互联网金融发展对金融抑制的影响

发布时间：2018-07-09 21:56

本文选题：金融抑制 + 互联网金融　；参考：《浙江大学》2017年硕士论文

【摘要】：长期以来,我国金融市场一直表现出金融抑制的特征,使得资金价格扭曲,金融市场缺乏效率,金融发展和经济增长均受到约束。利率双轨和信贷歧视的存在,使得中小企业"融资难、融资贵"的问题始终难以有效解决。2013年互联网金融兴起,以大数据、云计算为技术支撑,实现去中介、降成本和信息透明的目的,给我国传统金融机构带来了巨大的挑战,也为中小企业和个人拓宽了投融资渠道。因此,本文试图探究互联网金融的发展对金融抑制的影响,重点研究了互联网金融中的两种新兴业态,即P2P网贷和余额宝对我国金融抑制的影响,既为互联网金融的发展找到理论依据,也为我国的金融深化提供新的思路。本文构建了衡量金融抑制水平的指标,研究P2P网贷的发展对金融抑制的影响,实证结果表明,P2P网贷降低了借贷行为的成本,凸显金融脱媒的特征,有效地解决了众多中小企业的融资问题,有助于降低我国金融抑制的水平。另外,本文以余额宝的上线时间为临界点,构建虚拟变量,研究余额宝对SHIBOR市场波动率的影响,研究表明,余额宝在活期存款与银行同业市场之间进行套利,使资金价格能更真实地反映货币市场供求情况,有助于冲破"利率双轨",推进利率市场化进程,因此,银行间同业拆借的SHIBOR市场在余额宝出现后变得更加市场化,非理性波动减小,波动率降低。总的来说,互联网金融的发展有助于降低我国的金融抑制水平,它的出现给传统金融行业带来巨大的冲击和挑战,倒逼金融机构创新和金融体系的市场化改革,未来也将进一步改善我国金融抑制的环境。
[Abstract]:For a long time, China's financial market has been showing the characteristics of financial repression, which makes the price of funds distorted, the financial market is inefficient, and the financial development and economic growth are constrained. The existence of double-track interest rate and credit discrimination makes it difficult for small and medium-sized enterprises to solve the problem of "financing is difficult, financing expensive". In 2013, the rise of Internet finance, with big data, cloud computing as the technical support, to achieve de-intermediation, The purpose of cost reduction and information transparency brings great challenges to traditional financial institutions in China, and also broadens the channels of investment and financing for small and medium-sized enterprises and individuals. Therefore, this paper attempts to explore the impact of the development of Internet finance on financial repression, focusing on the impact of two emerging forms of Internet finance, namely P2P network loans and Yu'e Bao, on financial repression in China. Not only to find the theoretical basis for the development of Internet finance, but also to provide a new way of thinking for the financial deepening of our country. This paper constructs an index to measure the level of financial repression and studies the impact of the development of P2P network loans on financial repression. The empirical results show that P2P network lending reduces the cost of borrowing behavior and highlights the characteristics of financial disintermediation. Effectively solve the financing problems of many small and medium-sized enterprises, and help to reduce the level of financial repression in China. In addition, this paper takes Yu'e Bao's online time as the critical point, constructs the virtual variable, studies the influence of Yu'e Bao on the market volatility of SHIBOR, and shows that Yu'e Bao arbitrage between demand deposit and interbank market. To enable the price of funds to reflect more truthfully the supply and demand situation in the money market, it is helpful to break through the "two-track interest rate" and promote the process of marketization of interest rates. Therefore, the SHIBOR market of interbank lending has become more market-oriented after the emergence of Yu'e Bao. The irrational fluctuation decreases and the volatility decreases. In general, the development of Internet finance helps to reduce the level of financial repression in our country. Its emergence has brought great impact and challenges to the traditional financial industry, forcing financial institutions to innovate and reform the financial system in a market-oriented way. The future will also further improve our financial repression environment.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832

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