P2P 金融下的中小企业融资互联网金融外文文献翻译最新译文

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中小企业的融资问题外文翻译（可编辑）

中小企业的融资问题外文翻译外文翻译the Financing problems of Small and medium sized enterprisesMaterial Source: ////0>. Author: ModiglianiA thriving SME sector is crucial to spurring growth and reducing poverty in developing and transition economies. But financial institutions often avoid small and medium sized enterprises, sensing?understandably?that the transaction costs of financing them will be excessively high. What Small and medium sized enterprises need is not to be left without access to capital, but approached on a new model that combines early-stage equity investment and performance-enhancing technical assistance, writes Bert van deer Avert, CEO of Small Enterprise Assistance Funds SEAF. This US- and Dutch-based NGO manages a network of 14 commercially driven investment funds worldwide with total assets of $140 million, and has developed a unique “equity plus assistance” approach to Small and medium sized enterprises investing.Small and medium sized enterprises Sara widely credited with generating the highest rates of revenue and employment growth in virtually all economies. In transition and developing countries open to foreign direct investment, they also tend to pay disproportionately more in taxesand social security contributions than either their larger and smaller counterparts. Larger enterprises, especially multinationals, often find a way to reduce their tax obligations through transfer pricing, royalty payments, and negotiated tax holidays. Microenterprises, on the other hand, often fall in the informal sector, neither paying taxes nor making social security contributions.Yet if Small and medium sized enterprises constitute a critical dimension of growth and development and are often well positioned to achieve high revenue and profit growth, why have private and public financing institutions alike tended to avoid investing in them?The reasons are multiple and, for the most part, understandable. For private investors, the amount of work required to invest relatively small sums into several SMEs seems unattractive compared to the work needed to support fewer investments in larger companies. Moreover, investing in local Small and medium sized enterprises also often involves working with entrepreneurs who are less familiar with conventional financing relationships, business practices, and the English language than principals of larger firms. Accordingly, most private capital would much prefer to invest in a few large-asset There are broader issues to be considered as well, including the lack of transparency in local legal systems and governments that make investing in these countries difficult at best. enterprises in fields such as pharmaceuticals,telecommunications or privatized industry rather than in smaller companies with relatively few assets, low capitalization and a perceived greater vulnerability to market conditions. Public development institutions can also encounter high administrative costs in making small and medium sized enterprises investments. These can be coupled with perceptions that local Small and medium sized enterprises entrepreneurs may not be trustworthy, and that working with them might bring fewer visibly “developmental” benefits than targeting more poverty-focused fields such as microfinance Local commercial banks too are often biased in favor of large corporate borrowers with considerable assets. This has meant that even the lines of credit local banks receive from development institutions for on-lending to Small and medium sized enterprises are often under-utilized. Small and medium sized enterprises entrepreneurs’ lack of experience in accounting and other areas of financial documentation make it difficult for banks or other potential sources to assess their creditworthiness and cash flows, again hindering the provision of financing. Combined, these factors have largely left what should be the most dynamic sector of the economy in developing countries lacking the capital it needs to realize its potential.SEAF believes that the investment levels it takes, coupled with its focused efforts on increase value after investments, and allows it to invest at relatively attractive multiples. This offers an array ofpotential exit possibilities. By contrast, many conventional Emerging market private equity investors have had disappointing records in achieving exits over the last four years. SEAF’s approach to early-stage investing in SMEs thus may one day be seen as one of the more appropriate means of investing in developing countries. In the meantime, SEAF is achieving its developmental objectives by rapidly increasing the revenues, productivity, and employment growth of its investee Small and medium sized enterprises.The financial sector infrastructure will need to change to accommodate the substantial financing requirements of new activities and industries. Going forward, while financial institutions would need to transform to remain innovative and responsive to demands of their customers, efforts need to be directed to facilitate financing by non-banks for high-risk ventures. These include financing for knowledge-intensive and technology-intensive start-up enterprises where only ideas intangible collateral are principal assets. As such, these knowledge-intensive and technology-intensive enterprises will need alternative forms of financing to complement traditional financing sources. These alternative modes of financing include among others, venture capital and credit enhancements such as financial guarantee insurance and agriculture insurance.The financial infrastructure that supports Small and medium sizedenterprises in Serbia is undeveloped. Up to now, small and medium sized enterprises and entrepreneurs have financed their operations out of their own resources because financial markets in Serbia were isolated and lacked the support of international financial institutions. The local financial sector in the former Yugoslavia was designed to support large scale, socially owned enterprises ? otherwise known as the “Pillars of Development.” B anks, especially large-scale socially owned banks, had a redistributive function imposed on them by the state, and they dealt solely with large-scale, socially owned enterprises. In addition, the Fund for Development of the Republic of Serbia disbursed its funds to the same target group. Capacity to repay the banks or the Fund was not a criterion for credit approval.Economists have not always fully appreciated the importance of a healthy financial system for economic growth or the role of financial conditions in short-term economic dynamicsAs a matter of intellectual history, the reason is not difficult to understandDuring the first few decades after World War II, economic theorists emphasized the development of general equilibrium models of the economy with complete markets; that is, in their analyses, economists generally abstracted from market "frictions" such as imperfect information or transaction costsBut without such frictions, financial markets have little reason to existFor example, with complete markets and if we ignore taxes, we know that whether acorporation finances itself by debt or equity is irrelevant the Modigliani-Miller theorem.The former economic and political system did not support the development of financial instruments for Small and medium sized enterprises. Cooperation with SMEs focused on a few selected companies, while sole traders were almost completely excluded from credit transactions with the banking sector. SME owners and citizens completely lost their trust in the banks and channeled their savings into the grey economy, to banks abroad, or kept their savings at home. Only payments effected through the National Payment Bureau functioned properly for Small and medium sized enterprises.译文中小企业的融资问题资源来源:////. 作者:詹姆斯?沃尔芬森中小企业的蓬勃发展对促进经济增长,减少发展中国家的贫穷和经济转型具有重要意义。

互联网金融安全中英文对照外文翻译文献

互联网金融安全中英文对照外文翻译文献中英文对照外文翻译文献(文档含英文原文和中文翻译)Database Security in a Web Environment IntroductionDatabases have been common in government departments and commercial enterprises for many years. Today, databases in any organization are increasingly opened up to a multiplicity of suppliers, customers, partners and employees - an idea that would have been unheard of a few years ago. Numerous applications and their associated data are now accessed by a variety of users requiring different levels of access via manifold devices and channels – often simultaneously. For example:• Online banks allow customers to perform a variety of banking operations - via the Internet and over the telephone – whilst maintaining the privacy of account data.• E-Commerce merchants and their Service Providers must store customer, order and payment data on their merchant server - and keep it secure.• HR departments allow employees to update their personal information –whilst protecting certain management information from unauthorized access.• The medical profession must protect the confidentiality of patient data –whilst allowing essential access for treatment.• Online brokerages need to be able to provide large numbers of simultaneous users with up-to-date and accurate financial information.This complex landscape leads to many new demands upon system security. The global growth of complex web-based infrastructures is driving a need for security solutions that provide mechanisms to segregate environments; perform integrity checking and maintenance; enable strong authentication andnon-repudiation; and provide for confidentiality. In turn, this necessitates comprehensive business and technical risk assessment to identify the threats,vulnerabilities and impacts, and from this define a security policy. This leads to security definitions throughout the infrastructure - operating system, database management system, middleware and network.Financial, personal and medical information systems and some areas of government have strict requirements for security and privacy. Inappropriate disclosure of sensitive information to the wrong parties can have severe social, legal and regulatory consequences. Failure to address the basics can result in substantial direct and consequential financial losses - witness the fraud losses through the compromise of several million credit card numbers in merchants’ databases [Occf], plus associated damage to brand-image and loss of consumer confidence.This article discusses some of the main issues in database and web server security, and also considers important architecture and design issues.A Simple ModelAt the simplest level, a web server system consists of front-end software and back-end databases with interface software linking the two. Normally, the front-end software will consist of server software and the network server operating system, and the back-end database will be a relational orobject-oriented database fulfilling a variety of functions, including recording transactions, maintaining accounts and inventory. The interface software typically consists of Common Gateway Interface (CGI) scripts used to receive information from forms on web sites to perform online searches and to update the database.Depending on the infrastructure, middleware may be present; in addition, security management subsystems (with session and user databases) that address the web server’s and related applications’ requirements for authentication, accesscontrol and authorization may be present. Communications between this subsystem and either the web server, middleware or database are via application program interfaces (APIs)..This simple model is depicted in Figure 1.Security can be provided by the following components:• Web server.• Middleware.• Operating system.. Figure 1: A Simple Model.• Database and Database Management System.• Security management subsystem.The security of such a system addressesAspects of authenticity, integrity and confidentiality and is dependent on the security of the individual components and their interactions. Some of the most common vulnerabilities arise from poor configuration, inadequate change control procedures and poor administration. However, even if these areas are properlyaddressed, vulnerabilities still arise. The appropriate combination of people, technology and processes holds the key to providing the required physical and logical security. Attention should additionally be paid to the security aspects of planning, architecture, design and implementation.In the following sections, we consider some of the main security issues associated with databases, database management systems, operating systems and web servers, as well as important architecture and design issues. Our treatment seeks only to outline the main issues and the interested reader should refer to the references for a more detailed description.Database SecurityDatabase management systems normally run on top of an operating system and provide the security associated with a database. Typical operating system security features include memory and file protection, resource access control and user authentication. Memory protection prevents the memory of one program interfering with that of another and limits access and use of the objects employing techniques such as memory segmentation. The operating system also protects access to other objects (such as instructions, input and output devices, files and passwords) by checking access with reference to access control lists. Security mechanisms in common operating systems vary tremendously and, for those that are lacking, there exists special-purpose security software that can be integrated with the existing environment. However, this can be an expensive, time-consuming task and integration difficulties may also adversely impact application behaviors.Most database management systems consist of a number of modules - including database querying and database and file management - along with authorization, concurrent access and database description tables. Thesemanagement systems also use a variety of languages: a data definition language supports the logical definition of the database; developers use a data manipulation language; and a query language is used by non-specialist end-users.Database management systems have many of the same security requirements as operating systems, but there are significant differences since the former are particularly susceptible to the threat of improper disclosure, modification of information and also denial of service. Some of the most important security requirements for database management systems are: • Multi-Level Access Control.• Confidentiality.• Reliability.• Integrity.• Recovery.These requirements, along with security models, are considered in the following sections.Multi-Level Access ControlIn a multi-application and multi-user environment, administrators, auditors, developers, managers and users – collectively called subjects - need access to database objects, such as tables, fields or records. Access control restricts the operations available to a subject with respect to particular objects and is enforced by the database management system. Mandatory access controls require that each controlled object in the database must be labeled with a security level, whereas discretionary access controls may be applied at the choice of a subject.Access control in database management systems is more complicated than in operating systems since, in the latter, all objects are unrelated whereas in a database the converse is true. Databases are also required to make accessdecisions based on a finer degree of subject and object granularity. In multi-level systems, access control can be enforced by the use of views - filtered subsets of the database - containing the precise information that a subject is authorized to see.A general principle of access control is that a subject with high level security should not be able to write to a lower level object, and this poses a problem for database management systems that must read all database objects and write new objects. One solution to this problem is to use a trusted database management system.ConfidentialitySome databases will inevitably contain what is considered confidential data. For example, it could be inherently sensitive or its source may be sensitive, or it may belong to a sensitive table, thus making it difficult to determine what is actually confidential. Disclosure is also difficult to define, as it can be direct, indirect, involve the disclosure of bounds or even mere existence.An inference problem exists in database management systems whereby users can infer sensitive information from relatively insensitive queries. A trivial example is a request for information about the average salary of an employee and the number of employees turns out to be just one, thus revealing the employee’s salary. However, much more sophisticated statistical inference attacks can also be mounted. This highlights the fact that, although the data itself may be properly controlled, confidential information may still leak out.Controls can take several forms: not divulging sensitive information to unauthorized parties (which depends on the respective subject and object security levels), logging what each user knows or masking response data. The first control can be implemented fairly easily, the second quickly becomesunmanageable for a large number of users and the third leads to imprecise responses, and also exemplifies the trade-off between precision and security. Polyinstantiation refers to multiple instances of a data object existing in the database and it can provide a partial solution to the inference problem whereby different data values are supplied, depending on the security level, in response to the same query. However, this makes consistency management more difficult.Another issue that arises is when the security level of an aggregate amount is different to that of its elements (a problem commonly referred to as aggregation). This can be addressed by defining appropriate access control using views.Reliability, Integrity and RecoveryArguably, the most important requirements for databases are to ensure that the database presents consistent information to queries and can recover from any failures. An important aspect of consistency is that transactions execute atomically; that is, they either execute completely or not at all.Concurrency control addresses the problem of allowing simultaneous programs access to a shared database, while avoiding incorrect behavior or interference. It is normally addressed by a scheduler that uses locking techniques to ensure that the transactions are serial sable and independent. A common technique used in commercial products is two-phase locking (or variations thereof) in which the database management system controls when transactions obtain and release their locks according to whether or not transaction processing has been completed. In a first phase, the database management system collects the necessary data for the update: in a second phase, it updates the database. This means that the database can recover from incomplete transactions by repeatingeither of the appropriate phases. This technique can also be used in a distributed database system using a distributed scheduler arrangement.System failures can arise from the operating system and may result in corrupted storage. The main copy of the database is used for recovery from failures and communicates with a cached version that is used as the working version. In association with the logs, this allows the database to recover to a very specific point in the event of a system failure, either by removing the effects of incomplete transactions or applying the effects of completed transactions. Instead of having to recover the entire database after a failure, recovery can be made more efficient by the use of check pointing. It is used during normal operations to write additional updated information - such as logs, before-images of incomplete transactions, after-images of completed transactions - to the main database which reduces the amount of work needed for recovery. Recovery from failures in distributed systems is more complicated, since a single logical action is executed at different physical sites and the prospect of partial failure arises.Logical integrity, at field level and for the entire database, is addressed by the use of monitors to check important items such as input ranges, states and transitions. Error-correcting and error-detecting codes are also used.Security ModelsVarious security models exist that address different aspects of security in operating systems and database management systems. For example, theBell-LaPadula model defines security in terms of mandatory access control and addresses confidentiality only. The Bell LaPadula models, and other models including the Biba model for integrity, are described more fully in [Cast95] and [Pfle89]. These models are implementation-independent and provide a powerfulinsight into the properties of secure systems, lead to design policies and principles, and some form the basis for security evaluation criteria.Web Server SecurityWeb servers are now one of the most common interfaces between users and back-end databases, and as such, their security becomes increasingly important. Exploitation of vulnerabilities in the web server can lead to unforeseen attacks on middleware and backend databases, bypassing any controls that may be in place. In this section, we focus on common web server vulnerabilities and how the authentication requirements of web servers and databases are met.In general, a web server platform should not be shared with other applications and should be the only machine allowed to access the database. Using a firewall can provide additional security - either between the web server and users or between the web server and back-end database - and often the web server is placed on a de-militarized zone (DMZ) of a firewall. While firewalls can be used to block certain incoming connections, they must allow HTTP (and HTTPS) connections through to the web server, and so attacks can still be launched via the ports associated with these connections.VulnerabilitiesVulnerabilities appear on a weekly basis and, here, we prefer to focus on some general issues rather than specific attacks. Common web server vulnerabilities include:• No policy exists.• The default configuration is on.• Reusable passwords appear in clear.• Unnecessary ports available for network services are not disabled.• New security holes are not tracked. Even if they are, well-known vulnerabilities are not always fixed as the source code patches are not applied by system administrator and old programs are not re-compiled or removed.• Security tools are not used to scan the network for weaknesses and changes or to detect intrusions.• Faulty and buggy software - for example, buffer overflow and stack smashingAttacks• Automatic directory listings - this is of particular concern for the interface software directories.• Server root files are generally visible or accessible.• Lack of logs and bac kups.• File access is often not explicitly configured by the system administrator according to the security policy. This applies to configuration, client, administration and log files, administration programs, and CGI program sources and executables. CGI scripts allow dynamic web pages and make program development (in, for example, Perl) easy and rapid. However, their successful exploitation may allow execution of malicious programs, launching ofdenial-of-service attacks and, ultimately, privilege escalation on a server.Web Server and Database AuthenticationWhile user, browser and web server authentication are relatively well understood [Garf97], [Ghos98] and [Tree98], the introduction of additional components, such as databases and middleware, raise a number of authentication issues. There are a variety of options for authentication in a simple model (Figure 1). Firstly, both the web server and database management system can individually authenticate a user. This option requires the user to authenticatetwice which may be unacceptable in certain applications, although a singlesign-on device (which aims to manage authentication in a user-transparent way) may help. Secondly, a common approach is for the database to automatically grant user access based on web server authentication. However, this option should only be used for accessing publicly available information. Finally, the database may grant user access employing the web server authentication credentials as a basis for its own user authentication, using security management subsystems (Figure 1). We consider this last option in more detail.Web-based communications use the stateless HTTP protocol with the implication that state, and hence authentication, is not preserved when browsing successive web pages. Cookies, or files placed on user’s machine by a web server, were developed as a means of addressing this issue and are often used to provide authentication. However, after initial authentication, there is typically no re authentication per page in the same realm, only the use of unencrypted cookies (sometimes in association with IP addresses). This approach provides limited security as both cookies and IP addresses can be tampered with or spoofed.A stronger authentication method, commonly used by commercial implementations, uses digitally signed cookies. This allows additional systems, such as databases, to use digitally signed cookie data, including a session ID, as a basis for authentication. When a user has been authenticated by a web server (using a password, for example), a session ID is assigned and is stored in a security management subsystem database. When a user subsequently requests information from a database, the database receives a copy of the session ID, the security management subsystem checks this session ID against its local copy and, if authentication is successful, user access is granted to the database.The session ID is typically transmitted in the clear between the web server and database, but may be protected by SSL or even by physical security measures. The communications between the browser and web servers, and the web servers and security management subsystem (and its databases), are normally protected by SSL and use a web server security API that is used to digitally sign and verify browser cookies. The communications between the back-end databases and security management subsystem (and its databases) are also normally protected by SSL and use a database security API that verifies session Ids originating from the database and provides additional user authorization credentials. The web server security API is generally proprietary while, for the database security API, many vendors have adopted standards such as the Generic Security Services API (GSS-API) or CORBA [RFC2078] and [Corba].Architecture and DesignSecurity requirements for designing, building and implementing databases are important so that the systems, as part of the overall infrastructure, meet their requirements in actual operation. The various security models provide an important insight into the design requirements for databases and their management systems.Secure Database Management System ArchitecturesIn multi-level database management systems, a variety of architectures are possible: trusted subject, integrity locked, kernels and replicated. Trusted subject is used by most of the leading database management system vendors and can be integrated in existing products. Basically, the trusted subject architecture allows users to access a database via an un trusted front-end, a trusted database management system and trusted operating system. The operating systemprovides physical access to the database and the database management system provides multilevel object protection.The other architectures - integrity locked, kernels and replicated - all vary in detail, but they use a trusted front-end and an un trusted database management system. For details of these architectures and research prototypes, the reader is referred to [Cast95]. Different architectures are suited to different environments: for example, the trusted subject architecture is less integrated with the underlying operating system and is best suited when a trusted path can be assured between applications and the database management system.Secure Database Management System DesignAs discussed above, there are several fundamental differences between operating system and database management system design, including object granularity, multiple data types, data correlations and multi-level transactions. Other differences include the fact that database management systems include both physical and logical objects and that the database lifecycle is normally longer.These differences must be reflected in the design requirements which include:• Access, flow and infer ence controls.• Access granularity and modes.• Dynamic authorization.• Multi-level protection.• Polyinstantiation.• Auditing.• Performance.These requirements should be considered alongside basic information integrity principles, such as:• Well-formed transactions - to ensure that transactions are correct and consistent.• Continuity of operation - to ensure that data can be properly recovered, depending on the extent of a disaster.• Authorization and role management – to ensure that distinct roles are defined and users are authorized.• Authenticated users - to ensure that users are authenticated.• Least privilege - to ensure that users have the minimal privilege necessary to perform their tasks.• Separation of duties - to ensure that no single individual has access to critical data.• Delegation of authority - to ensure that the database management system policies are flexible enough to meet the organization’s requirements.Of course, some of these requirements and principles are not met by the database management system, but by the operating system and also by organizational and procedural measures.Database Design MethodologyVarious approaches to design exist, but most contain the same main stages. The principle aim of a design methodology is to provide a robust, verifiable design process and also to separate policies from how policies are actually implemented. An important requirement during any design process is that different design aspects can be merged and this equally applies to security.A preliminary analysis should be conducted that addresses the system risks, environment, existing products and performance. Requirements should then beanalyzed with respect to the results of a risk assessment. Security policies should be developed that include specification of granularity, privileges and authority.These policies and requirements form the input to the conceptual design that concentrates on subjects, objects and access modes without considering implementation details. Its purpose is to express information and process flows in a complete and consistent way.The logical design takes into account the operating system and database management system that will be used and which of the security requirements can be provided by which mechanisms. The physical design considers the actual physical realization of the logical design and, indeed, may result in a revision of the conceptual and logical phases due to physical constraints.Security AssuranceOnce a product has been developed, its security assurance can be assessed by a number of methods including formal verification, validation, penetration testing and certification. For example, if a database is to be certified as TCSEC Class B1, then it must implement the Bell-LaPadula mandatory access control model in which each controlled object in the database must be labeled with a security level.Most of these methods can be costly and lengthy to perform and are typically specific to particular hardware and software configurations. However, the international Common Criteria certification scheme provides the added benefit of a mutual recognition arrangement, thus avoiding the prospect of multiple certifications in different countries.ConclusionThis article has considered some of the security principles that are associated with databases and how these apply in a web based environment. Ithas also focused on important architecture and design principles. These principles have focused mainly on the prevention, assurance and recovery aspects, but other aspects, such as detection, are equally important in formulating a total information protection strategy. For example, host-based intrusion detection systems as well as a robust and tested set of business recovery procedures should be considered.Any fit-for-purpose, secure e-business infrastructure should address all the above aspects: prevention, assurance, detection and recovery. Certain industries are now starting to specify their own set of global, secure e-business requirements. International card payment associations have recently started to require minimum information security standards from electronic commerce merchants handling credit card data, to help manage fraud losses and associated impacts such as brand-image damage and loss of consumer confidence.网络环境下的数据库安全简介数据库在政府部门和商业机构得到普遍应用已经很多年了。

小微企业融资外文文献翻译

小微企业融资外文文献翻译the XXX credit to small and medium enterprises (SMEs)。

However。

micro enterprises (MEs) which are smaller than SMEs。

have been XXX。

using a path XXX finance。

such as family and friends。

due to the lack of access to formal finance。

Path dependence is also evident。

XXX finance.翻译：乌干达的小微企业融资：路径依赖和其他融资决策的决定因素XXX：Winifred XXX-XXX博士摘要：发展中国家的融资文献主要关注正规金融机构向中小型企业（SMEs）提供信贷的角色。

然而，小微企业（MEs）比SMEs更小，却被忽视了。

本文使用路径依赖框架，研究了乌干达小微企业的融资决策，识别了影响它们获得融资的因素。

研究发现，由于缺乏正规融资渠道，小微企业严重依赖非正规融资来源，如家人和朋友。

路径依赖也很明显，过去的融资决策和与非正规融资来源的关系影响了当前的融资决策。

本研究建议政策应着重改善小微企业获得正规融资的渠道，并促进金融素养，减少对非正规融资来源的依赖。

Access to credit is crucial for small and medium enterprises (SMEs) and micro enterprises。

as they are considered to be the main drivers of economic growth。

In e countries。

XXX role than SMEs。

XXX-agricultural self-XXX。

XXX due to the way they are XXX。

P2P金融模式互联网金融外文文献翻译最新译文

文献出处:Aronson J. The research of P2P model of financial [J] Value Creation in E-Business Management, 2016,12(5):85-95.原文The research of P2P model of financialAronson JAbstractThe development of the Internet financial, constantly create new financial model, P2P is one of the new financial model, the development of rapid direct threat to the commercial Banks in the financial world's dominance. In P2P explosive savage growth process, however, there are regulatory or incomplete system, risk control measures is not mature, P2P financial platform collapse would happen often, this leads to the development of P2P is in trouble Based on this, this paper introduces the P2P concepts and the reasons on the basis of the financial model, analyzes the difficulties faced by the current P2P financial model, and accordingly put forward the development of P2P financial model.Keywords: P2P financial mode; The theoretical analysis; Measures1 IntroductionThe wide application of Internet technology, when science and technology combined with financial, gives rise to some emerging Internet model, P2P has greatly reduced the transaction cost, satisfy the customer demand for financial, especially the working class and the small and medium-sized enterprise loan demand. But so far, due to the lack of innovation mode of financial supervision, to information asymmetry, imperfect credit system construction, and low security of adverse effect caused by funds, hindered the healthy and orderly development of P2P.For Internet financial can inject vigor, continuing for the financial sector to the real economy better service, we must strengthen the industry regulation, establish effective credit evaluation system and P2P platform to establish effective risk control system.So-called peer-to-peer (P2P), is the abbreviation of English Peer to Peer, meaning "person-to-person", refers to the directly by third-party Internet platform of money lending financing behavior, is a kind of direct financing behavior of individualto individual. It originated in Britain, and later to the United States, Germany and other countries, China introduced in 2007.In our country, its typical model is: the network credit companies provide a platform, by borrowing free bids, brokered transactions. Money lenders to obtain interest income with the risk; Money borrowed people due to repay the principal, the network credit charge intermediary company.Peer-to-peer (P2P) the causes of financial mode mainly lies in the fact that Internet technology rapidly Exhibition. With the development of Internet, the scope of its popularization in our country is more and more widely, new technology and new business forms appear constantly, and gradually extended to the financial sector, the financial and the Internet fusion degree in the process of deepening, the financial industry got the booming development, at the same time, also produced a P2P financial mode; Fill the shortcoming in traditional financial business function in our country at present. Let those be bank financial products and loan threshold shut out of the working class and the small and medium-sized enterprises can also have the opportunity to enjoy the financial services. Working class a large body of demand for money have great demand; Other small and medium-sized enterprises (SEM) in many places the arrested development, mainly due to small and medium-sized enterprises (smes) in bank loans difficult, loans due to the high cost. In order to promote the development of their own, small and medium-sized enterprises to seek other financing mode, which promote the generation of the P2P financial model.2 The status quo of P2P financial model2.1 P2P financial models lack of effective supervisionRelative to the early start of online banking, online securities and so on in the form of financial regulatory policy relatively incomplete, relatively mature management framework. But P2P financial mode in 2012 entered the blowout outbreak period. But the Internet financial regulatory agencies and related regulatory policy did not keep up with the pace of its rapid development, for the development of P2P is also hinder the role. Should be further follow relevant regulations to meet the constantly enrich and expand the urgent needs of the emerging financial forms. The lack of regulation for a long time, has been out of the grey zone and regulatory gap,there are low barriers to entry, lending money monitoring vacancy, credit evaluation system is not sound, and many other problems.The industry has been in a savage growth state, run, capital chain rupture and collapse phenomenon appeared frequently. ack of legal norms, unclear regulatory policy, business operation is not standard to causes such as the chaos of industry management.2.2 Domestic credit system construction is not perfectThe Internet in the financial, financial credit system is the basis of the healthy and standardizing development of the financial industry, the Internet. But the current construction of credit system is not perfect, personal credit record includes only with bank lending behavior and maintain within the Banks, other financial institutions can't call society.P2P network platform loan borrowers can only through an indirect way to verify information and the judgment through the subjective experience of auditors. Abroad in the implementation of a P2P financial model, the comparison of perfect personal credit system construction, when making loans, personal credit can achieve effective query, which leads the P2P financial mode constantly development and improvement. Internet financial enterprise credit reporting database is not perfect in our country, is not included in the central bank credit reporting system, for both the management difficulty is big, no effective mechanism and discipline and punishment.2.3 Information asymmetry cause malicious default riskOf the Internet financial transactions, payments and services are completed on the Internet, virtualization of trading, trading process is not transparent and so on have made the financial risk more diversified and uncontrolled. Of new trading patterns of this for the disclosure of the information has the certain difficulty, in P2P financial mode, due to information asymmetry, P2P platform there may be a risk, the truth of the borrower to provide information due to the master of P2P platform borrowing history data is limited, its credit rating system is also unable to grasp the situation of the borrowers, the condition of the fake information or the borrower. Once appear, default or delay balance, due to recover the cost is higher, lenders are hard to take back the principal and interest of the person failed to perform its obligations due to lending and lead to potential financial damage is one of the reasons that hinder thedevelopment of P2P.3 The implement measures3.1 Encourage innovation to strengthen the basis of industry regulationDue to P2P long-term financial platform is in a state of lack of regulation, resulting in a variety of financial risk problems occur unceasingly, serious impact on the development of P2P financial, based on this, as soon as possible, perfect the construction of Internet financial regulation legal system in our country, should provide a clear and transparent legal environment, including the market access supervision, operation supervision and exit regulatory measures to standardize the development of the P2P network platform. But don't like management of traditional financial institutions, so as not to stifle financial innovation. Perfect financial market system, pratt &whitney financial development, encourage financial innovation, rich level financial markets and products. Regulators want reasonable grasp the boundaries of innovation and strength, not to hinder the sustainable development of financial innovation, whether it be a financial product innovation, and financial service innovation. To strengthen management and ensure that financial security is very necessary, cut can not manage, weaken the vitality of financial innovation.3.2 promoting the construction of credit evaluation systemA severe credit system can restrain people daily financial activity. Therefore, in a constantly enrich financial transaction way to meet the demand of investment and financing of all social strata at the same time, the credit system construction also needs to be perfect and connectivity. At present, the central bank has started the construction of personal credit system, however, the central bank alone is not enough to build personal credit system, and will result in incomplete information system, therefore, in the process of building the personal credit system in the future, should attract more participants, to establish the perfect credit system, make scientific evaluation to the borrower's credit rating, for P2P platform provides necessary judgment. In addition, P2P financial platform should also set up its own credit system, establish a customer database, regular update of customer information in a database, at the same time, guarantee the comprehensiveness and accuracy of the new customerinformation, and effective to evaluate the customer's credit.3.3 P2P platform to strengthen risk control abilityP2P business at the core of the pricing power is in the team's own risk, the risk management ability is the core of the P2P company competitiveness. establish a risk control function is clear, for policy making, the characteristics of customer data mining, overdue customers, study and so on carries on the effective management, to standardize the front-end marketing, China audit, background collection each work orderly. At the same time, digital risk control model is established and the score card system is the effective measure to standardize P2P scientific management, with a complete set of scientific management methods, to cure it to risk control examination and approval decision engines and business process, to guide the business for examination and approval of risk control. Second, compared with the traditional financial institutions such as Banks, Internet financial firms can take advantage of big data analytics, cloud computing technology to manage customer credit evaluation and customer information, above is actually a credit evaluation system and risk control measures of innovation. Third, should attach importance to small and scattered plays important role in reducing risk, network platform, in the face of the large capital demand loan can be systemic forced to spread risk, is more than a sum of money into different sum, scattered the people who need loans to lend, risk can be effectively diluted. Fourth, guarantee qualification can be introduced with a third party professional guarantee companies provide guarantee, in case of bad debts by guarantee company compensation, in order to ensure safe operation, to ensure the safety of information and capital of investors. by using the combined risk of internal and external control means, in view of information asymmetry and capital safety is low in the strong guarantee.Era development is irreversible, the subversion and innovation of the Internet continues, because the P2P financial pattern in the global new things, the speed of development and the construction of the corresponding system is not perfect, resulting in the development of P2P financial face a lot of trouble. despite the difficulties, the game between the various arms intensified, but it's true that the development of P2Pinjected new vitality into the financial sector, in order to promote the healthy and orderly development of P2P, needs to explore the path to promote the development of P2P financial, P2P platform in the process of operation gradually improve risk control ability, ensure the safety of the funds. These efforts will make P2P financial mode gradually towards standardization and legalization, make it effectively fill the shortcoming in traditional financial business function at present, the future will be better able to make the financial service for the real economy, support the national strategic transformation of the economic structure.译文P2P金融模式研究Aronson J摘要互联网金融的发展，不断地创新出新型的金融模式，P2P就是其中一种新型金融模式，其发展的迅速直接威胁到商业银行在金融界的主导地位。

P2P金融风险管控中英文对照外文翻译文献

P2P金融风险管控中英文对照外文翻译文献P2P金融风险管控中英文对照外文翻译文献(文档含英文原文和中文翻译)译文：P2P 金融下的中小企业融资摘要中小企业融资难是世界性难题。

文章介绍了互联网金融的概念，重点概括了 P2P 金融在科技和金融创新融合方面的发展，综合了现在学术界对 P2P 金融研究的五大方向方面的各种观点和见解。

指出了当前 P2P 金融发展的突出问题风险控制，并对互联网金融的大趋势进行了分析。

关键词: P2P金融; 金融创新; 风险管控1引言从企业发展的历史看，大型企业都来源于中小企业。

中小企业是国民经济中最具活力的部分，往往走在技术发展的最前端，在高科技产业、清洁能源、绿色经济等方面都有很好的业绩，在经济转型中发挥着巨大作用。

中小企业融资难是世界性难题。

这些中小企业融资环境和渠道狭窄，有 60% 以上无法获得银行贷款。

目前，科技型企业又有轻资产的特点，融资困境，成为困扰可持续发展的巨大瓶颈。

2 互联网金融的概念近两年来，互联网金融呈现井喷式发展， 2014 年以来，互联网金融板块表现强势。

当前经济领域存在两个特别矛盾的现象，一是中小企业在企业总数中占比很大，但普遍存在融资难的问题; 二是民间闲散资金多，但除了股市和房市，往别的领域投资很难。

而以互联网、大数据、云计算为基础和高度契合市场引领的互联网金融的发展，对于解决这两个难题，更好地为实体经济，尤其是中小企业发展创造良好的金融环境，也为中国在国际竞争当中实现弯道超车起到重要作用。

互联网金融除了掌握客户端外，还便于做好上游资本供给方、下游资本使用方点与点的整合，结合互联网的其中特质( P2P) 及金融的本质( 资本) 。

依托互联网金融的发展，金融供给能力得以提高，包容性得以增强，可以动员更多的金融资源，覆盖面更广，覆盖度更多，满足更分散、更多元化的需求。

互联网金融最狭隘的概念就是 P2P( Peer-to-Peer Lend-ing) 金融平台，P2P 模式的核心是: 在这个具有资质的网站平台上，借款人发出借贷信息，并提供借贷项目的具体情况、借款人的相关诚信及经济实力等有关信息; 投资人根据平台上提供的信息，进行决策，最后做出向借款人发放贷款的决定。

互联网金融P2P网络借贷外文翻译文献

文献信息：文献标题：Evaluating credit risk and loan performance in online Peer-to-Peer (P2P) lending（点对点(P2P)网络借贷的信用风险与贷款绩效评估）国外作者：Riza Emekter, Yanbin Tu, Benjamas Jirasakuldech, Min Lu 文献出处：《Applied Economics》, 2015, 47(1):54-70字数统计：英文3063单词，15818字符；中文5110汉字外文文献：Evaluating credit risk and loan performance in onlinePeer-to-Peer (P2P) lendingAbstract Online Peer-to-Peer (P2P) lending has emerged recently. This micro loan market could offer certain benefits to both borrowers and lenders. Using data from the Lending Club, which is one of the popular online P2P lending houses, this article explores the P2P loan characteristics, evaluates their credit risk and measures loan performances. We find that credit grade, debt-to-income ratio, FICO score and revolving line utilization play an important role in loan defaults. Loans with lower credit grade and longer duration are associated with high mortality rate. The result is consistent with the Cox Proportional Hazard test which suggests that the hazard rate or the likelihood of the loan default increases with the credit risk of the borrowers. Finally, we find that higher interest rates charged on the highrisk borrowers are not enough to compensate for higher probability of the loan default. The Lending Club must find ways to attract high FICO score and high-income borrowers in order to sustain their businesses.Key words: Peer-to-Peer lending; credit grade; FICO score; default riskI.IntroductionWith the advent of Web 2.0, it has become easy to create online markets and virtual communities with convenient accessibility and strong collaboration.One of the emerging Web 2.0 applications is the online Peer-to-Peer (P2P) lending marketplaces, where both lenders and borrowers can virtually meet for loan transactions. Such marketplaces provide a platform service of introducing borrowers to lenders, which can offer some advantages for both borrowers and lenders. Borrowers can get micro loans directly from lenders, and might pay lower rates than commercial credit alternatives. On the other hand, lenders can earn higher rates of return compared to any other type of lending such as corporate bonds, bank deposits or certificate of deposits. One of the problems in online P2P lending is information asymmetry between the borrower and the lender. That is, the lender does not know the borrower's credibility as well as the borrower does. Such information asymmetry might result in adverse selection (Akerlof, 1970) and moral hazard (Stiglitz and Weiss, 1981). Theoretically, some of these problems can be alleviated by regular monitoring, but this approach poses a challenge in the online environment because the borrowers and the buyers do not physically meet. Fostering and enhancing the lender's trust in the borrower can also be implemented to mitigate adverse selection and moral hazard problems. In the traditional bank-lending markets, banks can use collateral, certified accounts, regular reporting, and even presence of the board of directors to enhance the trust in the borrower. However, such mechanisms are difficult to implement in the online environment which will incur a significant transaction cost.To reduce lending risks associated with information asymmetry, current online P2P lending has the following arrangements. First, the Lending Club screens out any potential high-risk borrowers based on the FICO score. The minimum FICO score to be able to participate is 640. Second, the typical size of the loans produced in this market is small, which is under $35 000 at the Lending Club. Therefore, these loans are essentially microloans which pose a relatively small loss in case of default. Third, the market maker offers matchmaking systems which can be used to generate portfolio recommendations and minimize lending risks. Fourth, if a borrower fails to pay, the market maker will report the case to a credit agency and hire a collectionagency to collect the funds on behalf of the lender. Although there are certain structures imposed in the online P2P that help to minimize the risk, this form of lending is inherently associated with greater amount of risk compared to the traditional lending.The purpose of this article is to evaluate the credit risk of borrowers from one of the largest P2P platforms in the United States provided by the Lending Club, which help lenders to make more informed decisions about the risk and return efficiency of loans based on the borrowers' grade. There are two related research questions this article will address: (1) What are some of the borrowers' characteristics that help determine the default risk? and (2) Is the higher return generated from the riskier borrower large enough to compensate for the incremental risk? Lenders can allocate their investments more efficiently if they know what characteristics of the borrower affect the default risk. Each borrower is classified by credit grade with corresponding borrowing rate assigned by the Lending Club. To make an efficient allocation, a lender should know whether the higher interest rates set for high-risk borrowers are sufficient to compensate the lenders for the higher probabilities of a potential loss.Our findings suggest that borrowers with high FICO score, high credit grade, low revolving line utilization and low debt-to-income ratio are associated with low default risk. This finding is consistent with the studies by Duarte et al. (2012) who report that borrowers with a trustworthy characteristic will have better credit scores but low probability of default. This result also suggests that besides the loan applicants' social ties and friendship as reported by Freedman and Jin (2014) and Lin et al. (2013), the four factors discussed above are also important in explaining the default risk. When comparing with US national borrowers, the results show that the Lending Club should continue to screen out the borrowers with lower FICO score and attract the highest FICO score borrowers in order to significantly reduce the default risk. In relating the risk to the return, it shows that higher interest rate charged for the riskier borrower is not significant enough to justify the higher default probability. Our finding here is consistent with the study by Berkovich (2011) who reports that high quality loans offer excess return.II.Literature ReviewThree main streams of research have emerged in response to the growing popularity of P2P lending. The first stream of research examines the reasons for the emergence of online P2P lending. The second stream of research focuses on determining the factors that explain the funding success and default risk. The last stream of research investigates the performance of online P2P loan for a given level of the risk.Peer group lending has been emerging in local communities and has attracted the research in this area. Conlin (1999) develops a model to explain the existence of peer group micro-lending programmes in the United States and Canada. He finds that peer groups enable fixed costs to be imposed on the entrepreneurs while minimizing the programme's overhead costs. Ashta and Assadi (2008) investigate whether Web 2.0 techniques are integrated to support the advanced social interactions and associations with lower costs for P2P lending. Hulme and Wright (2006) study a case of online P2P lending house, Zopa, in the United Kingdom. They suggest that the emergence of online P2P lending is a direct response to social trends and a demand for new forms of relationship in financial sector under the new information age.There is extant literature that identifies the factors determining the funding success and default risk. Using the Canadian micro-credit data, Gomez and Santor (2003) find that group lending offers lower default rates than conventional individual lending does. Study by Iyer et al. (2009) shows that lenders can evaluate one third of credit risk using both hard and soft data about the borrower. Lin et al. (2013) analyse the role of social connections in evaluating credit risk and discover that strong social networking relationship is an important factor that determines the borrowing success and lower default risk. Lin et al. (2013) further report that applicants' friendship could increase the probability of successful funding, lower interest rates on funded loans, and these borrowers are associated with lower ex post default rates at Prosper. The importance of social ties in determining loans funded is also examined by Freedman and Jin (2014). The result shows that borrowers with social ties are more likely tohave their loans funded and receive lower interest rates. However, they also find evidence of risks to lenders regarding borrower participation in social networks.Several other studies examine whether certain borrowers' characteristics and personal information determine the success of loan funding and default risk. Herzenstein et al. (2008) show that borrowers' financial strength, their listing and publicizing efforts, and demographic attributes affect likelihood of funding success. Study by Duarte et al. (2012) further argues that borrowers who appear more trustworthy have better credit score with higher probabilities of having their loans funded and default less often. Larrimore et al. (2011) demonstrate that borrowers who use extended narratives, concrete descriptions and quantitative words have positive impact on funding success. However, humanizing personal details or loan justifi cations have negative inﬂuences on funding success. Qiu et al. (2012) further reveal that in addition to personal information and social capital, other variables, including loan amount, acceptable maximum interest rate and loan period set by borrowers, significantly inﬂuence the funding success or failure.Galak et al. (2011) further show that lenders tend to favour individual over group borrowers and borrowers who are socially proximate to themselves. They also find that lenders prefer the borrowers who are more like themselves in terms of gender, occupation and first name initial. More interestingly, Gonzalez and Loureiro (2014) have similar findings: (1) when perceived age represents competence, attractiveness has no effect on loan success; (2) when lenders and borrowers are of the same gender, attractiveness might lead to a loan failure (i.e., the ‘beauty is beastly' effect) and (3) loan success is sensitive to the relative age and attractiveness of lenders and borrowers. Herzenstein et al. (2011) find that herding in the loan auction is positively related to its subsequent performance, that is whether borrowers pay the money back on time.III.DataIn this section, the loan applicants' data is first described, followed by loan distribution based on loan purposes, credit grade and loan status and it ends with thedetailed descriptive statistics of the loan applicants. This study uses 61 451 loan applications in the Lending Club from May 2007 to June 2012 obtained from . Over the study period, the Lending Club lent about $713 million to borrowers. To address the borrowers' behaviour in online P2P lending, we first examine the main reasons for borrowing money from others. Table 1 lists the borrowers' self-claimed reasons summarized in the Lending Club. Almost 70% of loan requested are related to debt consolidation or credit card debts with a total loan amount requested of approximately $387 million and $108 million, respectively. The number of loan applications for education, renewable energy and vacation contribute less than 1% of total loans with the total loan requested ranging from 1 to 3 million. The borrowers state that their preferences to borrow from the Lending Club are lower borrowing rate and inability to borrow enough money from credit cards. The second purpose for borrowing is to pay home mortgage or to re-model home.Table 1. Loan distributions by loan purpose (May 2007–June 2012)Notes: The data is obtained from 61 451 loan applicants in the Lending Club, , from May 2007 to June 2012.The loan-seeking persons are asked to provide the reasons for requesting loans.The Lending Club uses the borrower's FICO credit scores along with other information to assign a loan credit grade ranging from A1 to G5 in descending credit ranks to each loan. The detailed procedure is as follows: after assigning a base score based on FICO ratings, the Lending Club makes some adjustments depending on requested loan amount, number of recent credit inquiries, credit history length, total open credit account, currently open credit accounts and revolving line utilization todetermine the final grade, which in turn determines the interest rate on the loan.Table 2 reports the loan distribution by credit grade. The majority of borrowing requests have grades between A1 and E5. The Highest loan amounts requested are from borrowers with ‘B' credit grade, which contribute 29.56% of total amount of loans requested. The total number of applicants for this ‘B' credit grade group is 18 707, which represents total loans of approximately $210 million. The lowest loan amounts requested are from borrowers with the lowest ‘G' credit grade which accounts for 1.53% of total loans. There are only 608 loan applicants for this lowest credit rating ‘G' group and it represents approximately $11 million in total loan value. According to the Lending Club's policy, a loan credit grade is used to determine the interest rate and the maximum amount of money that a borrower can request. The higher the loan grade, the lower the interest rate. A borrowing request with a low grade renders a higher interest rate as a compensation for a high risk held by lenders. Table 2. Loans distribution by credit grades (May 2007–June 2012)Notes: The Lending Club uses the borrowers’ FICO credit scores along with other information to classify a loan from Grade A1 to G5 in descending credit risk. Therefore, A1 credit grade represents the highest credit quality/low-risk borrowers, whereas G5 credit grade represents the lowest credit quality/ high-risk borrowers. Total amount of loans requested as a percentage of total loan is 19.35% for credit grade group ‘A’, 29.56% for ‘B’, 19.94% for ‘C’, 14.84% for ‘D’, 10.15% for ‘E’, 4.59% for ‘F’ and 1.53% for ‘G’.Finally, Panel A of Table 3 shows the loan status for all the loan requests on 20 July 2012. Overall, the default rate is 4.60% with total losses of approximately $29 million. Another 2.45% of total loan requests which constitute $18.6 million could be potentially lost because the borrowers are late in making payment within 30 days or 120 days and not paying the normal instalments. 17.98% of the loans are fully paid with an approximate value of $108 million. The $557 million loans are in current status account for 74.91% of total loans. Naturally, loans with a lower grade demonstrate a higher default rate. Therefore, study on risk management on P2P lending is relevant for the lenders to optimize their investment portfolios. Panel B of Table 3 reports the loan status for the matured loans. The overall loss rate is much higher for matured loans. Among 4904 matured loans, 914 loans are charged-off, which represent 18.6%. The total loss is $5.5 million which represents 13% of all matured loans amount. Less than 1% of the matured loans are late in terms of making payment with the unpaid balance of approximately $27 000. 80.77% or $33 million of matured loans are fully paid.Table 3. Loan distribution by the loan status (May 2007–June 2012)Table 4 reports the general characteristics and credit history of the online P2P loan applicants from the Lending Club. Based on our sample of 61 451 loanapplicants, the average monthly interest charged on a loan is 12.34%. On average, 471 days passed from the issue date of the loan. The average credit grade of a borrower is 25, which corresponds to credit category between B and C. The average size of a typical loan is $11 604 and the average monthly payment is $351. The borrower in general pays back $4384 a month and has $7873 left to be paid. The average ratio of the remaining balance to total loans is 63%.Examining the borrowers' characteristics, it shows that the mean income of a borrower from the Lending Club is $5796 with the debts to income ratio of 0.1381. On average, a borrower has 9.56 open credit lines and 22 total credit lines, carries $14 315 average revolving credit balance and almost half (51.6%) of his or her credit limit. In the last six months, there is 1 credit inquiry requested by an average borrower. Average FICO score category of a typical borrower is 3.48, which corresponds to a FICO score between 680 and 750.Table 4. Descriptive statistics (May 2007–June 2012)Notes: Credit Grade is the grade assigned by the Lending Club based on the FICOrano credit rating information along with other information. Credit Grade ‘1’ is the loan category of ‘G’ which is the riskiest class of loans. Credit Grade ‘7’ is the loan category of ‘A’ which is the lowest risk borrowers. FICOrano is the credit rating of the borrowers rated by credit card companies. FICO 6 corresponds to borrowers with the FICO score above 780, FICO 5 corresponds to FICO score between 750–779, FICO 4 = 714–749, FICO 3 = 679–713, FICO 2 = 660–678 and FICO 1 = 640–659, respectively.IV.ConclusionsCredit risk is an important concern for the P2P loans. This study employs the data from the Lending Club to evaluate the credit risk of the P2P online loans. We findthat credit score, debt-to-income ratio, FICO score and revolving line utilization play an important role in determining loan default. The credit categorization used by the Lending Club successfully predicts the default probability with one exception of next lowest credit grade ‘F'. In general, higher credit grade loan is associated with lower default risk.The mortality risk also increases with the maturity of the loans. Loans with lower credit grade and longer duration are associated with high mortality rate. The Cox Proportional Hazard Test results show that as the credit risk of the borrowers increases, so does the likelihood of loan being default. However, the higher interest rate currently charged for the riskier borrower is not significant enough to justify the higher default probability. This suggests that the lenders would be better off to lend only to the safest borrowers in the highest grade category of 7 or Grade A. Increasing spreads on riskier borrower may lead to a more severe adverse selection resulting in higher default risk.The Lending Club lenders should either extend credits only to the highest grade borrower or try to find more creative ways to lower the default rate among current borrowers. When comparing with the US national consumers, borrowers with relatively higher income and potentially higher FICO scores do not participate in the P2P market. Creating incentives to attract these types of borrowers would have a significant potential to decrease the default risk in this market.中文译文：点对点（P2P）网络借贷的信用风险与贷款绩效评估摘要近年来点对点（P2P）网络借贷开始兴起。

小微企业融资外文文献翻译

小微企业融资外文文献翻译小微企业融资外文文献翻译(文档含中英文对照即英文原文和中文翻译)原文：Micro Enterprise Finance in Uganda: Path Dependence and Other and Determinants of Financing DecisionsDr. Winifred Tarinyeba- KiryabwireAbstractAccess to finance literature in developing countries focuses onaccess to credit constraints of small and medium enterprises (SMEs) micro enterprises because they are considered the drivers of economic growth. However, in low income countries, micro enterprises play a much more significant role than SMEs because of their contribution to non-agricultural self-employment. The predominant use of informal credit rather than formal credit shows that the manner in which micro enterprises are formed and conduct their businesses favors the former over the latter. In addition, other factors such as lengthy credit application procedures, negative perceptions about credit application processes make informal credit more attractive. On the other hand specific factors such as business diversification, the need to acquire business inputs or assets than cannot be obtained using supplier credit are associated with a tendency to use formal credit.IntroductionIt well established that in markets where access to credit is constrained, it is the smaller businesses that have the most difficulty accessing credit. Various policy interventions have been made to improve access to credit including reforming the information and contractual frameworks, macro-economic performance, competitiveness in the financial system, and regulatory frameworks that enablefinancial institutions to develop products for SMEs such as leasing and factoring. Over the past ten years, policy makers in developing and low income countries have focused on microfinance as an intervention to bridge the access to credit gap and improve access to credit for those than cannot obtain credit from mainstream financial institutions such as commercial banks. However, despite, the use of what are often termed as “innovative lending” methods that are designed to ease access to credit, such as use of group lending and other collateral substitutes, micro enterprises continue to rely heavily on informal finance as opposed to formal credit. While other studies have focused broadly on factors that inhibit access to credit, this article seeks to throw some light on specific characteristics of micro enterprises that make them more inclined to use informal credit, as well as specific factors that are more associated with use of formal credit. The former are what I term as path dependence factors.The majority of micro enterprises operate as informally established sole proprietorships. This finding is consistent with the literature on micro enterprises, particularly the fact that they operate in the informal sector. However, nearly all of the enterprises had some form of trading license issued by the local government of the area in whichthey operate. The license identifies the owner of the business and its location, and is renewable every financial year. Most respondents did not understand the concept of business incorporation and thought that having a trading license meant that they were incorporated. Several factors can be attributed to the manner in which micro enterprises are established. First, proprietors generally understand neither the concept of incorporation nor the financial and legal implications of establishing a business as a legal entity separate from its owner. Second, the majority of micro enterprises start as spontaneous business or economic opportunities, rather than as well-thought out business ventures, particularly businesses that operate by the road side, or in other strategic areas, such as telephone booths that operate along busy streets. The owners are primarily concerned with the economic opportunity that the business presents rather than with the formalities of establishing the business. Third, rule of law issues also explain the manner in which businesses generally are established and financed. Although a mechanism exists for incorporating businesses in Uganda, the process and the legal and regulatory burdens, associated with formalizing a business, create costs that, in most cases, far outweigh the benefits or even the economic opportunity created by the business.Commenting on the role of law in determining the efficiency of the economic activities it regulates, Hernando De Soto argues that if laws impede or disrupt economic efficiency, they not only impose unnecessary costs of accessing and remaining in the formal system, but costs of operating informally as well. The former include the time and cost of registering a business, taxes and complying with bureaucratic procedures. On the other hand, the costs of informality include costs of avoiding penalties, evading taxes and labor laws and costs that result from absence of good laws such as not inadequate property rights protection, inability to use the contract system, and inefficiencies associated with extra contractual law.Businesses in Uganda are registered by the Registrar of Companies under the Company’s Act. The office of the Registrar of Companies is located in the capital city of Kampala and this imposes a burden on businesses that operate in other parts of the country that would wish to be registered. However, remoteness of the business registration office was not the primary inhibitor because the tendency not to register was as pronounced in businesses close to the registration office, as it was in those that were remotely placed. In addition, the following fees are required to incorporate a company: a name search andreservation fee of Ugshs. 25,000 ($12.50), stamp duty of 0.5% of the value of the share capital, memorandum and articles of association registration fee of Ugshs. 35,000 ($17.5), and a registration fee ranging from Ugshs. 50,000 to 4,000,000 ($25 to 2000).Legal systems characterized by low regulatory burden, shareholder and creditor rights protection, and efficient bankruptcy processes are associated with incorporated businesses and increased access to finance. On the other hand, inadequate legal protection is associated with limited business incorporation, low joint entrepreneurial activity, and higher financing obstacles. These impediments are what De Soto refers to as the mystery of legal failure. He argues that although nearly every developing and former communist nation has a formal property system, most citizens cannot gain access to it and their only alternative is to retreat with their assets into the extra legal sector where they can live and do business.译文乌干达小微企业融资路径依赖和融资的决定性因素Dr. Winifred Tarinyeba- Kiryabwire摘要通过查阅发展中国家的金融文献，我们往往可以发现由于中小企业是推动发展中国家经济增长的主要动力源，其金融问趣则主要侧重于中小企业的融资受限方面。

网络金融风险中英文对照外文翻译文献

网络金融风险中英文对照外文翻译文献网络金融风险中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：How to guard against financial risks networkFirst, the definition of network financeNetwork Finance is a computer network for the technical support of the financial activities and related activities in general, is a network of information technology and product of the combination of modern finance, but it is not a simple combination of the two, but a financial industry and even all industries An operating mechanism, is the future of enterprise system development. Narrowly understood, refers to the financial network of financial service providers based on the host to the Internet or communications network for the media, through the financial data and business processes embedded software platform, user interface terminal mode of operation of the new financial ; from a broad understanding of the concept of network finance their mode of operation also includes matching network of financial institutions, networks and related financial markets, regulatory and other external environment. Including: e-money, online banking, online payment, network security and network insurance.Second, the network of financial riskNetwork mainly engaged in the financial settlement of electronic money and electronic virtual financial services, in addition to traditional financial activities which exist in the process of credit risk, liquidity risk, interest raterisk, currency risk and market risk, from a technical, businessand legal perspective, There are the following specific risks:1. Technology risk(1) hacker attacks. The operation of the network must rely on financial transactions, computer and Internet, all transactions are stored in the computer, the transmission of online information is easy to become a large network of "hacker" attack. In addition, Web access is a form of Internet service, is also a network of financial institutions trading and services platform, but it depends on TCP / IP protocol, there are many security vulnerabilities. This gives hackers broke into financial institutions through the network to create the conditions for the system. Hackers only need to use loopholes in the system itself, "only need to modify a few settings " you can allow financial institutions to a standstill.(2) technology selection risk. To carry out financial business networks, they must choose a proven technology solutions to support. Once there is choice, there will be a result of selection for the same mistakes which led to the risk. One possibility is to choose the technology system and client terminal software compatibility due to poor speed of information transmission interruption or reduction, another risk is that of technical alternatives have been eliminated, resulting in relatively backward technology, the network out of date, leading to enormous technical and Lossof business opportunities. Financial terms of the network, technology choice may lose all of the market failure, or even lose the basis for survival.2. Business risks.(1) operational risk. Operational risk from the system reliability, stability and security caused major defects in thepossibility of potential loss may come from the negligence of online financial customers, may also come from the financial security system network and its products, design flaws and operational errors . Operational risk relates primarily to authorize the use of online financial accounts, the network of financial risk management systems, networks, financial institutions and the exchange of information among customers, true and false recognition of electronic money.(2) the risk of market signals. Market risk is due to signal asymmetric information network of financial institutions led to the face of adverse selection and moral hazard arising from business risks. Such as Internet banking customers can not identify the risk level of the Internet at a disadvantage, online customers may use their hidden information and action to make the network to their advantage at the expense of the interests of the decision-making banks and leaving because of adverse public comment on Internet Banking Risk of losing customers and sources of funding risks.(3) credit risk. Reputation risk is the network of financial institutions can not create good customer relations, can not establish their own good reputation, and thus can not engage in financial business. Once the virtualnetwork of financial institutions to provide financial services can not achieve the expected level of the public, or adverse reactions in the community, or network security system of financial institutions have been destroyed to forma network of financial credit risk.3. Legal risks. The legal risks of financial networks, mainly from two aspects: First, violation of relevant laws, regulations and system requirements, and online transactions failed to complywith the provisions of the relevant rights and obligations. These laws and regulations, including consumer protection laws, financial disclosure system, privacy protection, intellectual property protection law and currency system. Second, the lack of network financial law. China Internet Finance still in its infancy, is still quite a lack of appropriate laws and regulations. Therefore, using the Internet to provide or receive financial services, signed an economic contract rights and obligations in the face considerable legal risk, vulnerable to undue disputes, not only increase the cost of online financial transactions, and even affect the Development of the financial health of the network.Third, improve the network to prevent and control financial risks Point of the network of financial risks, involving a wide range of interests, it is necessary to perfect legal environment, strengthening access management, a sound regulatory system, adjust the regulatory strategy and other aspects, a multi-pronged, comprehensive treatment.1. Improve the legal system.(1) legislative efforts to increase the network of financial, clear the network of financial rights and obligations of relevant subjects.(2) to develop rules of fair trade network. In the identification and validation of digital signatures, transactions preservation of evidence, the transaction and both parties share responsibility for the protection of personal information of consumers to make detailed provisions to ensure transaction security, digital evidence when disputes arise and transactions in a real and effective personal Privacy.2. Enhanced market access management.(1) The status of the technology infrastructure as one of theconditions of market access. Financial services applications for operating the network of financial institutions not only a considerable scale of network equipment, but also need to have confirmed the legality of trading partners, to prevent tampering with trading information and prevent information leakage and other aspects of key technologies.(2) to develop rigorous internal control system. Publicity for the network of financial services, information disclosure, and system design have institutional arrangements, the establishment of a network of financial institutions or a new business, the must have sound risk identification, identification, management, risk cover and disposal programs.(3) to develop and improve the types of transactions operating procedures. Applications to open accounts for customers, customerauthorization statement, the general development of trading procedures, rules to prevent illegal trading and online financial transaction system against criminal activities.(4) the implementation of the network type of financial business management. Development of classification standards, banking and financial services capabilities and the ability to credit rating, thus a variety of services on the network to carry out the financial restrictions and permits.3. Improve the regulatory system.(1) improve the network of financial risk monitoring systems. The establishment of "national (network) Financial Risk Management Committee."(2) to strengthen collaborative supervision. "Committee" of the member units and other relevant regulatory authorities to share information resources among each other and opening uptheir own information database, and regularly informed of their supervision, promote joint supervision, supervision of financial risks to improve network accuracy and timeliness.(3) to strengthen international cooperation in financial supervision network. Meanwhile, the network with international cooperation in financial supervision to strengthen the network of bank borrowing way illegal tax evasion, money laundering and other acts, the way the use of Internet banking transnational smuggling, illegal arms trafficking activities such as arms and drug trafficking, illegal attack on the use of Internet banking othersites internet bank hackers, and other international criminal activities a full range of monitoring, the formation of the network can effectively protect the financial health of the global network operations and is responsible for the supervision of the financial system.4. Adjust the control strategy.(1) and improve the modernization level of financial supervision network. In the practice, we should have complete control of the network of financial institutions to improve the business operation of the network capacity and the forecast level of financial risk, and enhance macro-control of the systematic and forward-looking, but also to strengthen financial supervision and standardization of network construction, improve the network of financial supervision modern and scientific level.(2) improve the network of financial and non-site inspection of the site content system. On-site inspection should focus on the technical elements to be checked.(3) the establishment of mandatory information disclosure system. Follow the "open, fair and just" principle, developmentof financial services than the traditional more stringent information disclosure rules, norms, disclosure of the content, format, frequency and responsibilities and so on, through the financial statements, disclosure of the online publicity and other means of financial networks business information.(4) Innovative forms of regulation. Take full advantage of informationsuperiority, the establishment of real-time tracking and monitoring systems, strengthen monitoring, while also taking on the network "rules, patrol checks," the way the operational status of the network and whether the financial "irregularities" carry out spot checks found that, in a timely manner to correct or take punitive measures.5. Building security system.(1) accelerate research and development with China's own intellectual property rights of advanced information technology. Including computer equipment, communications equipment, system software, encryption algorithms, from the protection of national financial security and national economic security perspective to improve network security.(2) improving the network operating environment. Computer networks and centers to strengthen the management of the engine room, increase physical security measures for computer input, and enhance computer systems of key technologies and key equipment against attacks, anti-virus capabilities, maintenance of computer hardware security, ensure network banks rely on network hardware The normal operation of the environment safe.(3) secure access. On the one hand through the network of physical and logical isolation means isolation, and physicalresources to unauthorized users isolated from each other, on the other hand through the application ofthe authentication and grading systems such as login authorization to restrict access to unauthorized users.。

中小企业融资中英文对照外文翻译文献

中小企业融资中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Financing of SMEsJan Bartholdy, Cesario MateusOriginally Published in“Financing of SMEs”.London business review.AbstractThe main sources of financing for small and medium sized enterprises (SMEs) are equity, trade credit paid on time, long and short term bank credits, delayed payment on trade credit and other debt. The marginal costs of each financing instrument are driven by asymmetric information and transactions costs associated with nonpayment. According to the Pecking Order Theory, firms will choose the cheapest source in terms of cost. In the case of the static trade-off theory, firms choose finance so that the marginal costs across financing sources are all equal, thus an additional Euro of financing is obtained from all the sources whereas under the Pecking Order Theory the source is determined by how far down the Pecking Order the firm is presently located. In this paper, we argue that both of these theories miss the point that the marginal costs are dependent of the use of the funds, and the asset side of the balance sheet primarily determines the financing source for an additional Euro. An empirical analysis on a unique dataset of Portuguese SME’s confirms that the composition of the asset side of the balance sheet has an impact of the type of financing used and the Pecking OrderTheory and the traditional Static Trade-off theory are For SME’s the main sources of financing are equity (internally generated cash), trade credit, bank credit and other debt. The choice of financing is driven by the costs of the sources which is primarily determined by costs of solving the asymmetric information problem and the expected costs associated with non-payment of debt. Asymmetric information costs arise from collecting and analysing information to support the decision of extending credit, and the non-payment costs are from collecting the collateral and selling it to recover the debt. Since SMEs’ management and shareholders are often the same person, equity and internally generated funds have no asymmetric information costs and equity is therefore the cheapest source.2. Asset side theory of SME financingIn the previous section we have suggested that SME’s in Portugal are financed using internal generated cash, cheap trade credits, long and short-term bank loans and expensive trade credits and other loans. In this section the motives behind the different types of financing are discussed.2.1. Cheap Trade creditsThe first external financing source we will discuss is trade-credits. Trade credits are interesting since they represent financial services provided by non-financial firms in competition with financialintermediaries. The early research within this area focused on the role of trade credits in relation to the credit channel or the so called “Meltzer” effect and in relation to the efficiency of monetary policy. The basic idea is that firms with direct access to financial markets, in general large well known firms, issue trade credits to small financially constrained firms . The more recent research breaks the role of trade credits into a strategic motive and financial motive for issuing and using these credits.Strategic motivesThe first theory centers on asymmetric information regarding the firm’s products. Trade credits are offered to the buyers so that the buyer can verify the quantity and quality before submitting payments. By offering trade finance the supplier signals to the buyers that they offer products of good quality. Since small firms, in general, have no reputation then these firms are forced to use trade credits to signal the quality of their products. The use of trade credits is therefore driven by asymmetric information of the products and is therefore more likely to be used by small firms, if the buyer has little information about the supplier, or the products are complicated and it is difficult to asses their quality.The second strategic motive is pricing. Offering trade finance on favorable terms is the same as a price reduction for the goods. Thus firms can use trade credits to promote sales without officially reducing prices or use them as a tool for price discrimination between different buyers.Trade credits are most advantageous to risky borrowers since their costs of alternative financing are higher than for borrowers with good credit ratings. Thus trade credits can be used as tool for direct price discrimination but also as an indirect tool (if all buyers are offered the same terms) in favor of borrowers with a low credit standing.Trade credits are also used to develop long term relationships between the supplier and the buyers. This often manifests itself by the supplier extending the credit period in case the buyer has temporary financial difficulties. Compared to financial institutions suppliers have better knowledge of the industry and are therefore better able to judge whether the firm has temporary problems or the problems are of a more permanent nature.The last motive in not strictly a strategic motive but is based on transactions costs. Trade credits are an efficient way of performing the transactions since it is possible to separate between delivery and payment. In basic terms the truck drive r delivering the goods does not have to run around to find the person responsible for paying the bills. The buyer also saves transactions costs by reducing the amount of cash required on“hand” .Financing motivesThe basis for this view is that firms compete with financial institutions in offering credit to other firms. The traditional view offinancial institutions is that they extend credit to firms where asymmetric information is a major problem. Financial institutions have advantages in collecting and analyzing information from, in particular, smaller and medium sized firms that suffer from problems of asymmetric information. The key to this advantage over financial markets lies in the close relationship between the bank and the firm and in the payment function. The financial institution is able to monitor the cash inflow and outflows of the firm by monitoring the accounts of the firm.But with trade credits non-financial firms are competing with financial institutions in solving these problems and extending credit. How can non-financial institutions compete in this market? Petersen and Rajan [1997] briefly discusses several ways that suppliers may have advantages over financial institutions. The supplier has a close working association with the borrower and more frequently visit s the premises than a financial institution does. The size and timing of the lenders orders with the supplier provides information about the conditions of the borrowers business. Notice that this information is available to the supplier before it is available to the financial institution since the financial institution has to wait for the cash flow associated with the orders. The use of early payment discounts provides the supplier with an indication of problems with creditworthiness in the firm. Again the supplier obtains the information before the financial institution does. Thus the supplier maybe able to obtain information about the creditworthiness faster and cheaper than the financial institution.The supplier may also have advantages in collecting payments. If the supplier has at least a local monopoly for the goods then the ability to withhold future deliveries is a powerful incentive for the firm to pay. This is a particular powerful threat if the borrower only accounts for a small fraction of the suppliers business. In case of defaults the supplier can seize the goods and in general has a better use for them than a financial intermediary sizing the same goods. Through its sales network the supplier can sell the reclaimed goods faster and at a higher price than what is available to a financial intermediary. These advantages, of course, depend on the durability of the goods and how much the borrower has transformed them.If asymmetric information is one of the driving forces the explanation of trade credits then firms can use the fact that their suppliers have issued them credits in order to obtain additional credit from the banks. The banks are aware that the supplier has better information thus the bank can use trade credits as signal of the credit worthiness of the firm.That trade credits are in general secured by the goods delivered also puts a limit on the amount of trade credits the firm can obtain, thus the firm cannot use trade credits to finance the entire operations of the firm.In summary the prediction is that the level of asymmetric information is relatively low between the providers of trade credit and the borrowers due to the issuer’s general knowledge of the firm and the industry. In the empirical work below the variables explaining the use of trade credit are credit risk factors and Cost of Goods Sold. Since these trade credits are secured by the materials delivered to the firm, firms cannot “borrow” for more than the delivery value of the goods and services.2.2 Bank loansBanks have less information than providers of trade credit and the costs of gathering information are also higher for banks than for providers of trade credit. Providers of trade credits also have an advantage over banks in selling the collateral they have themselves delivered, but due to their size and number of transactions banks have an advantage in selling general collateral such as buildings, machinery etc. Banks therefore prefer to issue loans using tangible assets as collateral, also due to asymmetric information, they are less likely to issue loans to more opaque firms such as small and high growth firms. Banks are therefore willing to lend long term provided that tangible assets are available for collateral. In the empirical work below tangible assets and credit risk variables are expected to explain the use of long-term bank loans and the amount of long-term bank loans are limited by the value of tangibleassets.The basis for issuing Short Term Bank Loans is the comparative advantages banks have in evaluating and collecting on accounts receivables, i.e. Debtors. It is also possible to use Cash and Cash equivalents as collateral but banks do not have any comparative advantages over other providers of credit in terms of evaluating and collecting these since they consist of cash and marketable securities. In terms of inventories, again banks do not have any comparative advantages in evaluating these. Thus, we expect the amounts of debtors to be the key variable in explaining the behaviour of Short Term Bank Loans.ConclusionsCurrently there exist two theories of capital structure The Pecking Order Theory where firms first exhaust all funding of the cheapest source first, then the second cheapest source and so on. The differences in funding costs are due to adverse selection costs from asymmetric information. The second theory is the Tradeoff Theory where firms increase the amount of debt as long as the benefits are greater than the costs from doing so. The benefits of debt are tax-shields and “positive agency costs” and the costs of debt are the e xpected bankruptcy costs and the “negative agency costs”. In both of these theories, the composition of the asset side of the balance sheet is not important and in this paper, thatproposition is strongly rejected. So the main conclusion is that the composition of the asset side of the balance sheet influences the composition of the liability side of the balance sheet in terms of the different types of debt used to finance the firm, or that the use of the funds is important in deciding the type of financing available.We further argue that it is asymmetric information and collateral that determines the relationship between the asset side and liability side of the balance sheet. The theory works reasonable well for Cheap Trade Credits and Long Term Bank Loans but the tests for Short Term Bank Loans are disappointing.译文：中小企业融资摘要中小企业融资的主要来源有：股权融资、按时兑现的贸易信贷融资、中长期银行信贷融资、延迟兑现的贸易信贷融资以及其他债务融资，每种融资方式的边际成本取决于与其滞纳金相关的信息不对称成本和交易成本。

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文献出处: Waitz M. The small and medium-sized enterprise financing under P2P finance [J]. Journal of Business Research, 2016, 8(6): 81-91.原文The small and medium-sized enterprise financing under P2P financeWaitz MAbstractSmall and medium-sized enterprise financing difficult is worldwide difficult problem. Article introduces the concept of the Internet financial, mainly summarized the P2P financial in the development of financial innovation and integration of science and technology, a combination of academic research on P2P financial now of the five directions of various views and opinions. Points out the current P2P financial problems in the development of risk control, and analyses the trend of the Internet financial.Keywords: P2P financial; Financial innovation; Risk control1 IntroductionLook from the history of enterprise development, a large enterprise originate from small and medium-sized enterprises. Small and medium-sized enterprises (smes) is the most dynamic part of the national economy, often walk in the forefront of technology development, in the high-tech industry, clean energy, green economy, etc, have good performance, play an important role in the economic transformation. Small and medium-sized enterprise financing difficult is worldwide difficult problem. These small and medium-sized enterprise financing environment and narrow channels, more than 60% are unable to get a bank loan. At present, science and technology enterprises and the characteristics of light assets, financing difficulties, become a huge bottleneck of sustainable development.2 The concept of the Internet financialIn the past two years, the Internet financial show explosive growth, since 2014, the Internet financial sector performance strength. Current economic field exists the phenomenon of two special contradiction, one is the small and medium-sizedenterprises in the total number of enterprises accounted for a large, but the universal problems of financing difficulties; Second, folk idle capital, but in addition to the stock market and housing market, it is difficult to invest in other areas. And on the basis of the Internet, cloud computing, big data and highly fit market leads the development of the Internet financial, to solve these two problems, better serve the real economy, especially small and medium-sized enterprise development to create a good financial environment, but also for China's overtaking play an important role in the implementation of international competition corners.Internet financial besides master client, also facilitate completes the upstream suppliers, downstream capital use party, the integration of point and point, combining with the characteristics of the Internet (P2P) and the nature of financial (capital).Based on the development of the Internet financial, financial supply ability is improved, inclusive to strengthen, can mobilize more financial resources, broader, more coverage, more decentralized, more diversified needs.The Internet the most narrow financial concept is P2P (Peer - to - Peer Lend - ing) financial platform, the core of the P2P model is: on the web site has a qualification platform, the borrower credit information, and provide the loan project specific situation, the borrower's integrity and economic strength and other related information; Investors according to the platform to provide information, make decisions, and finally made a decision of to make loans to borrowers.P2P finance is a new kind of financial model, through the Internet and large data, make to minimize the asymmetric information, this new financing channels, for individuals and businesses to provide great convenience, is a beneficial supplement of the existing banking system. Peer-to-peer (P2P) had a great influence on financial business in China. Traditional banking business model, mainly is the savings and loan business, P2P entirely new business models, deconstructs the traditional banking business model, breaking the monopoly of state-owned Banks, to a certain extent, in the form of fragmentation added to the drawback of the market.P2P financial innovation of science and technology and financial integration development, the release of the science and technology system reform and the doubledividend of financial reform, to introduce more financial products to serve the scientific and technological innovation, support the development of science and technology enterprises, solve to create light assets of small and mid-sized enterprise multidimensional financing difficulties; Also is helpful for financial innovation, find new investment direction, in order to obtain a higher return on investment.In 2005, the world's first P2P Zopa, a financial company (Zone of Possi - ble Agreement) was founded in London. In 2006, the United States, the first a P2P financial company Prosper founded in California. In 2007, our country the first P2P finance company established on credit, at present, the P2P financial firms more than more than 300, traded as high as more than 200 one hundred million. Financial risk is a highly amplified industry, P2P financial with convenient Internet natural attributes, but relative to the traditional financial institutions, financial in the Internet's openness also determines the P2P web site platform, information security, etc, could be affected by a great deal of challenges, risk control will be more pressure.3 The five direction of current P2P financial3.1 What is: it is subversive or supplementaryHas view: P2P financial is the innovation of the Internet with the traditional financial integration, at present is still in the stage of integration, there are a lot of problems, problems are not terrible, problems can also be seen as a contradiction, the process to solve the problem, is to promote the process of developing a new thing, this is the necessary stage P2P financial growth. To correctly treat the present P2P financial problems and drawbacks: a guide; Second, we must avoid risk. Only in this way, will lead to financial and the Internet have more innovation, to the prosperity of the rational.3.2 What: high-end service grassroots or serviceComprehensive research achievements of this direction, mainly has the following kinds of views and opinions. Has view: is a multi-level capital market, the P2P finance is one of the components, compared with traditional financial companies, should follow the development way of differentiation and mainly for the financing difficulties of small and medium-sized enterprise service. View: P2P financial if theservice object, mostly low risk customers, then there will be a problem, must do a certain size, can have a better economic returns, and to do a certain size, must put the human cost, time cost and the cost of capital, the same small P2P financial companies, will form a lot of pressure, therefore, some P2P financial enterprises gradually became the "pool", big customers, lending if big client management problems, is easy to appear P2P financial risk, and even lead to P2P financial business owners "run". So P2P financial enterprises, should do more small loans, don't dabble in big customers, big customer risk is too big, not P2P financial companies can undertake. And do more small loans, the cost is lower than the bank, have a competitive advantage.3.3 How to do: innovation mode of risk preventionComprehensive research achievements of this direction, mainly has the following kinds of views and opinions. The argument goes, the Internet technology and the integration of financial haven't reached a very reasonable, scientific, P2P financial there will be many new problems. And when the P2P financial after reaching a certain size, risk control will be the key to the healthy development of the P2P financial. If the P2P financial regulation, also will become a important test of P2P regulators wisdom. Have a view is: to the P2P financial risk control, should start from to the customer credit, credit reporting system perfect, to both sides of the docking loans, although to do so is very hard, but can avoid many risks, guarantee the healthy development of the financial industry, the P2P.At the same time, to clear the main body of industry regulations, for the convenience of management, appendage management should be implemented.3.4 Who is going to do: working in the financial sector or non-financial areasComprehensive research achievements of this direction, mainly has the following kinds of views and opinions. The argument goes, P2P financial done by a team with a finance background is better; Due to the P2P finance is based on the Internet, with Internet gene, so the team should have the knowledge and skills of specialized personnel to participate in the Internet. View: P2P financial can be developed from the traditional financial transformation, also can by Internet companies innovation, finally formation of the team, must have both the financial and investment knowledge, andthe Internet. Knowledge of finance and investment aspects of the personnel, in accordance with the rules of the financial industry control risk; The persons with Internet knowledge, according to the rules of the network industry big data analysis, selected customers for sales, customer maintenance, at the same time do a good job in network security. View: P2P financial represents the future direction of financial development, some commercial Banks now also vigorously develop P2P financial, but at the same time to prevent the transfer of risk to the banking system, increased regulation of lending to P2P network platform.3.5 How to pipe: cross-border development and supervised respectivelyHas view: P2P financial, in essence, is still a financial, compared with the traditional industry, is only the change of the financial model, so must be regulated. If not strengthen supervision, can appear the problem such as run, adverse to the healthy development of the industry, and easy to bring serious social problems, affect social stability. View: in research regulation, there should be a state investment fund, to support the top in the field of technology innovation.P2P financial as a new financial form, to the top ahead of research and development, to prevent the banking system similar to the problem now. The argument goes: Europe, the United States based on large data of individual credit reporting system is relatively developed, can effectively prevent fraud. One is to establish individual credit system as soon as possible. The second is to establish P2P lending related laws and regulations as soon as possible. Three is to strengthen self-discipline of the P2P lending industry. Four is entry qualifications have to be very clear, the implementation system of archival filing registration.译文P2P 金融下的中小企业融资Waitz M摘要中小企业融资难是世界性难题。

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