-
文献出处
:
Ramsey;
Labored.
Internet
Finance's
Impact
on
Traditional
Finance
[J].
The Journal of
International Finance, 2014, 16(2): 31-49.
原文
Internet
Finance's Impact on Traditional Finance
Ramsey; Labored.
Abstract
As 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.
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
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, 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
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; Regulatory
1
Introduction
The 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,
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
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.
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
background
Internet
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 factors
Traditional
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
factor
Data
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
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 body
3.1 Capital providers
Between 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
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
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
demanders
Internet 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 Intermediaries
Internet
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 data
Big
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 issues
FOR
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
for 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
stockmark
ets 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,
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 t
hanks 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 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-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
d
ecline. 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
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
whatever
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