互联网货币基金理财产品对储蓄存款的影响研究

发布时间：2018-06-03 18:37

本文选题：互联网货币基金理财产品 + 余额宝　；参考：《贵州财经大学》2016年硕士论文

【摘要】：2013年6月,阿里巴巴公司推出余额宝业务,首次将互联网与货币市场基金相结合,推出了具有创新特性的互联网货币基金理财产品,这标志着互联网金融的进一步发展。余额宝作为创新型互联网货币基金理财产品的开端,其本质是在阿里巴巴的支付宝平台上,内嵌基金公司的货币市场基金,人们将资金转入余额宝即为购买了货币市场基金。仅仅半年的时间,余额宝的资金量就达到了4000亿元的规模,为用户累计发放收益17.9亿元,客户数达到了4303万,由于以余额宝为代表的互联网货币基金理财产品投资门槛低,收益高,风险相对较小,利用“长尾效应”,吸引了许多中小客户进行投资,获得了大量的资金融通。而我国是以银行类金融机构为主的国家,且银行的传统收益模式就是存贷利差收益,以余额宝为代表的互联网货币基金理财产品的出现,对银行的存款造成了一定的影响,进而影响银行的利润。本文基于以上背景,通过案例分析的方法研究以余额宝为代表的互联网货币基金理财产品对商业银行储蓄存款的影响。首先是以余额宝为案例,分析国内互联网货币基金理财产品对储蓄存款的影响。从趋势变动、收益性及风险性三个方面对余额宝和储蓄存款进行描述性统计,趋势变动主要是从余额宝等互联网货币基金理财产品出现后,银行储蓄存款的变动趋势和增长量两个角度进行分析,收益性和风险性分析则是以余额宝为例,比较余额宝与银行储蓄存款的收益和风险,从中找出二者的优缺点,分析影响。在描述性统计的基础上,本文选取储蓄存款额、余额宝收益率、利率及居民消费价格指数、股指收益率五个变量,通过时间序列平稳性检验及逐步回归法消除不符合条件的变量,最终以储蓄存款额为因变量,以余额宝收益率、居民消费价格指数为自变量,作多元回归分析,构建误差修正模型。经实证分析,以余额宝为代表的互联网货币基金理财产品对商业银行储蓄存款具有一定影响,但从系数上来看,储蓄存款与余额宝收益率的相关关系偏弱,故影响很小。其次,以美国Paypal货币基金为案例,分析国外互联网货币基金理财产品对储蓄存款的影响,在此基础上,对比分析国内余额宝案例,总结案例启示。最后,在互联网货币基金理财产品发展的背景下,对商业银行的发展提出应对策略。
[Abstract]:In June 2013, Alibaba launched Yu'e Bao, which for the first time combined the Internet with money market funds and introduced innovative Internet money fund wealth management products, which marked the further development of Internet finance. Yu'e Bao is the beginning of innovative Internet money fund financial products, its essence is in the Alibaba Alipay platform, embedded in the fund company's money market fund, people transferred funds to Yu'e Bao is to buy the money market funds. In just half a year, the capital of Yu'e Bao has reached the scale of 400 billion yuan, with a cumulative income of 1.79 billion yuan for the users, and the number of customers has reached 43.03 million. As a result of the low investment threshold of the financial products of the Internet money fund represented by Yu'e Bao, The profit is high, the risk is relatively small, the use of "long tail effect", attracted many small and medium-sized customers to invest, obtained a large amount of capital financing. China is a country dominated by banking financial institutions, and the traditional income pattern of banks is the interest rate difference between deposit and loan. The emergence of Internet money fund financial products, represented by Yu'e Bao, has a certain impact on bank deposits. This in turn affects the profits of banks. Based on the above background, this paper studies the influence of Internet money fund financial products, represented by Yu'e Bao, on the savings deposits of commercial banks through the method of case study. First of all, taking Yu'e Bao as an example, this paper analyzes the influence of domestic internet money fund financial products on savings deposits. This paper makes descriptive statistics on Yu'e Bao and savings deposits from the three aspects of trend change, profitability and risk. The trend change is mainly from the appearance of Yu'e Bao and other Internet money fund financial management products. The change trend and growth of bank savings deposits are analyzed from two angles. The profit and risk analysis is taking Yu'e Bao as an example to compare the income and risk between Yu'e Bao and bank savings deposits, and find out their advantages and disadvantages and analyze the influence. On the basis of descriptive statistics, this paper selects five variables: deposit amount, Yu'e Bao yield, interest rate and consumer price index, stock index yield. By using time series stability test and stepwise regression method to eliminate the unqualified variables, finally taking the deposit amount as the dependent variable, the Yu'e Bao rate of return and the consumer price index as independent variables, the multivariate regression analysis is made. The error correction model is constructed. Through empirical analysis, the financial products of Internet money fund, represented by Yu'e Bao, have a certain influence on savings deposits in commercial banks, but from the perspective of coefficient, the correlation between savings deposits and Yu'e Bao's rate of return is weak, so the influence is very small. Secondly, taking the Paypal monetary fund of the United States as a case, this paper analyzes the influence of foreign Internet money fund financial products on the savings deposit, and on this basis, compares and analyzes the domestic Yu'e Bao case, and summarizes the enlightenment of the case. Finally, under the background of the development of internet money fund financial products, the paper puts forward some countermeasures to the development of commercial banks.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F724.6;F832.2

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