我国互联网金融对货币政策有效性影响研究

发布时间：2017-12-28 13:06

本文关键词：我国互联网金融对货币政策有效性影响研究　出处：《兰州财经大学》2016年硕士论文　论文类型：学位论文

【摘要】：近年来,互联网技术不断发展和普及,并开始与传统金融业务紧密结合,使我国出现了互联网金融这一新型金融模式。随着互联网金融的快速发展,其影响范围也在逐步扩大,对传统金融行业和货币政策的影响也日益突出。在金融市场化改革不断深化的背景下,结合目前我国互联网金融快速发展的形势,研究互联网金融对货币政策的影响这一问题具有现实意义。本文主要从货币政策传导机制和货币政策目标两个角度深入探析了互联网金融对货币政策有效性造成的影响。为了更好的完成该选题的研究目的,本文先具体介绍了互联网金融的发展模式及特点,例如典型的第三方支付,并对各模式的发展现状做了详细的介绍,总结了各类模式相对于传统金融的优势所在。然后从理论角度分析了互联网金融的发展对我国货币政策的传导机制和政策目标的影响。其中,传导渠道主要研究了银行信贷渠道、利率渠道、资产负债表渠道这三个方面。政策目标又具体分为中介目标和最终目标,在中介目标上选择货币供应量进行研究,在最终目标上选择物价稳定和经济增长两个方面进行研究,这部分主要是对互联网金融影响货币政策有效性的程度和方向做了初步的推测和分析。为了验证理论分析的结果,使研究更加准确、可靠,本文利用向量自回归模型进行计量分析,把互联网金融规模、金融机构人民币贷款额、国内生产总值等相关变量引入模型,选取了2006年第一季度到2015年第三季度的数据,实证研究了互联网金融对各变量的动态影响。本文研究发现,互联网金融增加了货币供应量,造成银行信贷量的波动进而减弱了信贷传导渠道的效果,短期内对利率传导渠道造成负面影响。针对研究结果,本文相应的提出几点建议,包括重新审视货币政策中介目标,注重利率传导机制的作用,把互联网金融纳入信贷传导渠道,加强对互联网金融的监管等。
[Abstract]:In recent years, Internet technology has been developing and popularizing, and has begun to integrate closely with traditional financial businesses, which has led to the emergence of a new financial mode of Internet Finance in China. With the rapid development of Internet finance, the scope of its impact is gradually expanding, and the influence on the traditional financial industry and monetary policy is also increasingly prominent. In the context of deepening financial market reform, combined with the rapid development of Internet Finance in China, it is of practical significance to study the impact of Internet Finance on monetary policy. This paper analyzes the influence of Internet Finance on the effectiveness of monetary policy from two aspects of monetary policy transmission mechanism and monetary policy goal. In order to complete the research purpose of this topic, this paper first introduces the development mode and characteristics of Internet banking, for example the third party payment, and the development status of each mode in detail, summarizes all kinds of pattern relative to traditional financial advantage in. Then it analyzes the influence of the development of Internet Finance on the transmission mechanism and policy objectives of China's monetary policy from a theoretical point of view. Among them, the channel mainly studies the three aspects of bank credit channels, interest rate channels, and balance sheet channels. The policy goal is divided into specific intermediate goals and final goals, the selection of the monetary supply volume of the intermediary target, the ultimate goal on the choice of two aspects of price stability and economic growth, this part is mainly on the Internet financial impact of the effectiveness of monetary policy and direction of speculation and preliminary analysis. In order to verify the results of theoretical analysis, make the research more accurate and reliable, this paper use vector autoregressive model for quantitative analysis, the Internet financial scale, financial institutions RMB loans, GDP and other related variables into the model, the first quarter of 2006 to the third quarter of 2015 data, empirical research on the financial impact of the Internet on the dynamic each variable. This study found that Internet finance increased the money supply, caused the fluctuation of bank credit volume, and weakened the effect of credit transmission channel. In the short run, it had a negative impact on interest rate transmission channel. According to the research results, this paper puts forward several suggestions, including re examining the intermediate targets of monetary policy, paying attention to the role of interest rate transmission mechanism, bringing Internet finance into credit transmission channel, and strengthening supervision over Internet finance.
【学位授予单位】：兰州财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F724.6;F832;F822.0

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