700亿美元。然而，这些贷款仅占小企业贷款总额的一小部分[艾维斯（2014）]。根据联邦存