1、<p>　　2050單詞，10500英文字符，3150漢字</p><p>　　出處：Beck H. Banking is essential, banks are not. The future of financial intermediation in the age of the Internet[J]. Netnomics, 2001, 3(1):7-22.</p><p&

2、gt;　　畢業(yè)論文外文文獻翻譯</p><p>　　Banking is essential, banks are not. The future of financial</p><p>　　intermediation in the age of the Internet</p><p>　　Hanno Beck</p><p>　　Th

3、is paper examines the question how the future of financial intermediaries and banks as special financial intermediaries may look like in the age of the Internet. The reduction of transaction costs caused by the Internet

4、will reduce the barriers to enter the market for financial products, because there may be no longer a need to run a large system of cost-intensive branches. But as closer examination of the functions of financial interme

5、diaries shows, not everybody can sell and distribute finan</p><p>　　Keywords: banks, banking, financial intermediaries, Internet</p><p>　　1. Introduction</p><p>　　“Banks are the ste

6、el industry of the nineties.” This statement is often heard when it comes to a discussion of the consequences of new information technologies for banks. More in general, it can be asked, how the success of new informatio

7、n technologies, especially of the Internet, may change business and market situation for financial intermediaries. With the help of the Internet it will be possible to execute all banking business from home without the n

8、eed of a bank. This would mean the end of </p><p>　　2. Developments in financial intermediation</p><p>　　For centuries, many financial transactions required personal presence. This has changed w

9、ith the rise of modern communication techniques. Nowadays a customer can do all his financial business without entering a local branch of a bank. This can be demonstrated with online-banking: The customer does all his ba

10、nking (business) at home via the Internet. The transfer of payments and the payment of bills can be done via the net and information about personal financial transactions as well as consultat</p><p>　　But th

11、e Internet will also change consulting activities: it may even reduce the need</p><p>　　for personal presence in many cases. Many financial intermediaries provide not only a lot of customer-relevant informat

12、ion via the net, but also recommendations on stocks</p><p>　　and other investment opportunities. Moreover, techniques like video-conferencing or</p><p>　　Web-TV by means of a so-called settop-bo

13、x will enforce this development. The Internet will enable intermediaries to bundle the capacities of their consultants wherever they may be located. This means that a customer can consult many experts from without even l

14、eaving his home. The Internet will enable a customer to have a comprehensive personal financial management system without the need of a branch or personal contacts. </p><p>　　Another important business are p

15、ayment transactions: At the moment, the debit and credit business as well as cash payment is mostly done by banks and credit card companies. Because electronic transmissions are much cheaper, quicker and easier than conv

16、entional payment systems, it may be only a matter of time until traditional payment schemes will be replaced completely by electronic purses. </p><p>　　Opposite to these developments, the rise of modern comm

17、unication techniques may also enable financial intermediaries to improve the personal contact to their customers. In the future, the working place for a consultant in a bank may not be a branch or an office, but the home

18、 of the customer.</p><p>　　3. Functions of financial intermediaries</p><p>　　The functions of financial intermediaries can be divided into three categories (for an overview over theories of fina

19、ncial intermediation see also [1]):</p><p>　　First, they help to deal with questions that arise due to the existence of information problems.</p><p>　　As a second function, they transform the na

20、ture of assets and provide their customers with liquidity. The latter function is mostly provided by banks.</p><p>　　As a third function, financial intermediaries distribute financial products and informatio

21、n about these products.</p><p>　　These functions shall now be explained in brief. The most important function of financial intermediaries arises from the fact that a single lender may not be able to find out

22、 the best investment with the highest return and to estimate the solvency of the creditor. A financial intermediary solves both information problems by acting as an agent for the debtor and helping to find the best inves

23、tment. An intermediary helps also with the second information problem: Most investments require larger amo</p><p>　　A single lender may not be able to monitor the behavior of the creditor so that he may not

24、be sure whether the creditor uses the loan in the best way so that he will be able to pay it back. The intermediary acts as agent for these borrowers by monitoring the lender. Thereby, he also acts as principal for the l

25、ender by supervising him. By solving these information problems for many lenders, intermediaries are realizing economies of scale. This argument shows that they are saving transaction costs</p><p>　　The seco

26、nd function of financial intermediaries is the transformation of the assets they acquire. They transform maturities, size and risks of these assets. For a single lender or borrower, it would be very time-consuming to fin

27、d an appropriate partner who wants to give a loan in the amount and time-horizon desired by him. A financial intermediary can transform the maturities and the size of savings or loans by pooling them, he can finance one

28、large long-term loan by revolving many small short-t</p><p>　　The third function of financial intermediaries can be described as the distribution of</p><p>　　products and of information about th

29、ese products. Financial intermediaries provide services for the producers of financial products by distributing their products and informing consumers about the existence and the characteristics of their products. </p

30、><p>　　4. Functions of financial intermediaries in a net-based world</p><p>　　4.1. The need for reputation in financial business</p><p>　　The most important single feature of the Inter

31、net is the reduction of transaction costs. This will lead to enlarged markets and to an extended division of labor. The reduction of communication costs will help financial intermediaries to reach new markets and custome

32、rs without building up an expensive network of branches. Moreover, with the help of the Internet, from a technical point of view it may be possible that a lender and a borrower meet in electronic platforms so that demand

33、 and supply of</p><p>　　But how can the lender trust the financial intermediary? He may cooperate with the borrower to cheat the lender. This is a classical principal-agent-problem caused by the existence of

34、 asymmetric information. One way to overcome this problem is trust: If the agent has shown a good performance in the past, the principal (the investor) is willing to trust this agent. A good reputation of a financial int

35、ermediary will help him to attract new customers, because new investors are convinced by his good</p><p>　　4.2. The need for large funds</p><p>　　What about the second function of intermediaries

36、? As explained above, a financial intermediary helps to transform assets in their maturity, size and risk. At a first glimpse, the Internet will make it easier to transform assets because of the reduced costs of communic

37、ation between potential borrowers and lenders. It will be easier to find an adequate partner or partners via the Internet looking for a loan that has the size and maturity the lender is willing to supply. Insofar, the ma

38、tching of as</p><p>　　As shown above, to do this a financial intermediary needs a large pool of funds. This pool of funds is also needed to guarantee his customers a certain amount of liquidity. The necessit

39、y of keeping a certain amount of assets is surely a barrier for new entrants to enter the market for financial services. With these considerations in mind, one can assume that with a greater risk of a financial transacti

40、on – that requires a larger pool of funds to reduce this risk – or lesser standardization of an</p><p>　　4.3. The distribution of financial products</p><p>　　But the Internet may overcome the th

41、ird function of financial intermediaries: The distribution of financial products and information may become much easier and cheaper than it is now. This means that the cost-intensive branches of the banks may become obso

42、lete: The development in electronic cash, online-banking and online-consulting may help to make this form of intermediation redundant. This means that an important barrier to enter the market for financial intermediation

43、 may vanish. But it is n</p><p>　　5. The future of financial intermediaries</p><p>　　With the functions of financial intermediaries in mind, some considerations can be made about the future of f

44、inancial intermediaries. First, it is not clear whether the rise of the Internet will lead to more or less intermediation in financial services. Problems like moral hazard and asymmetric information will not totally be e

45、liminated by the Internet, so that financial intermediation will still be necessary. Moreover, the extension of the market which will be made possible by the Internet will</p><p>　　Two features of financial

46、products may be important if one wants to answer the question of future competition in financial products: The degree of standardization of a financial product and its risk. The degree of standardization of a product det

47、ermines the need for quality evaluation and reduces the need to get information about the product and the customer. </p><p>　　References</p><p>　　[1] F. Allen and A.M. Santomero, The theory of f

48、inancial intermediation, J. Banking Finance 21 (1998)1461–1485.</p><p>　　[2] H. Beck, Jobs on the wire: In search of the perfect labor market, Netnomics 1 (1999) 71–88.</p><p>　　[3] W. Dambmann,

49、 Die Bank zum Kunden bringen, Frankfurter Allgemeine Zeitung, Nr. 68 (1998) B 7.</p><p>　　[4] De Nederlandsche Bank: The significance of the European capital market for corporate financing, Quarterly Bulleti

50、n (December 1999) 31–39.</p><p>　　[5] R. Gossling, Financial Services in the Digital Age. The Future of Banking, Finance and Insurance(London, 1996).</p><p>　　[6] D. Neuberger, Mikroökonomi

51、k der Bank (München, 1995).</p><p>　　[7] M. Sarkar, B. Butler and L. Steinfield, Intermediaries and cybermediaries: A continuing role for mediating players in the electronic marketplace, Internet (1998)

52、, URL: http://shum.cc.huji.ac.il/jcmc/vol1/issue3/sarkar.html.</p><p>　　[8] Smith, Money and Financial Intermediation. The Theory and Structure of Financial Systems (New Jersey, 1976).</p><p>　　

53、[9] U. Vollmer, Funktionen und Organisation der Bankenwirtschaft, in: Finanzmärkte, eds. K.-H. Hartwig and H.J. Thieme (Lucius & Lucius, Stuttgart, 1999) pp. 25–59.</p><p>　　[10] C. Weinhardt, H. Me

54、yer zu Selhausen and M. Morlock, eds., Informationssysteme in der Finanzwirtschaft(Springer, Berlin, 1998).</p><p>　　[11] C.C. Weizäcker, Banken und das Principal Agent Problem, in: Finanzmärkte, e

55、ds. B. Gahlen,H. Hesse and H.-J. Ramser (Tübingen, 1997) pp. 29–47.</p><p><b>　　譯文</b></p><p>　　銀行業(yè)是必要的,而銀行不是互聯(lián)網(wǎng)時代金融中介機構的未來</p><p><b>　　摘要</b></p>

56、<p>　　本文探討了互聯(lián)網(wǎng)時代下金融機構和銀行作為特殊的金融機構的未來可能是怎樣的問題。由于互聯(lián)網(wǎng)而導致的交易費用的減少會降低進入金融產(chǎn)品市場的壁壘，因為有可能不再需要運行成本密集型的分支的大型系統(tǒng)。但是，對金融機構的職能研究表明，不是每個人都可以銷售和經(jīng)銷金融產(chǎn)品。這是真的，因為金融業(yè)務中的信息不對稱問題需要一個擁有良好信譽的中介，也因為需要限制大型資本基金轉換資產(chǎn)的風險。這兩個要求變現(xiàn)了進入金融中介市場的重要壁壘。并

57、不是每一個金融產(chǎn)品會因為互聯(lián)網(wǎng)的崛起而將面臨更多的競爭，只有那些標準化和低風險的產(chǎn)品。此外，那些擁有可觀資本和良好聲譽的大公司可能被視為銀行的新競爭者。</p><p>　　關鍵字：銀行業(yè)，銀行，金融機構，互聯(lián)網(wǎng)</p><p><b>　　引言</b></p><p>　　“銀行業(yè)是19世紀的鋼鐵行業(yè)?！碑斦劦疥P于新的信息技術對銀行的影響的談

58、論時，這句話經(jīng)常被提起。更一般來說，可能有人會問，新信息技術是如何成功的，特別是互聯(lián)網(wǎng)的，可能會改變商業(yè)和金融機構的市場情況。在互聯(lián)網(wǎng)的幫助下，人們可以執(zhí)行所有銀行的業(yè)務，而不需要銀行。這意味著傳統(tǒng)銀行分支機構的中介。此外，互聯(lián)網(wǎng)已經(jīng)使客戶直接從網(wǎng)上購買股票而不需要訪問當?shù)氐姆种сy行。從更廣泛的意義上來說，在互聯(lián)網(wǎng)的幫助下，金融市場的供給和需求可能通過互聯(lián)網(wǎng)滿足，而不需要金融中介機構?；ヂ?lián)網(wǎng)的崛起是否真的是金融中介機構的威脅？在急劇減少

59、的交易成本情況下，商業(yè)和競爭將如何變化？本文考察了互聯(lián)網(wǎng)的成功對金融機構和銀行的影響。</p><p><b>　　金融機構的發(fā)展</b></p><p>　　幾個世紀以來，許多金融交易需要個人的存在。隨著現(xiàn)代信息技術的發(fā)展，這些都被改變了。如今，客戶可以在不進入當?shù)胤种сy行的情況下進行任何金融交易。轉移支付和支付賬單可以通過網(wǎng)絡進行，個人金融交易以及關于金融問題的信

60、息咨詢業(yè)可以通過網(wǎng)絡進行。此外，互聯(lián)網(wǎng)創(chuàng)新類似智能卡或者其他電子支付系統(tǒng)消除了為了得到一些現(xiàn)金而訪問分支銀行的需要。</p><p>　　但是互聯(lián)網(wǎng)也會改變咨詢活動：在許多情況下，它甚至可能減少個人存在的需要。許多金融機構不僅通過網(wǎng)絡提供大量與客戶相關的信息，而且也推薦股票和其他投資機會?；ヂ?lián)網(wǎng)將使客戶擁有一個綜合的個人金融管理系統(tǒng)，而不需要銀行分支或者個人經(jīng)紀。</p><p>　　另一

61、個重要的業(yè)務是支付交易：目前，借記卡和信貸業(yè)務以及現(xiàn)金付款，主要是通過銀行和信用卡公司。因為電子傳輸比傳統(tǒng)支付系統(tǒng)更加便宜、快捷和方便，它可能只是一個時間問題，直到傳統(tǒng)付款計劃將完全被電子支付所取代。</p><p>　　相反這些發(fā)展，現(xiàn)代通信技術的興起也可能使金融中介機構嫩鞏固提高顧客的個人聯(lián)系。在未來，顧問在銀行的工作地點可能不是一個部門或者一個辦公室，而是在客戶的家里。</p><p&g

62、t;<b>　　金融中介機構的職能</b></p><p>　　金融中介機構的職能可以分為三類：</p><p>　?、攀紫?，他們幫助處理由于信息問題而存在的問題。</p><p>　　⑵作為第二功能，他們轉換資產(chǎn)的性質，為他們的客戶提供流動性。后者的功能主要由銀行提供。</p><p>　?、亲鳛榈谌δ?，金融中介機構

63、發(fā)布金融產(chǎn)品和關于這些產(chǎn)品的信息。</p><p>　　這些功能現(xiàn)在應當再間斷的解釋。金融中介機構最重要的功能源自于這樣一個事實，一個銀行可能無法找出回報最好和最佳的投資，無法估計債權人的償付能力。金融中介代理解決信息問題的債務人,幫助找到最好的投資。一個中介也對第二個信息問題有幫助：大多數(shù)投資需要大量的資金,大量的債務人將資助一個項目。</p><p>　　單一銀行可能無法監(jiān)控債權人的行

64、為,這樣他可能不確定貸款的債權人是否用在最好的用途以便他償還貸款。中介通過監(jiān)測債務人來充當這些債權人的代理。這個論點表明他們是在給客戶節(jié)約交易成本，同時考慮規(guī)模經(jīng)濟，因此他們可以提供比單個投資者更便宜的金融服務。</p><p>　　金融機構的第二個作用是他們轉換獲得的資產(chǎn)。他們將不同期限、大小和風險的資產(chǎn)進行轉換。對于單個銀行或者借款人來說，找到一個合適的需要貸款的伙伴將非常耗時。金融中介可以轉換期限和存款或貸

65、款池的大小。比如,他可以資助一個大的長期貸款循環(huán)許多小的短期貸款。通過提供一個集中的市場，中介機構支持銀行和借款人的匹配提供的所有類型。中介來匹配的能力顯然不一致的類型的合同有時被稱為轉化效果。</p><p>　　金融中介機構的第三個功能可以被描述為產(chǎn)品和關于這些產(chǎn)品的信息的分布。金融中介機構提供服務的生產(chǎn)者的金融產(chǎn)品，分銷他們的產(chǎn)品，通知消費者產(chǎn)品的存在和特征。</p><p>　　互

66、聯(lián)網(wǎng)下的金融中介機構</p><p>　　4.1金融業(yè)務良好聲譽的必要性</p><p>　　互聯(lián)網(wǎng)最重要的一個特性是降低交易成本。這將導致市場的擴張和勞動力的分工。交流成本的減少將幫助金融中介機構達成新的市場和客戶，不需要建立一個昂貴的分支網(wǎng)絡。此外，在互聯(lián)網(wǎng)的幫助下，從技術觀點來看是可能的，銀行和借款人都在電子平臺上因此資本供給和需求可以被匹配，而這可能都不需要傳統(tǒng)意義上的金融中介機構

67、。這意味著計算機將是獲得貸款或儲蓄的唯一的工具。考慮到金融中介機構的功能上面所討論的,這個想法很不現(xiàn)實。不是每個人都能成為一個金融中介機構。</p><p>　　但是怎么使借款人信任那些金融中介機構呢？它可能聯(lián)合借款人欺騙出借人。這是一個由于信息不對稱而存在的經(jīng)典的主要代理問題。解決這個問題的一個方法是信任:如果代理顯示出了良好的性能在過去,投資者愿意相信這個代理。金融中介的良好的聲譽將幫助他吸引新顧客,因為新投

68、資者確信他過去好的結果。</p><p>　　4.2大型基金的必要性</p><p>　　金融中介機構的第二項職能包括哪些？如上所述,金融中介機構幫助轉換資產(chǎn)的成熟、規(guī)模和風險。第一眼看去，因為潛在借款人和貸款人溝通成本的減少，互聯(lián)網(wǎng)將讓資產(chǎn)轉換變得更加便捷。通過互聯(lián)網(wǎng)，將更容易找到適當?shù)膶で筚J款的合作伙伴，而借款人又有提供相當規(guī)模和成熟度的貸款的意愿。正如上面的小節(jié)中解釋的那樣，中介機構

69、的一個重要功能是，一個集中的市場供應來緩解資本的供應需求匹配了。這不是真正的轉換資產(chǎn)的風險。加入大型基金，金融中介機構可以減少投資者的投資風險。如果銀行貸款給一個人,借款人未能償還貸款,貸款人將損失所有的錢。如果銀行未能償還貸款金融中介,中介不會破產(chǎn),因為這種貸款只占一小部分的資金。</p><p>　　正如以上所說，做這樣的金融中介機構需要一個很大的基金池。這種基金同時也需要保證客戶一定數(shù)量資金的流動性。保持一

70、定量的必要性的資產(chǎn)無疑是一個障礙對新進入者進入市場金融服務?？紤]到這些因素,我們可以假設與金融交易的風險更大,需要更多的資金來減少這種風險,或資產(chǎn)(這意味著較小的標準化</p><p>　　該資產(chǎn)的流動性較差的市場)新的競爭對手的進入可能會變得不太可能,因為并不是每個中介可以保持一個大型基金的資產(chǎn),以改變消費者的風險資產(chǎn),并保證他們的流動性。</p><p>　　4.3金融產(chǎn)品的分布<

71、;/p><p>　　但是互聯(lián)網(wǎng)可能克服金融中介機構的第三個功能:金融產(chǎn)品和信息的分布會變得比現(xiàn)在更容易和便宜。這意味著成本密集的銀行分支機構可能會變得過時:電子貨幣的發(fā)展，網(wǎng)上銀行和在線咨詢可能使這種中介形式的減少。這意味著金融中介進入這個市場的一個重要壁壘可能會消失。但是尚不清楚銀行的傳播職能將會過時。這可能只適用于通過分支機構的產(chǎn)品和信息分布。</p><p><b>　　金融中

72、介機構的未來</b></p><p>　　考慮到金融中介機構的功能，有一些關于金融中介機構未來發(fā)展的注意事項。首先尚不清楚互聯(lián)網(wǎng)的興起會導致金融服務領域中介機構的多或少。道德風險和信息不對稱等問題將不會完全被消除的互聯(lián)網(wǎng),所以,金融中介仍然是必要的。此外,市場的擴展將通過互聯(lián)網(wǎng)將提供更多專業(yè)化的機會,從而為金融中介機構創(chuàng)造新的商業(yè)機會。市場的擴大和交易成本的降低也會擴大分工的數(shù)量,從而為中介機構創(chuàng)造更