互聯(lián)網(wǎng)金融外文翻譯--銀行業(yè)是必要的，而銀行不是互聯(lián)網(wǎng)時(shí)代的金融中介機(jī)構(gòu)的未來(lái)（節(jié)選）

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

56、<p>　　本文探討了互聯(lián)網(wǎng)時(shí)代下金融機(jī)構(gòu)和銀行作為特殊的金融機(jī)構(gòu)的未來(lái)可能是怎樣的問(wèn)題。由于互聯(lián)網(wǎng)而導(dǎo)致的交易費(fèi)用的減少會(huì)降低進(jìn)入金融產(chǎn)品市場(chǎng)的壁壘，因?yàn)橛锌赡懿辉傩枰\(yùn)行成本密集型的分支的大型系統(tǒng)。但是，對(duì)金融機(jī)構(gòu)的職能研究表明，不是每個(gè)人都可以銷(xiāo)售和經(jīng)銷(xiāo)金融產(chǎn)品。這是真的，因?yàn)榻鹑跇I(yè)務(wù)中的信息不對(duì)稱(chēng)問(wèn)題需要一個(gè)擁有良好信譽(yù)的中介，也因?yàn)樾枰拗拼笮唾Y本基金轉(zhuǎn)換資產(chǎn)的風(fēng)險(xiǎn)。這兩個(gè)要求變現(xiàn)了進(jìn)入金融中介市場(chǎng)的重要壁壘。并

57、不是每一個(gè)金融產(chǎn)品會(huì)因?yàn)榛ヂ?lián)網(wǎng)的崛起而將面臨更多的競(jìng)爭(zhēng)，只有那些標(biāo)準(zhǔn)化和低風(fēng)險(xiǎn)的產(chǎn)品。此外，那些擁有可觀資本和良好聲譽(yù)的大公司可能被視為銀行的新競(jìng)爭(zhēng)者。</p><p>　　關(guān)鍵字：銀行業(yè)，銀行，金融機(jī)構(gòu)，互聯(lián)網(wǎng)</p><p><b>　　引言</b></p><p>　　“銀行業(yè)是19世紀(jì)的鋼鐵行業(yè)。”當(dāng)談到關(guān)于新的信息技術(shù)對(duì)銀行的影響的談

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

59、的交易成本情況下，商業(yè)和競(jìng)爭(zhēng)將如何變化？本文考察了互聯(lián)網(wǎng)的成功對(duì)金融機(jī)構(gòu)和銀行的影響。</p><p><b>　　金融機(jī)構(gòu)的發(fā)展</b></p><p>　　幾個(gè)世紀(jì)以來(lái)，許多金融交易需要個(gè)人的存在。隨著現(xiàn)代信息技術(shù)的發(fā)展，這些都被改變了。如今，客戶(hù)可以在不進(jìn)入當(dāng)?shù)胤种сy行的情況下進(jìn)行任何金融交易。轉(zhuǎn)移支付和支付賬單可以通過(guò)網(wǎng)絡(luò)進(jìn)行，個(gè)人金融交易以及關(guān)于金融問(wèn)題的信

60、息咨詢(xún)業(yè)可以通過(guò)網(wǎng)絡(luò)進(jìn)行。此外，互聯(lián)網(wǎng)創(chuàng)新類(lèi)似智能卡或者其他電子支付系統(tǒng)消除了為了得到一些現(xiàn)金而訪問(wèn)分支銀行的需要。</p><p>　　但是互聯(lián)網(wǎng)也會(huì)改變咨詢(xún)活動(dòng)：在許多情況下，它甚至可能減少個(gè)人存在的需要。許多金融機(jī)構(gòu)不僅通過(guò)網(wǎng)絡(luò)提供大量與客戶(hù)相關(guān)的信息，而且也推薦股票和其他投資機(jī)會(huì)?；ヂ?lián)網(wǎng)將使客戶(hù)擁有一個(gè)綜合的個(gè)人金融管理系統(tǒng)，而不需要銀行分支或者個(gè)人經(jīng)紀(jì)。</p><p>　　另一

61、個(gè)重要的業(yè)務(wù)是支付交易：目前，借記卡和信貸業(yè)務(wù)以及現(xiàn)金付款，主要是通過(guò)銀行和信用卡公司。因?yàn)殡娮觽鬏敱葌鹘y(tǒng)支付系統(tǒng)更加便宜、快捷和方便，它可能只是一個(gè)時(shí)間問(wèn)題，直到傳統(tǒng)付款計(jì)劃將完全被電子支付所取代。</p><p>　　相反這些發(fā)展，現(xiàn)代通信技術(shù)的興起也可能使金融中介機(jī)構(gòu)嫩鞏固提高顧客的個(gè)人聯(lián)系。在未來(lái)，顧問(wèn)在銀行的工作地點(diǎn)可能不是一個(gè)部門(mén)或者一個(gè)辦公室，而是在客戶(hù)的家里。</p><p&g

62、t;<b>　　金融中介機(jī)構(gòu)的職能</b></p><p>　　金融中介機(jī)構(gòu)的職能可以分為三類(lèi)：</p><p>　　⑴首先，他們幫助處理由于信息問(wèn)題而存在的問(wèn)題。</p><p>　　⑵作為第二功能，他們轉(zhuǎn)換資產(chǎn)的性質(zhì)，為他們的客戶(hù)提供流動(dòng)性。后者的功能主要由銀行提供。</p><p>　　⑶作為第三功能，金融中介機(jī)構(gòu)

63、發(fā)布金融產(chǎn)品和關(guān)于這些產(chǎn)品的信息。</p><p>　　這些功能現(xiàn)在應(yīng)當(dāng)再間斷的解釋。金融中介機(jī)構(gòu)最重要的功能源自于這樣一個(gè)事實(shí)，一個(gè)銀行可能無(wú)法找出回報(bào)最好和最佳的投資，無(wú)法估計(jì)債權(quán)人的償付能力。金融中介代理解決信息問(wèn)題的債務(wù)人,幫助找到最好的投資。一個(gè)中介也對(duì)第二個(gè)信息問(wèn)題有幫助：大多數(shù)投資需要大量的資金,大量的債務(wù)人將資助一個(gè)項(xiàng)目。</p><p>　　單一銀行可能無(wú)法監(jiān)控債權(quán)人的行

64、為,這樣他可能不確定貸款的債權(quán)人是否用在最好的用途以便他償還貸款。中介通過(guò)監(jiān)測(cè)債務(wù)人來(lái)充當(dāng)這些債權(quán)人的代理。這個(gè)論點(diǎn)表明他們是在給客戶(hù)節(jié)約交易成本，同時(shí)考慮規(guī)模經(jīng)濟(jì)，因此他們可以提供比單個(gè)投資者更便宜的金融服務(wù)。</p><p>　　金融機(jī)構(gòu)的第二個(gè)作用是他們轉(zhuǎn)換獲得的資產(chǎn)。他們將不同期限、大小和風(fēng)險(xiǎn)的資產(chǎn)進(jìn)行轉(zhuǎn)換。對(duì)于單個(gè)銀行或者借款人來(lái)說(shuō)，找到一個(gè)合適的需要貸款的伙伴將非常耗時(shí)。金融中介可以轉(zhuǎn)換期限和存款或貸

65、款池的大小。比如,他可以資助一個(gè)大的長(zhǎng)期貸款循環(huán)許多小的短期貸款。通過(guò)提供一個(gè)集中的市場(chǎng)，中介機(jī)構(gòu)支持銀行和借款人的匹配提供的所有類(lèi)型。中介來(lái)匹配的能力顯然不一致的類(lèi)型的合同有時(shí)被稱(chēng)為轉(zhuǎn)化效果。</p><p>　　金融中介機(jī)構(gòu)的第三個(gè)功能可以被描述為產(chǎn)品和關(guān)于這些產(chǎn)品的信息的分布。金融中介機(jī)構(gòu)提供服務(wù)的生產(chǎn)者的金融產(chǎn)品，分銷(xiāo)他們的產(chǎn)品，通知消費(fèi)者產(chǎn)品的存在和特征。</p><p>　　互

66、聯(lián)網(wǎng)下的金融中介機(jī)構(gòu)</p><p>　　4.1金融業(yè)務(wù)良好聲譽(yù)的必要性</p><p>　　互聯(lián)網(wǎng)最重要的一個(gè)特性是降低交易成本。這將導(dǎo)致市場(chǎng)的擴(kuò)張和勞動(dòng)力的分工。交流成本的減少將幫助金融中介機(jī)構(gòu)達(dá)成新的市場(chǎng)和客戶(hù)，不需要建立一個(gè)昂貴的分支網(wǎng)絡(luò)。此外，在互聯(lián)網(wǎng)的幫助下，從技術(shù)觀點(diǎn)來(lái)看是可能的，銀行和借款人都在電子平臺(tái)上因此資本供給和需求可以被匹配，而這可能都不需要傳統(tǒng)意義上的金融中介機(jī)構(gòu)

67、。這意味著計(jì)算機(jī)將是獲得貸款或儲(chǔ)蓄的唯一的工具?？紤]到金融中介機(jī)構(gòu)的功能上面所討論的,這個(gè)想法很不現(xiàn)實(shí)。不是每個(gè)人都能成為一個(gè)金融中介機(jī)構(gòu)。</p><p>　　但是怎么使借款人信任那些金融中介機(jī)構(gòu)呢？它可能聯(lián)合借款人欺騙出借人。這是一個(gè)由于信息不對(duì)稱(chēng)而存在的經(jīng)典的主要代理問(wèn)題。解決這個(gè)問(wèn)題的一個(gè)方法是信任:如果代理顯示出了良好的性能在過(guò)去,投資者愿意相信這個(gè)代理。金融中介的良好的聲譽(yù)將幫助他吸引新顧客,因?yàn)樾峦?/p>

68、資者確信他過(guò)去好的結(jié)果。</p><p>　　4.2大型基金的必要性</p><p>　　金融中介機(jī)構(gòu)的第二項(xiàng)職能包括哪些？如上所述,金融中介機(jī)構(gòu)幫助轉(zhuǎn)換資產(chǎn)的成熟、規(guī)模和風(fēng)險(xiǎn)。第一眼看去，因?yàn)闈撛诮杩钊撕唾J款人溝通成本的減少，互聯(lián)網(wǎng)將讓資產(chǎn)轉(zhuǎn)換變得更加便捷。通過(guò)互聯(lián)網(wǎng)，將更容易找到適當(dāng)?shù)膶で筚J款的合作伙伴，而借款人又有提供相當(dāng)規(guī)模和成熟度的貸款的意愿。正如上面的小節(jié)中解釋的那樣，中介機(jī)構(gòu)

69、的一個(gè)重要功能是，一個(gè)集中的市場(chǎng)供應(yīng)來(lái)緩解資本的供應(yīng)需求匹配了。這不是真正的轉(zhuǎn)換資產(chǎn)的風(fēng)險(xiǎn)。加入大型基金，金融中介機(jī)構(gòu)可以減少投資者的投資風(fēng)險(xiǎn)。如果銀行貸款給一個(gè)人,借款人未能償還貸款,貸款人將損失所有的錢(qián)。如果銀行未能償還貸款金融中介,中介不會(huì)破產(chǎn),因?yàn)檫@種貸款只占一小部分的資金。</p><p>　　正如以上所說(shuō)，做這樣的金融中介機(jī)構(gòu)需要一個(gè)很大的基金池。這種基金同時(shí)也需要保證客戶(hù)一定數(shù)量資金的流動(dòng)性。保持一

70、定量的必要性的資產(chǎn)無(wú)疑是一個(gè)障礙對(duì)新進(jìn)入者進(jìn)入市場(chǎng)金融服務(wù)?？紤]到這些因素,我們可以假設(shè)與金融交易的風(fēng)險(xiǎn)更大,需要更多的資金來(lái)減少這種風(fēng)險(xiǎn),或資產(chǎn)(這意味著較小的標(biāo)準(zhǔn)化</p><p>　　該資產(chǎn)的流動(dòng)性較差的市場(chǎng))新的競(jìng)爭(zhēng)對(duì)手的進(jìn)入可能會(huì)變得不太可能,因?yàn)椴⒉皇敲總€(gè)中介可以保持一個(gè)大型基金的資產(chǎn),以改變消費(fèi)者的風(fēng)險(xiǎn)資產(chǎn),并保證他們的流動(dòng)性。</p><p>　　4.3金融產(chǎn)品的分布<

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

72、介機(jī)構(gòu)的未來(lái)</b></p><p>　　考慮到金融中介機(jī)構(gòu)的功能，有一些關(guān)于金融中介機(jī)構(gòu)未來(lái)發(fā)展的注意事項(xiàng)。首先尚不清楚互聯(lián)網(wǎng)的興起會(huì)導(dǎo)致金融服務(wù)領(lǐng)域中介機(jī)構(gòu)的多或少。道德風(fēng)險(xiǎn)和信息不對(duì)稱(chēng)等問(wèn)題將不會(huì)完全被消除的互聯(lián)網(wǎng),所以,金融中介仍然是必要的。此外,市場(chǎng)的擴(kuò)展將通過(guò)互聯(lián)網(wǎng)將提供更多專(zhuān)業(yè)化的機(jī)會(huì),從而為金融中介機(jī)構(gòu)創(chuàng)造新的商業(yè)機(jī)會(huì)。市場(chǎng)的擴(kuò)大和交易成本的降低也會(huì)擴(kuò)大分工的數(shù)量,從而為中介機(jī)構(gòu)創(chuàng)造更