外文出处：DeBonisR, Silvestrini A. Internet finance and its influence ontraditional banking [J]. Applied FinancialEconomics, 2016,3(5):409-425.原文Internetfinanceanditsinfluenceontraditionalbanking DeBonisR, SilvestriniAA b stractsWith the rapid development of information technology, Internet financialmodel graduallyrise.ThispapersummarizestheInternetfinancialmodelonthebasisofth e concept, features and functions of Internet financial model in strategy,customer channels,financing, pricingand financial disintermediation of the impact of the tra di ti o nal c om mercial bank. T his paper a r g ue s t hat Inte rne t financ i al m ode l in the short term will not stand in the way of commercial bank's traditional business modelandprofit,butinthelongtermcommercialBanksshoulduseoftheInternetfinancial model,in order to obtain the new development. At the same time, the sustainedandhealthy development of the Internet industry to rely on Internet financialenterprises e lf-di s c i pli ne,posit i ve i nnovat i on,but a lsoattrac t m orec us t ome rs,strengt he nt h e construction ofsystemsecurity.Key words: Financial innovation; Internet financial; FinancialdisintermediationAt p r e s ent, m obi le payment, online ba nking, m obil e ba nki ng and financ i al businessinChina'sbooming financialinnovationssuchascloud,thusformedanew kind of financial model -- the Internet finance. Big data era and brand creation,spread tothedevelopmentoffinancialinstitutionsisbothachallengeandopportunity.Alo ng with the development of the Internet financial, emerging Internet traditionalfinancialcompanies and financial institutions will be a fierce competition, the future mayeven change thetraditional financial management mode and operationpattern. The Inter net financial concepts, features andfunctions Theconcept of the Inter net financial.After years of development, Internet companies stay in business does not providetechnicalsupporttofinancialinstitutionsandservicelevel,thedataaccumulated through the depth of mining information, to expand our business to thefinancial sector,buildfinancialmodelsandInternetbecometheemergingfieldofcombining inf orm a ti on technol o g ya ndca pi ta l.I nt e rne tfina n ci a lmodelisdiffer e ntfromindirectfinancing of commercial bank, it is also different from directfinancing capital market'sthirdfinancialfinancingmodel.Fromthe perspectiveofthe financingmode of Internet financial mode in essence is a kind of direct financing mode. Butcompared withthetraditionalmodeofdirectfinancing,Internetfinancingmodelhasalarge am ount ofinforma t ion,l ow e r transa c tioncost s,hig he ffic i en c y,et c.Adoptappropria t eth e Internet finance is a kind of financial model in the information age. Theauthor believesthattheInternetfinanceisbasedonmoderninformationtechnologyin financia l activities, with functions of financing, payment and transactionintermediary.Thecharacteristicsofthe Internetfinancial.Availabili t y of f i nancia l resources. Financia l exclusi on is defined as: people i nthefinancialsystemlackaconditioninwhichthe share of financial services,includingthesocialvulnerablegroupsinthelackofwaysormethodsiscloseto financialinstitutions,aswellasintheuseoffinancialproductsorfinancialservicesexist difficulties and obstacles. The current management mode,thetraditionalcom m ercia l Banks un able t o effi ci ent ly deal with small comp ani es, and part ofth eindividual customer's business requirements, lead to the financial exclusion of certaincustomers .Internet financial mode, the customer can break through the geographical restrictions, on the Internet looking for financial resources, alleviate thefinancialexclusion, enhance the level of socialwelfare.Trading the relative information. The traditional financing mode, thefinancial institutionstoobtaininvestmententerprises,especiallysmallmicroenterprise inform ation cost is higher, income and cost does not match. Internetfinancial generationanddisseminationofinformation throughsocial network, any enterpriseandindividualinformationwillcontactwithothersubjects.Bothpartiestocollect inform ation via the Internet, can be more comprehensive understanding of a businessor personal financial and credit situation, reduce the information asymmetry. Whenloandefault object, Internet financial enterprises through public default and reducing rating information, increase the cost ofdefault.The allocation of resources to mediation. The traditionalfinancing mode, the money s upplyand de m and both s i des inform a ti on often don't m a t c h.Capitaldemanders can't get the money in time to support at the same time, capitalsuppliers also can't find good investment projects. Internet financial mode, the money supply anddemandbothsidesnolongerneedtheintermediaryinstitutionssuchasBanksor exch angeset,canbedonethroughthenetworkplatformtoinformationscreening,ma t chi ng, pricing and tra di ng, di sintermediation effect isobvious.The Inter net financialfunction.The platform function Financial enterprises establish the platform ofnetwork financial via the Internet, customers can choose the suitable financial products,justmove your fingers, which can carry out payment, loan, investment, financialactivities,s uc h as convenient and quick, from running er r ands, and w a iti ng f or c us tome r.The allocation of resources(i.e.,financing) function. Internet financialisessentiallyawayofdirectfinancing.Internetfinancialmode,wecaneasilycheck counter party transaction records; To find the right risk management tools andriskdiversification; In-depth analysis the data by information technology,comprehensiveand i n-depth master competitors in form atio n, improve the effi c iency ofr e s o urce allocation.Asthe Internetfinancialmodel,the conceptof"sincethe financial"arisesatthehistoricmoment.3,paymentfunction.Internetfinancial mode, between merchants and customers to pay by a third party to complete, convenient,efficient,lower cost. The third party payment or will weaken the commercial bank, the statusofthe traditional payment platform. At present, the people's bank of China for about200third-party payment companies issued payment business license. In 2012, our country third party online payment market size of 3.8trillion.Information gatheringand processing.Traditional financialmode, theinformationresourcesdispersed,confuseddataisdifficult toeffectivelyhandlethe application. Internet financial mode, people use"cloudcomputing"principle,information asymmetry, thepyramid can be flattened, realize the standardizationofdata, structured, increasing the service efficiency of the data.Second, the Internet's influence on the traditional commercial bankingfinancial mode to review the financial strategy, to adapt to the challenges of the Internet fina nc ial model. The emergence of the Int e rnet f i nancial m o delfor s m al l andmedium-sized bank provides an opportunity to competewith the big Banks. If you canmakegooduseofthismodel,thepositiveinnovation,willcatchupwiththebig Banks in some emerging business, the formation of competitiveness. Traditional bankingmaybebecauseoftheInternet financialmodelchangeinthecompetitive la n dscape.SomeInternetcom pa niesha v enots a ti s fyon lydo t hird-pa rtyonl i nepayment platform, but with the advantages of data accumulation andinformation mining,directlytothesupplychain,smallmicroenterprisecreditfinancingexpansi on,the future may impact the core of the traditional banking business, rob Bankscustomerresources,alternative physical channels, overturning traditionalbankma na gement mode and profitable w ay.The development of banking customer andchannelThe customer is the basis ofcommercial Banks and other financial institutionsto the business. Internet financial model for commercial Banks to expand thecustomerbase. In 2012, the global Internet users up to 2012 people; Chinese Internet users is565 m i ll i on (2), the numbe r of onlin e s hoppi ng, 193 million (3).U nde r the modeof Internetfinancial,commercialBankscanbecombinedwithits ownstrategy,on theonehand,toattractnewcustomers;Ontheotherhand,increase customer adhesiveness, close business relationship with clients. Internet financial mode, thebank may change to traditional target audience and traditional physicalnetworkadvantages weakening, the pursuit of diversification personalized service of smalland medium-sized enterprises and individual customers more inclined to participate in a variety of financial transactions via the Internet. Commercial Banks willchange traditionalvaluecreationandrealizationway,abletoprovidefast,lowcostservicesoffin ancial institutionsto get marketfavor.Improve efficiency of resource allocation, effectively solve the smallmicroenterprise financing difficult problem.Internet financial companies with large data, cloud computing, and microlending technology. These three technologies can make a comprehensive understandingofthe Internetfinancialinstitutionsthebusinesspracticesofsmallbusinessesandindividual custom e rs and c redit ra ting, and esta bl ish a database and ne t w o rk c r edit sys t em. Inthecredit review, investors will network trading and credit history as a referenceand analysisindicators.Loanobjectsuchasadefault,financialfirmsstillcanusethe Internetnetworkplatformtocollectandpublishinformation,increasingdefaultcost,red ucetheriskofinvestors,intheserviceofsmallandmedium-sizedenterprise fina n cin g, a nd personal l oans has a unique advantage. T here f or e, t he Int e r n etfi n an c ialmodelcangobeyondthetraditionalfinancingwayofresourceallocationeffic iency,significantlyreducetransactioncosts,stronglysupportthedevelopmentofthereal economy. Thepricediscoveryfunction,andpromote themercerizationofinterest rate.Int e rne t fi nan c ial m ode l ca n obj e ctivel y r e fle c t the mar ke ts uppl y a nd d e mand bothsidespricepreferences, commercial Banks and other financial institutionsrespond to interest rate marketization.Debit offer Internet financial as a trading platform, funds, credit on the basis of the liquidity preference choice, risk factors,such as loan object, the two sides bargaining to clinch a deal, tradingmarketcom pl et e ly. W i t h m arket-ori ented inter es t r a te, financialinstituti ons ca nnotcompletelydependontheguidanceofthecentralbank'sbenchmarkrate,shouldtaketheinitiativetofindbenchmarkinterestratesinthemarket .TheInternetmode,financial institutions, financial market interest rate movements can be done viatheInternet, determine specific customer base interest rates. If can also in-depthstudyofdatamining,canevenformcompletelydeterminedbythemarket"rateindex",soas to improve the loanpricing.To speed up financial disintermediation.Traditional Banks inthe financial business,mainly ACTS as afinancialintermediaryfunction. Internet financial will acceleratefinancial disintermediation,make the funds of commercial Banks intermediary function marginalized. IntheInternet financial mode, Internet companies to provide financial search platform forcapitalsupplyanddemand,asmoneyinformationintermediaryrole.Fromthe perspectiveoffinanc ing,capitalsupplyanddemandbothsidesusingsearchplatform fortradingobject,afterthefinanci ngdealisdonebybothsides.Fromtheperspective of t h e pa y third-party payme nt pla t form, ca n provide c us t ome r s wit h paying,automatic collecting and transfer the remittance and settlement and paymentservices,with the traditional bank payment form instead.Third, the Internet financial mode development trendand strategy of commercialBanks.Overall,theInternetfinancial institutions development speed is fast,b ut the vol umeisre lat ive ly smal l,s h ort-te rm w ou ldnots ha kecomm e rcialbank's traditional business model and profit way. Sustained and healthy development ofthe financialindustry,theauthorthinksthat,theInternet,needtopayattentiontothe following four points: first, the Internet financial enterprises shouldself-discipline,business development can notdrill loophole legal and regulatory loopholes, shouldbeto support the rea l e c onomy as the start i ng point. Sec ond, the I nternet f inanci a l enterprisesshouldactivelyinnovation,andconstantlygraftfunctionof financialservicesandinformationtechnology,explorenewbusinessareas,complementarywith th e traditional financial business model. Again, the Internet financial enterprises touseits own resources,breakthe geographical boundaries,attract morecustomers,opera t in g a s "ma k ing a fool of. Fina l ly, the Inte rne t fi nan c ial enterpr i sesshould strengthentheconstructionofsystemsecurity,toensurethesafetyof capital,informationofthetrader. Fromthesocialenvironment, peopleshould give the Internet financial enterprises more open and tolerant attitude. Under the premiseofguarantee the financial stability and security, relevant departments can considertobreak through the geographical, trade restrictions, encourage financialindustry competition, safeguardsocial financial ecologicalenvironment.Traditional model of commercial Banks in the Internet age still mercialBanks'capitalstrength,cognitiveandhighcreditstanding,perfectinfrastructure,physicaloutletsarewidelydistributed, entitybank can establish the trust of the tangible. In addition to providing traditional commercial bankloanbusiness, wealth depository and provide payment and settlement business media, alsoforthesocietytoprovideliquidityinsurance,supportnormaleconomicactivity.Some financial business needs professional experience judgment, informationtechnology cannot completely replace the face the vigorous development of the Internet financial bus i ness, comme rc ia l B a nks and other financi a l i ns t i tut i ons should pa y c l osea t te nt ionto the development of the Internet financial trends, changing the conceptof development, actively adjust strategy. Commercial Banks to use the Internet financial mode, can deep integration of Internet technology and the bank's corebusiness,improve customer service quality, expand the service channels, improve the level of business, t o ada pt to the Int e rnet fina ncia l model to the impac t of t he tradi t iona l financial pattern, obtain new development. Based on comparative advantage, in support, service the real economy At the same time, create value for shareholders.译文互联网金融以及它对传统银行业的影响作者：伯尼斯；席尔瓦尼摘要随着信息技术的快速发展，互联网金融模式逐渐兴起。