余额宝市场风险及其对策研究

发布时间：2018-08-26 08:57

【摘要】：2013年6月17日,余额宝作为阿里巴巴旗下的互联网增值类产品正式上线,近些年用户规模及资金规模不断发展壮大,截至2016年余额宝以及相关APP的用户已经突破了8000万人,资金方面也超过了1800亿元。余额宝因高于银行同期存款利率的收益率、较低的投资门槛以及操作简单的特点受到广大公众喜爱,作为互联网货币基金产品的重要组成部分,余额宝集消费、投资等功能为一身吸引了广大客户群体,在我国实现了快速发展,对居民的生活、传统银行业和金融机构以及社会带来了巨大影响,并且在一定层面上推动了网络金融向纵深化趋势发展。但是,由于互联网金融及互联网货币基金在我国兴起的时间较短,在各方面还没有完善,因此还存在一些问题,这些问题的存为余额宝的发展带来了各种风险。其中,由于我国互联网货币基金市场不完善、投资渠道单一,超过80%以上的资金投资于协定存款等原因,导致余额宝等互联网货币基金产品会面对较大的市场风险。市场风险作为传统理财产品与互联网理财产品的共有风险,无法消除更无法避免,余额宝作为互联网货币市场基金的重要组成部分也同样不会例外。作为系统性风险之一,市场风险的确会给余额宝和互联网金融的发展带来一定的阻碍,但这并不意味着我们无能为力,相反,正是因为有关余额宝的交易活动对市场变化较为敏感,才更有必要对余额宝及其所面临的市场风险以及应对进行分析,才会有利于余额宝的发展,维护投资者、监管层、公司等各方的利益。本文将分析的重点集中在余额宝的市场风险上,本文从分析余额宝快速发展的原因出发,研究市场风险的相关知识点和理论出发,在这一过程中说明余额宝面临市场风险的原因。之后用数据进行实证分析余额宝所面临的市场风险,这里的实证方法主要是用VaR相关模型进行分析。最后本文得出了“有必要重视并采取相应措施应对余额宝市场风险”这一结论,并划分层面来探究在应对市场风险时应该采取的相应措施。
[Abstract]:On June 17, 2013, Yu'e Bao, as Alibaba's Internet value-added product, was officially launched. In recent years, the scale of users and funds has been growing. By 2016, the number of users of Yu'e Bao and related APP had exceeded 80 million. The capital also exceeded 180 billion yuan. Yu'e Bao is popular among the general public because it is higher than the rate of interest on deposit in the same period of the bank, has a lower investment threshold and has the characteristics of simple operation. As an important part of the products of the Internet Monetary Fund, Yu'e Bao gathers to consume. Investment and other functions have attracted a large number of customer groups, have achieved rapid development in China, and have had a great impact on the lives of residents, traditional banking and financial institutions and society. And in a certain level to promote the development of network finance to the depth of the trend. However, because the Internet finance and the Internet monetary fund have been rising in our country for a short time, they have not been perfected in all aspects, so there are still some problems, and the existence of these problems brings all kinds of risks for the development of Yu'e Bao. Among them, due to the imperfect internet money fund market in China, the single investment channel, more than 80% of the funds invested in the agreement deposit and other reasons, lead to Yu'e Bao and other Internet money fund products will face a greater market risk. Market risk, as a common risk between traditional financial products and Internet financial products, cannot be eliminated, and Yu'e Bao, as an important part of Internet money market funds, is no exception. As one of the systemic risks, market risk does bring some obstacles to the development of Yu'e Bao and Internet finance, but it doesn't mean we can't do anything. On the contrary, It is precisely because the trading activities related to Yu'e Bao are more sensitive to market changes that it is even more necessary to analyze Yu'e Bao and its market risks and countermeasures, which will benefit the development of Yu'e Bao, safeguard investors, and maintain the regulatory level. The interests of the company, etc. This paper focuses on the market risk of Yu'e Bao. From the analysis of the reasons for the rapid development of Yu'e Bao, this paper studies the relevant knowledge and theory of market risk. In this process, Yu'e Bao is exposed to market risk reasons. Then we use the data to analyze the market risk that Yu'e Bao faces. The empirical method is mainly based on the VaR model. Finally, this paper draws the conclusion that it is necessary to pay attention to and take corresponding measures to deal with the market risk of Yu'e Bao, and probes into the corresponding measures to be taken when dealing with the market risk.
【学位授予单位】：上海外国语大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F832.2

【参考文献】