互联网金融对中国货币需求影响机理及实证研究

发布时间：2018-05-27 03:23

本文选题：互联网金融 + 金融创新　；参考：《广东财经大学》2015年硕士论文

【摘要】：作为金融创新的新形态,互联网金融以其金融服务大数据化、便捷高效化、低成本化、普惠化的特征影响着微观主体的资产配置选择行为,对居民企业货币需求产生一定影响;另一方面,鉴于货币需求稳定性在货币政策实施过程中基础性和战略性地位,中国货币需求稳定性一直是学者关注的热点。尤其是随着金融改革深化的金融创新愈渐成熟,关于金融创新对货币需求稳定性影响的讨论更是越来越多。然而,目前国内以互联网金融为金融创新变量,研究其对中国货币需求影响机理及实证分析的文献很少。因此,本文首先对互联网金融五大类型的运营模式、特征及其影响货币需求的方式和渠道进行定性分析,并对凯恩斯货币需求理论以及现代货币数量论进行扩展和数理推导,系统性阐述了互联网金融对货币需求的影响机理。然后选取2011年1月至2015年6月共54个月度数据,建立半参数广义线性可加模型和结构向量自回归模型,对加入了互联网金融变量的中国货币需求函数的稳定性、收入弹性等方面进行实证研究。研究发现,互联网金融通过线性及非线性混合决定机制对中国货币需求产生影响,且线性影响大于非线性影响。表现为互联网金融的发展增加了货币需求量,同时互联网金融对货币需求的弹性为减函数。另一方面,实证结果表明考虑了互联网金融的货币需求收入弹性呈减少的趋势。因此,互联网金融对货币需求稳定性产生了一定影响。本文从互联网金融对货币政策中间目标选择、货币需求计量准确性及风险控制等方面的影响提出了政策建议。
[Abstract]:As a new form of financial innovation, Internet finance has the characteristics of large data, convenient and high efficiency, low cost and inclusive of financial services, which affect the behavior of asset allocation and choice of micro-subjects, and have a certain impact on the monetary demand of resident enterprises. On the other hand, in view of the basic and strategic position of the stability of monetary demand in the implementation of monetary policy, the stability of monetary demand in China has always been the focus of attention of scholars. Especially, with the deepening of financial reform and financial innovation, there are more and more discussions about the influence of financial innovation on the stability of monetary demand. However, there are few literatures on the influence mechanism of Internet finance on Chinese monetary demand and empirical analysis. Therefore, this article first carries on the qualitative analysis to the Internet finance five kinds of operation pattern, the characteristic and the influence money demand way and the channel, and carries on the extension and the mathematical deduction to the Keynesian monetary demand theory and the modern money quantity theory. This paper systematically expounds the influence mechanism of internet finance on money demand. Then 54 monthly data from January 2011 to June 2015 are selected to establish a semi-parametric generalized linear additive model and a structural vector autoregressive model to stabilize the Chinese monetary demand function with Internet financial variables. Income elasticity and other aspects of empirical research. It is found that Internet finance influences China's monetary demand through linear and nonlinear mixed decision mechanisms, and the linear influence is greater than the nonlinear effect. The development of Internet finance increases the demand for money, and the elasticity of internet finance to the demand for money is a minus function. On the other hand, the empirical results show that the income elasticity of money demand is decreasing considering Internet finance. Therefore, Internet finance has a certain impact on the stability of money demand. This paper puts forward some policy suggestions on the influence of Internet finance on the intermediate target choice of monetary policy, the accuracy of monetary demand measurement and risk control.
【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F724.6;F832;F822.2

【参考文献】