1、本科毕业论文（设计）外文翻译原文EFINANCECURRENTDEVELOPMENTS,ISSUES,IMPACTS,ANDFUTUREASTHEGROWTHOFINTERNETBROADENSITSSCOPE,EFINANCEGROWSACCORDINGLYASPARTOFECOMMERCE,EFINANCEHASITSOWNUNIQUECHARACTERISTICSONONEHAND,THEINTERNETOFFERSCONVENIENCE,PRICETRANSPARENCY,ANDBROADERACCESSTOINFORMATIONANDLOWERCOSTSONTHEOTHERHAND,
2、FINANCIALSERVICESAREDATAINTENSIVEANDDONOTGENERALLYNEEDPHYSICALDELIVERYOFPRODUCTSTHECOMBINATIONOFTHETWOSEEMSTOGIVEUNIQUEADVANTAGESTOHELPEFINANCIALSERVICESGROWFASTERTHANOTHERECOMMERCESECTORSTHEIMPACTOFINTERNETONTRADITIONALFINANCIALSERVICESCANBECATEGORIZEDINTOPRICETRANSPARENCY,DIFFERENTIALPRICING,ANDBY
3、PASSANDDISINTERMEDIATIONSINCETHEREISNOBROADLYACCEPTEDDEFINITIONOFEFINANCE,WETENTATIVELYDEFINEEFINANCEASTHEPROVISIONOFFINANCIALSERVICESINTERNETBANKING,BROKERAGE,PAYMENT,MORTGAGEANDOTHERLENDING,INSURANCEANDRELATEDSERVICESOVERTHEINTERNETORVIAOTHERPUBLICNETWORKSSATO2001SHOWSRECENTDEVELOPMENTSINEFINANCET
4、HEGROWTHOFFINANCIALSERVICESISESTIMATEDTOEXCEEDONETRILLIONDOLLARSACCORDINGTOONEESTIMATE,EFINANCEREVENUESWILLMORETHANDOUBLEINTHREEYEARSMORGANSTANLEYDEANWITTER,1999HOWEVER,NOTALLSEGMENTSGROWATTHESAMESPEEDINFINANCIALSERVICESAMONGTHESEGMENTSSUCHASBROKERAGE,ONLINEBANKING,EPAYMENTS,LIFEINSURANCE,ANDINVESTM
5、ENTBANKING,INTERNETBROKERAGEGROWSTHEFASTESTONLINEBANKINGGROWSALITTLEBITMORESLOWLYEPAYMENTS,LIFEINSURANCE,ANDINTERNETBANKINGHARDLYSEEANYDRAMATICGROWTHHOWEVER,SOMESIMPLERFINANCIALSERVICEPRODUCTSMIGHTSEEPOTENTIALGROWTHINTHENEXTFEWYEARSTHEYINCLUDEONLINECREDITCARDS,MORTGAGES,STUDENTLOANS,ANDCARLOANSANDLE
6、ASESSIMPLERINSURANCEPRODUCTSSUCHASCARINSURANCE,TRAVELINSURANCE,ANDHOMEEQUITYINSURANCEFROMANINTERNATIONALPERSPECTIVE,EFINANCEGROWSTHEFASTESTINTHEUNITEDSTATESANDEUROPEPACIFICREGIONALSOGROWSATAQUICKSPEED,LEDBYJAPAN,SINGAPORE,ANDOTHERCOUNTRIESINTHEREGIONEVENTHOUGHTHEEFINANCELEADERSAREINTHEUSANDEUROPE,TH
7、EYALSOSHOWDIFFERENTCHARACTERISTICSUSEFINANCEISLARGELYPCBASEDTHATISCAUSEDBYYEARSOFPENETRATIONOFPCINTHEUSMARKETHOWEVER,INEUROPE,BOTHPCANDMOBILEPHONESPENETRATEFAIRLYWELLINTHEMARKETTHISISNOTSURPRISINGBECAUSEEUROPEHASTHEMOBILEPHONELEADERSSUCHASNOKIAANDERICSSONEUROPEANCOUNTRIESUSUALLYADOPTWAPWIRELESSAPPLI
8、CATIONPROTOCOLTECHNOLOGY,ALLOWINGINTERNETBANKINGANDBROKERAGEVIAMOBILEPHONESTHISKINDOFBANKINGISALSOREFERREDTOAS“MARTINIBANKING”“ANYTIME,ANYPLACE,FROMANYACCESSDEVICE”ACCORDINGTOMANTEL2001,THEFIRSTISPRODUCTDIFFUSIONTHEORYBUILDINGONANEWPRODUCTDIFFUSIONTHEORY,SOMESTUDIESCITEALAUNDRYLISTOFBARRIERSSTANDING
9、INTHEWAYOFEFINANCEGROWTHPATHONTHEDEMANDSIDE,STUDIESHAVECITEDCUSTOMERRESISTANCEORINERTIA,LACKOFINCENTIVES,ANDLACKOFCUSTOMERAWARENESSOFTHEINNOVATIONASOBSTACLESTOCHANGEONTHESUPPLYSIDE,STUDIESHAVEPOINTEDTOTHELACKOFCLEARSTANDARDS,THENEEDTOOVERCOMEINDUSTRYFRAGMENTATION,INADEQUATEINCENTIVESAMONGINCUMBENTS,
10、ANDTHEPRESENCEOFNETWORKEXTERNALITIESTHISTHEORYASSUMESIMPLICITLYTHATASIGNIFICANTPORTIONOFEFINANCEINNOVATIONSARECLEARSUBSTITUTESFOREXISTINGSERVICESANDTHATADDITIONALWORKBYINCUMBENTFIRMSALONEORINCOLLABORATIONWILLLEADTOBROADACCEPTANCEACOMPETINGTHEORYABOUTTHEEFINANCEPHENOMENONISCALLEDNEWMARKETDEVELOPMENTT
11、HETHEORYSUGGESTSTHATBROADERSTRUCTURALCHANGESAREUNDERWAY,DRIVENBYTECHNOLOGY,ANDTHESECHANGESAREBLURRINGTHELINESBETWEENBANKINGANDCOMMERCEWHILEITISBOTHNATURALANDCRITICALFORINCUMBENTFIRMSTOEXPERIMENT,THISTHEORYSUGGESTSTHATINNOVATIONSTENDTOUNLEASHIMPROVEMENTSTHATINCUMBENTSMAYNOTFINDVALUABLEINTHESHORTORMID
12、TERMSOMEOBSERVERSMAYSUGGESTTHATINCUMBENTFIRMSINTHESEINDUSTRIESDONOTUNDERSTANDTHEIRMARKETSORARENOTADEQUATELYINVESTINGINTHEFUTUREHOWEVER,STUDIESHAVEFOUNDTHATINCUMBENTFIRMS,FORPURELYPROFITMAXIMIZINGREASONS,MAYNOTWANTTOCHOOSETOPIONEERSOMEOFTHESEINNOVATIONSTHEMSELVES,LEAVINGOTHERFIRMSWITHDIFFERENTSPECIAL
13、TIESTODOSOINOTHERWORDS,SUCHFIRMSDONOTSEE“FIRSTMOVER”BENEFITSEACHOFTHEABOVEMENTIONEDTHEORYCANSHOWWHYSOMESEGMENTSAREMOREINCLINEDTOFASTGROWTH,ANDSOMEOTHERSEGMENTSWILLGROWMUCHSLOWLYTHEFIRSTTHEORYWILLSHOWTHATBROKERAGESERVICESWILLBEMUCHEASIERTOMOVEONLINE,BECAUSETHESERVICESARERELATIVELYSIMPLEONTHEDEMANDSID
14、E,LOWERTRANSACTIONCOSTSANDGREATERINFORMATIONTRANSPARENCYMEANSMOREINCENTIVESFORCUSTOMERSTOJOINTHESERVICEONTHESUPPLYSIDE,RELATIVELOWENTRYBARRIERSPUSHTHEINCUMBENTFIRMSTOMOVETOTHEONLINESERVICESQUICKLYOTHERWISE,THEINCUMBENTFIRMSWILLFACEMARKETSHAREEROSIONINTHECASEOFSLOWGROWTHINEMONEYSERVICE,INVESTMENTBANK
15、INGSERVICEANDOTHERMORECOMPLICATEDFINANCIALSERVICES,ENTRYBARRIERSAREHIGHERINVESTMENTBANKING,INCONVENIENTCOMPLICATEDFINANCIALSERVICE,ANDINSECUREEPAYMENTSERVICETHEREFORE,THESESEGMENTSSHOWSLUGGISHGROWTHACCORDINGTOTHESECONDTHEORY,THEFASTGROWTHOFBROKERAGESHOWSTHATTHEFIRSTMOVERBENEFITSTREMENDOUSLYFIRSTMOVE
16、RWILLBEABLETOGRABALARGECHUNKOFCUSTOMERSEVENTHOUGHPROFITMARGINMIGHTERODEINTHESHORTTERM,THELARGEVOLUMEFROMLARGEMARKETSHAREWILLBEMORETHANENOUGHTOCOMPENSATETHEMARGINLOSSFROMPROFITMAXIMIZATIONPOINTOFVIEW,BROKERAGEFIRMSWILLBEABLETOIDENTIFYTHETRENDSANDMOVEQUICKLYHOWEVER,OTHEREFINANCIALSERVICESARENOTABLETOS
17、HOWTHEFASTGROWTHOBSERVEDINTHEBROKERAGEHOUSEASEFINANCEGROWS,MANYINTERRELATEDISSUESEMERGEITSHOWSTHATECONOMICINTEGRATIONWITHINANDACROSSCOUNTRIES,DEREGULATION,ADVANCESINTELECOMMUNICATIONS,ANDTHEGROWTHOFTHEINTERNETANDWIRELESSCOMMUNICATIONTECHNOLOGIESAREDRAMATICALLYCHANGINGTHESTRUCTUREANDNATUREOFFINANCIAL
18、SERVICESINTERNETANDRELATEDTECHNOLOGIESAREMORETHANJUSTNEWDISTRIBUTIONCHANNEL,THEYAREALSODIFFERENTWAYSOFPROVIDINGFINANCIALSERVICESTHERELATEDISSUESTOEFINANCEARE1SAFETYANDSOUNDNESSAOVERTHELONGRUN,THEREMAYBELESSNEEDFORAFINANCIALSECTORSAFETYNET,INCLUDINGPRUDENTIALREGULATIONANDSUPERVISIONOFBANKSBAUTHORITIE
19、SSHOULDBEWARYOFEXTENDINGGUARANTEESTONEWDEPOSITSUBSTITUTES,ASTHEMORALHAZARDIMPLICATIONSCOULDBESUBSTANTIALCOVERTHESHORTRUN,AUTHORITIESCOULDREQUIRENONFINANCIALCORPORATIONSTOPROVIDEPAYMENTSERVICESTHROUGHBANKSUBSIDIARIESOVERTHELONGRUN,AUTHORITIESMAYWANTTOCONSIDERSEPARATINGPAYMENTFROMOTHERCREDITSERVICESAN
20、DALLOWFREERENTRYINPAYMENTSERVICESDEFINANCEWILLLOWERTHEFRANCHISEVALUEOFINCUMBENTINSTITUTIONS2COMPETITIONPOLICYAFREERTRADEINFINANCIALSERVICESBDEFININGMARKETSCMOREECONOMIESOFSCALEDCOMPETITIONPOLICYWILLREQUIRETHATAUTHORITIESSIMULTANEOUSLYDEFINETECHNOLOGYANDINFORMATIONPOLICYECOMPETITIONPOLICYFORFINANCIAL
21、SERVICESWILLINCREASINGLYNEEDTOBEHARMONIZEDWORLDWIDE3GLOBALPUBLICPOLICYALIMITSONCROSSBORDERFINANCIALSERVICESWILLBECOMECOSTLIERANDMOREDISTORTINGASTHEINTERNETEXPANDSITSREACH,THELOCATIONOFPROVIDERSBECOMESMOREDIFFICULTTOPINPOINT,SOLICITATIONHARDERTODEFINEBASEFINANCEEXPANDS,LESSINFORMEDCONSUMERSWILLGAINAC
22、CESSTOMARKETS,RAISINGISSUESFORCROSSBORDERINVESTORPROTECTIONANDTRANSPARENCYCACCESSOFNEWTRADINGSYSTEMSTOCONTINGENTFINANCINGISALSOUNCLEAR,ESPECIALLYONAGLOBALBASIS4IMPACTONDEVELOPINGCOUNTRIESADIFFERENTENTRYBARRIERSINDEVELOPINGCOUNTRIESPOSEDIFFERENTCHALLENGESFOREFINANCIALFIRMSBEFINANCEWILLOFFERFEWERCHOIC
23、ESTOECONOMIESWITHPOORLYCAPITALIZEDBANKINGSYSTEMS,WEAKREGULATIONS,ANDEXTENSIVEGUARANTEESONLIABILITIESCEFINANCEWILLREQUIREAREASSESSMENTOFTHEAPPROACHTOFINANCIALSECTORDEVELOPMENTDEFINANCEOFFERSOPPORTUNITIESTOQUICKLYWIDENACCESSTOANDIMPROVEFINANCIALSERVICESWEBELIEVETHATEFINANCEWILLGROWINANYHIGHAGENCYCOSTI
24、NDUSTRIESWITHLOWENTRYBARRIERINTHOSEINDUSTRIES,FIRSTMOVERITWILLHAVEGREATERADVANTAGESOVERFOLLOWERSMOREIMPORTANTLY,LOWERBARRIERSMEANTHATINCUMBENTFACEGREATERCHALLENGESFROMNEWCOMERSIFTHEYDONOTMOVEFIRSTTHISCREATESINCENTIVESFORINCUMBENTFIRMSTOMOVEAHEADBROKERAGEANDTRADINGSYSTEMSWILLFURTHERTHECURRENTDEVELOPM
25、ENTANDATTRACTMORECUSTOMERSATGREATERREACHFUTUREMODELSINBANKINGSYSTEMSMIGHTINCLUDEAAUNIVERSALBANKTHATBUNDLESABROADRANGEOFFINANCIALPRODUCTSANDSERVICESUNDERONEROOFFORABROADRANGEOFCUSTOMERSBANINSTITUTIONTHATFOCUSESONTHEBROADFINANCIALANDNONFINANCIALNEEDSOFANARROWSEGMENTOFTHEMARKETCTHEYTHATUSESTECHNOLOGYTO
26、INTEGRATEFINANCIALSERVICESFROMAVARIETYOFSPECIALIZEDPROVIDERSDATRADITIONAL,FINANCIALINSTITUTION,WHICHFOCUSESONALIMITEDNUMBEROFFINANCIALPRODUCTSPILLAR2001ARGUEDTHATASECOMMERCEGREW,MORELEGALMEASURESWOULDBEMATURETOACCOMMODATETHEGROWTHINEFINANCETHEYSHOWEDTHATTHEREWERETWOTRENDSGOINGONATTHESAMETIMEFIRST,TE
27、CHNOLOGYISESCALATINGATANASTOUNDINGPACESECONDLY,THEWORLDMARKETHASBEENTIEMUCHMORECLOSELYTHANEVERTHESETWOTRENDSPUTMOREPRESSUREONFIRMSDECISIONMAKINGPROCESSANDINCREASETHECHANCEFORFIRMSTOTAKEAWRONGGROWTHPATHTHESETWOTRENDSALSOMOTIVATEFINANCIALSERVICEFIRMSTOGOABROAD,WHICHHAVEBEENMOREANDMORECOMMONPLACEINTHER
28、ECENTDEVELOPMENTSHOWEVER,PILLARLISTEDTHREEBARRIERSTHATFIRMSHADTOFACEGOVERNMENTAL,LEGAL,ANDECONOMICGOVERNMENTALBARRIERSRESULTFROMENACTMENTOFREGULATIONANDLAWSTARGETEDATTHEFINANCIALSERVICESINDUSTRYTHESECANBEMINIMUMCAPITALINVESTMENTREQUIREMENTS,RESTRICTIONSONBUSINESSACTIVITIES,ANDDISCLOSUREANDREPORTINGR
29、EQUIREMENTSSOMEBARRIERSCANBEARESULTFROMLACKOFREGULATIONINCOUNTRIESWITHOUTSOPHISTICATEDLEGALINFRASTRUCTURETHISMAYCREATEUNCERTAINTYREGARDINGENFORCEABILITYOFCONTRACTSORELECTRONICSIGNATURES,INADEQUATEINTELLECTUALPROPERTYPROTECTION,ANDCONCERNSOVERPRIVACYANDSECURITYECONOMICBARRIERSARETHOSETHATWILLBRINGECO
30、NOMICCOSTSWHENFINANCIALSERVICESFIRMSTRYTOCOMPLETETRANSACTIONSACROSSBORDERSAGOODEXAMPLEWILLBETHE“COSTOFMARKETACCESS”,ORTHEAGGREGATECOSTOFCONSTRUCTINGTHETECHNICALINFRASTRUCTURETOENABLEINFORMATIONTECHNOLOGYCOMPONENTSTOBEEFFECTIVELYUTILIZEDTHESEWOULDINCLUDELEGALANDREGULATORYCOSTSANOTHERAREATHATMANYEFINA
31、NCEREVIEWSNEGLECTISTHATTHEINTERNETFINANCIALSERVICESWILLALSOBRINGINEFFICIENCIESTOTHEFINANCIALMARKETBARBERSHOWSTHATEVENTHOUGHECNSBRINGMORELIQUIDITY,MOREINFORMATION,ANDMOREPRICETRANSPARENCYTOTHEINVESTORS,ITISNOTTRUETHATMOREINFORMATIONWILLLEADTOAMOREEFFICIENTMARKETASMOREANDMOREUNEDUCATEDINVESTORSCOMEINT
32、OTHEMARKET,IRRATIONALBEHAVIOROCCURSINTHEMARKETSOMETIMES,SUCHIRRATIONALACTIVITIESCANLASTAFAIRLYLONGPERIODOFTIMEBEFOREAMOREREASONABLENEWEQUILIBRIUMISESTABLISHEDADVANCEMENTINBEHAVIORALFINANCEHASSHOWNMUCHEVIDENCETHATINVESTORSBEHAVE“IRRATIONALLY”MOREINFORMATIONMIGHTLEADTOANILLUSIONOFKNOWLEDGEANOTHEREFFEC
33、TFROMILLUSIONOFKNOWLEDGEMIGHTLEADTOINVESTORSOVERCONFIDENCEABOUTTHEIRSKILLS,JUDGMENTANDSOMETIMESBOTHEVIDENCESHOWSTHATTHOSEINVESTORSTURNOVERPOSITIONSMOREQUICKLY,BORROWONMARGINMOREAGGRESSIVELY,ANDCREATEAMOREVOLATILESTOCKMARKETBARBERALSOSHOWTHATTHECURRENTMOVEMENTANDENCOURAGEMENTOFONLINETRADINGISACTUALLY
34、HAZARDOUSTOINVESTORSWEALTHTHEYFOUNDTHATFROMTHESAMPLEOFONLINEACCOUNTSDURING1991TO1996,THEMOSTFREQUENTTRADEACCOUNTSEARNEDAN114RETURNSVERSUSTHEMARKETRETURNS179THEAVERAGEONLINEACCOUNTEARNEDANANNUAL164,WITHCOMMONSTOCKPORTFOLIOTIEDTOWARDSHIGHBETASTOCKSTHEEVIDENCESHOWEDTHATANEFINANCIALSERVICEINONLINETRADIN
35、GWASADVERSARIALTOINVESTORSWEALTHTHEREASONFORDISAPPOINTINGRESULTSMAYBEMANYFOLDSBUTITDOESSHOWTHATEFINANCIALSERVICESMAYEMPOWERSOMETHINGTHATTRADITIONALFINANCIALSERVICESAREAVOIDINGMARKETINEFFICIENCYFROMINFORMATIONOVERLOADMAYBEMORESERIOUSTHANWETHINKLAMONTANDTHALES2001SHOWSTHATTHEMARKETMISPRICESTECHNOLOGYS
36、TOCKCARVEOUTSINTHERECENTYEARSTHEOBVIOUSEXAMPLEISTHE3COMCARVEOUT,WHICHWILLGIVEOLD3COMSHAREHOLDERSWITH15NEWSHARESOFTHENEWLYESTABLISHEDENTITYINTERESTINGLY,THEMARKETPRICEDTHENEWENTITYWITHABOUT60/SHAREANDAMID40SFORTHEPARENTCOMPANYTHEONLYPOSSIBILITYFORTHATTOOCCURISTHAT3COMHASANEGATIVEWORTHBUTBYCHECKINGFUR
37、THERWITH3COMSFINANCIALSTRENGTH,THECOMPANYOBVIOUSLYHASMORETHAN300MILLIONPOSITIVECASHFLOWSTHESEEMINGLYAPPARENTMISPRICINGLASTEDFOR3MONTHSWITHALLTHENECESSARYINFORMATIONAVAILABLETOINVESTORSANOTHERINTERESTINGASPECTOFONLINETRADINGISTHATITMIGHTCREATEACLIENTELEEFFECTBARBERSHOWTHATMOREWEALTHYYOUNGINVESTORSARE
38、MORELIKELYTOSWITCHTOONLINETRADINGMENTRADEMORETHANTHEIRWOMENCOUNTERPARTSTHEIRSTUDIESSHOWTHATEFINANCEGROWTHDOESRESHAPETHEWAYOFTHINKINGANDBEHAVINGFROMALLWALKSOFLIVES,ESPECIALLYTOTHOSEWHOFEELSELFCOMPETENCEANDFEELSELFCONTROLVALUABLEFUTUREPAYMENTSYSTEMSFRAMEWORKMIGHTINCLUDEACOMPLEXSYSTEMASILLUSTRATEDINMAN
39、TEL2001FEDERALRESERVEBANKSCENTRALBANKSWILLNEEDTOWORKMORECLOSELYWITHEACHOTHERAROUNDTHEWORLD,ASMOREGLOBALIZATIONINTRADINGSYSTEMSANDEXCHANGESOCCURACROSSCOUNTRIESSUPERVISORYWORKOFTHECENTRALBANKSNEEDSMORECOOPERATION,ANDCOORDINATIONLEGALRULESNEEDTOBECRAFTEDMORECAREFULLYFORJURISDICTIONDOMAINWHENCROSSBORDER
40、TRANSACTIONSOCCURINTHEMEANTIME,WITHINTHEUNITEDSTATES,BOTHBENEFITSANDCOSTSARETOBEEVALUATEDFROMTHERECENTINNOVATIONOFEFINANCEMUCHEVIDENCEISNEEDEDTOSHOWTHEPERVASIVECHANGESINTHEMARKETMOREIMPORTANTLY,INVESTORSSHOULDHAVEMOREEDUCATIONABOUTRISKSINVOLVEDINEFINANCEBECAUSEEFINANCEDOESNOTONLYRELATETOSOMEFIELDS,B
41、UTTOMANY,THEFUTUREGROWTHOFEFINANCECANTDEPENDONONEORTWORELATEDAREASTOGROW,BUTTOALLTHERELATEDDEVELOPMENTOFAREASSOURCEYONGHKIM2001,“EFINANCECURRENTDEVELOPMENTS,ISSUES,IMPACTS,ANDFUTURE”LECTURENOTESONTREASURYMANAGEMENT,UNIVERSITYOFCINCINNATEDWARDELGARPUBLISHING,PP262271译文电子商务的发展现状、问题、影响和未来随着互联网发展范围的不断扩大
42、，电子金融也开始相应地发展。作为电子商务的一部分，电子金融有其自身独有的特点。一方面，互联网提供电子金融诸多方便，它价格透明，并且能更广泛地获取信息，同时还能降低成本；另一方面，金融服务是数据密集型，而且一般不需要物理交付产品。这两个方面的完美组合是它的独特优势，能帮助电子金融服务的增长速度比其他电子商务领域快的多。互联网对传统金融服务的影响可分为价格透明度，差别定价，以及旁路和利用率。由于没有电子金融的广泛接受的定义，我们初步确定电子金融作为提供金融服务，融资网上银行，经纪，付款，抵押贷款和其他贷款，保险及相关服务在通过互联网或其它公共网络。佐藤，霍金斯（2001）指出电子金融的最新发展。对
43、金融服务的增长预计将超过一万亿美元。据估计，电子金融的收入也将超过三年前，而且金额在两倍以上。然而，并非所有部门的金融服务都有这样相同的增长速度。如今，网上银行，电子付款，人寿保险，银行和投资银行领域，他们并没有像它那样如此惊人的增长速度。其中互联网络算是成长较快的。而网上银行的增长稍微慢一点点。电子付款，人寿保险，及网上银行却几乎看不到任何的增长。然而，一些简单的金融服务产品在未来几年还是有一定的增长潜力的。它们包括网上信用卡，抵押贷款，学生贷款，汽车贷款和租赁，如汽车保险，旅游保险，保险和住房产权简单的保险产品。从国际角度来看，电子金融的增长，在美国和欧洲是最快的。亚太地区的增长速度差不多
44、。在日本，新加坡等国家的带领下，该地区其他国家也渐渐有了增长的趋势。美国和欧洲的电子金融，他们表现出不同的特点。美国电子金融在很大程度上是基于PC的。这是由于对个人电脑的普。然而，在欧洲，由于个人电脑和移动电话的渗透，他们已经有了相当不错的市场。这并不奇怪，因为欧洲有诺基亚和爱立信等手机领导者。欧洲国家通常采用的WAP（无线应用协议）技术，通过手机上网，允许银行和经纪业务。这种类型的银行也被称为“马提尼银行”“任何时候，任何地方的任何接入设备”。据曼特尔（2001年），第一个是产品扩散理论。建立在新产品扩散理论，一些研究举一个在电子金融发展道路上的障碍路径清单。在需求方面，有研究指出顾客具有惰
45、性，缺乏激励机制，以及客户对更改的障碍缺乏创新意识。在供应方面，有研究指出，缺乏明确的标准，其中在职人员激励不足，以及网络外部性的存在。该理论认为，一个隐含的电子金融创新的重要部分是清楚的替代品，通过现有的服务和单独或合作将导致在位企业广泛接受额外的工作。一个关于电子金融竞争现象的理论，称为新的市场发展。该理论认为，更广泛的结构改革正在进行中，由技术驱动的，而这些变化是银行业和商业之间模糊的线条。虽然这是自然的，也是对现有企业进行试验的关键，这个理论认为，创新改进，往往会释放出可能无法找到在短期或中期有价值。一些观察家认为，可能在这些行业中在位企业不理解他们的市场或没有充分投资于未来。然而，研
46、究人员发现，原有的企业利润最大化为纯粹的原因，可能不希望选择自己作为创新的先锋，让不同专长的其他公司这样做。换言之，这些企业没有看到“先行者”的好处。对上述理论都可以说明为什么某些环节更倾向于快速增长，以及其他一些领域将增长缓慢得多。第一种理论将表明，经纪服务将更加容易搬到网上，因为服务都比较简单。在需求方面，降低交易成本和增加信息透明度，意味着更多的优惠措施，鼓励客户加入该服务。在供应方面，相对较低的进入壁垒，现任公司推移动迅速的在线服务。否则，在位企业将面临市场份额的下降。在增长缓慢的情况下薄的电子货币服务，投资银行服务和其他更复杂的金融服务，进入壁垒较高（投资银行），不方便（复杂的金融服
47、务），不安全（电子支付服务）。因此，这些片段显示增长乏力。根据第二个理论，券商的快速增长表明，巨大的先发优势。先行者将能够抢到客户大块。尽管利润率可能会削弱在短期内，从大的市场份额大容量将超过保证金不足以赔偿损失。从利润最大化的角度来看，经纪公司将能够识别的趋势和迅速采取行动。不过，其他电子金融服务不能够显示快速增长的经纪行观察。随着电子金融的发展，许多相互关联的问题出现。它显示了在与不同国家，放松管制，电信的进步，经济一体化，以及互联网和无线通信技术的发展正在显着地改变结构和金融服务的性质。互联网及其相关技术不仅仅是新的分销渠道，他们也提供金融服务的不同方式。电子金融相关的问题是1、安全性和
48、稳健性A从长远而言，有可能不太需要金融部门的安全网，包括审慎监管和银行监管。B）当局应扩大新的存款担保，以替代旧的形式，因为道德风险影响可能是巨大的。C）在短期内，当局可能需要向非金融企业通过银行附属公司提供支付服务。从长远来看，当局可能需要考虑其他信贷业务分开，并允许自由付款付款服务项目。D）电子金融将降低现任机构的特许权价值。2、竞争政策。A）更自由的贸易金融服务。B）界定市场。C）规模更大的经济体。D）竞争政策，同时要求当局确定技术和信息的政策。E）对金融服务的政策，竞争将越来越需要全球范围内的协调。3、全球公共政策。A）对跨境金融服务限制将变得更昂贵，更扭曲随着互联网扩大其覆盖面对供应
49、商的位置变得更加难以确定，招标很难界定。B）电子金融的扩展，少数知情的消费者将获得市场准入，提高跨境投资者的保障和透明度问题。C）新的交易系统，特别是在全球基础上的融资队伍访问也不是很清楚。4、对发展中国家的影响。A）在发展中国家不同的进入壁垒构成电子金融公司不同的挑战。B）电子财政将提供更少的选择，以经济不佳的银行系统的资本，弱法规，并在广泛的担保责任。C）电子财政将需要对金融部门的发展方式进行重新评估。D）电子金融的机会，迅速扩大利用和改进金融服务。他们认为，随着电子商务的日益发展，法律政策与措施也应该随之成熟和完善依赖，以适应电子金融的发展。同时指出，有技术和世界市场这两个趋势将在同一时间共同向前迈进。首先，技术正在以惊人的速度不断升级。其次，世界市场的配合比以往任何时候都更加密切。这两种趋势的加入使得他们在公司的决策过程施加很大的压力，为了增加企业的机会却采取了错误的成长之路。这两个趋势同时也推动了金融服务企业走出国门，最近的事态发展也说明他们在国外的范围日渐增加。然而，企业上市的三大障碍还是不得不面对的政府，法律和经济。政府障碍，导致在监管和金融服务行业有针对性的立法上。这些可以投资的最低资本要求，对商业活动和信息披露以及报告要求有一定的限制。一些障碍可能是来自于国家缺乏监管加上繁杂的法律基础设施而最终导致这样的结果。这可能会造成有关的合同或电子
