余额宝的收益风险分析

发布时间：2018-04-20 15:37

本文选题：余额宝 + 货币市场基金　；参考：《暨南大学》2014年硕士论文

【摘要】：近年来，互联网与保险、基金等金融产品的结合越来越紧密，带有互联网特点的相关金融产品如雨后春笋般涌现，其中规模较大民众较为所知的就包括支付结算类中的“支付宝”、融资类中的“阿里小贷”、投资理财类的“余额宝”、保险类的“众乐宝”等等。公开透明的互联网能够使得信息的获取更为便捷，可以降低信息不对称，不仅方便快捷同时还可以减少交易成本，这自然导致与互联网结合的金融产品更具有普惠属性，这对于推动金融体系的人性化、平民化和扩大化、实现普惠金融具有重要意义。同时与别的新鲜事物一样，互联网类金融产品发展与完善的道路也是遍布荆棘：监管真空、计算机技术风险、信用信息交换困难、民众的不了解等问题也使得这类金融产品具有比传统的金融产品高得多的风险。基于此，本文选取用户数量最多的“余额宝”为研究案例，试图通过分析这个案例来挖掘其对我国未来金融业发展的启示与意义。通过收集整理相关资料，本文首先对“余额宝”这个产品的主体架构和资金流向进行介绍，，进而归纳出其实质是天弘“增利宝”货币基金的网络直销前台。然后，结合支付宝公司的内部因素和我国的监管与客户需求的外部环境对“余额宝”产生的原因进行分析，得出“余额宝”的产生有其一定的客观性和必然性。然后分析“余额宝”在短时期内获得广泛关注并迅速成长的原因，随后，本文基于收集到的“余额宝”与天弘“增利宝”的相关数据，进一步分析了“余额宝”的收益风险特征以及影响其收益与风险的主要因素，并基于此分析结果的基础上，预测未来“余额宝”的发展趋势。最后，本文综合上述分析结果，得到了“互联网是未来金融业的一个发展方向”等启示，并据此提出相应的对策建议。
[Abstract]:In recent years, the combination of the Internet with insurance, funds and other financial products has become more and more close, and related financial products with the characteristics of the Internet have sprung up. Among them, the larger people know more about Alipay in payment and settlement, Ali small loan in financing, Yu'e Bao in investment and finance, and so on. An open and transparent Internet can make access to information more convenient, reduce information asymmetry, and reduce transaction costs as well as convenience, which naturally leads to a more inclusive nature of financial products combined with the Internet. This is of great significance to the promotion of humanization, popularisation and expansion of the financial system and the realization of inclusive finance. At the same time, as with other new things, the path to the development and improvement of Internet financial products is also full of thorns: regulatory vacuum, computer technology risks, difficulty in exchanging credit information, Problems such as lack of public understanding also make such financial products much riskier than traditional financial products. Based on this, this paper selects Yu'e Bao, which has the largest number of users, as a case study, and tries to analyze this case to explore its enlightenment and significance to the future development of financial industry in China. Through collecting and sorting out relevant information, this paper first introduces the main structure and capital flow of Yu'e Bao, and then concludes that its essence is the network direct selling foreground of Tianhong's "Zenglibao" money fund. Then, combined with the internal factors of Alipay Company and the external environment of our country's supervision and customer demand, this paper analyzes the causes of "Yu'e Bao", and concludes that "Yu'e Bao" has its objectivity and inevitability. Then it analyzes the reasons why Yu'e Bao has gained wide attention and grown rapidly in a short period of time, and then, based on the collected data of Yu'e Bao and Tianhong's Zenglibao, This paper further analyzes the characteristics of the profit risk of Yu'e Bao and the main factors influencing its income and risk, and forecasts the development trend of Yu'e Bao in the future on the basis of the results of the analysis. Finally, this paper synthesizes the above analysis result, obtains "the Internet is a future financial industry development direction" and so on enlightenment, and puts forward the corresponding countermeasure suggestion accordingly.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F724.6;F832.2

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