本文選題：互聯(lián)網(wǎng)貨幣基金理財產(chǎn)品 + 余額寶　； 參考：《貴州財經(jīng)大學(xué)》2016年碩士論文

【摘要】：2013年6月,阿里巴巴公司推出余額寶業(yè)務(wù),首次將互聯(lián)網(wǎng)與貨幣市場基金相結(jié)合,推出了具有創(chuàng)新特性的互聯(lián)網(wǎng)貨幣基金理財產(chǎn)品,這標(biāo)志著互聯(lián)網(wǎng)金融的進(jìn)一步發(fā)展。余額寶作為創(chuàng)新型互聯(lián)網(wǎng)貨幣基金理財產(chǎn)品的開端,其本質(zhì)是在阿里巴巴的支付寶平臺上,內(nèi)嵌基金公司的貨幣市場基金,人們將資金轉(zhuǎn)入余額寶即為購買了貨幣市場基金。僅僅半年的時間,余額寶的資金量就達(dá)到了4000億元的規(guī)模,為用戶累計發(fā)放收益17.9億元,客戶數(shù)達(dá)到了4303萬,由于以余額寶為代表的互聯(lián)網(wǎng)貨幣基金理財產(chǎn)品投資門檻低,收益高,風(fēng)險相對較小,利用“長尾效應(yīng)”,吸引了許多中小客戶進(jìn)行投資,獲得了大量的資金融通。而我國是以銀行類金融機(jī)構(gòu)為主的國家,且銀行的傳統(tǒng)收益模式就是存貸利差收益,以余額寶為代表的互聯(lián)網(wǎng)貨幣基金理財產(chǎn)品的出現(xiàn),對銀行的存款造成了一定的影響,進(jìn)而影響銀行的利潤。本文基于以上背景,通過案例分析的方法研究以余額寶為代表的互聯(lián)網(wǎng)貨幣基金理財產(chǎn)品對商業(yè)銀行儲蓄存款的影響。首先是以余額寶為案例,分析國內(nèi)互聯(lián)網(wǎng)貨幣基金理財產(chǎn)品對儲蓄存款的影響。從趨勢變動、收益性及風(fēng)險性三個方面對余額寶和儲蓄存款進(jìn)行描述性統(tǒng)計,趨勢變動主要是從余額寶等互聯(lián)網(wǎng)貨幣基金理財產(chǎn)品出現(xiàn)后,銀行儲蓄存款的變動趨勢和增長量兩個角度進(jìn)行分析,收益性和風(fēng)險性分析則是以余額寶為例,比較余額寶與銀行儲蓄存款的收益和風(fēng)險,從中找出二者的優(yōu)缺點(diǎn),分析影響。在描述性統(tǒng)計的基礎(chǔ)上,本文選取儲蓄存款額、余額寶收益率、利率及居民消費(fèi)價格指數(shù)、股指收益率五個變量,通過時間序列平穩(wěn)性檢驗(yàn)及逐步回歸法消除不符合條件的變量,最終以儲蓄存款額為因變量,以余額寶收益率、居民消費(fèi)價格指數(shù)為自變量,作多元回歸分析,構(gòu)建誤差修正模型。經(jīng)實(shí)證分析,以余額寶為代表的互聯(lián)網(wǎng)貨幣基金理財產(chǎn)品對商業(yè)銀行儲蓄存款具有一定影響,但從系數(shù)上來看,儲蓄存款與余額寶收益率的相關(guān)關(guān)系偏弱,故影響很小。其次,以美國Paypal貨幣基金為案例,分析國外互聯(lián)網(wǎng)貨幣基金理財產(chǎn)品對儲蓄存款的影響,在此基礎(chǔ)上,對比分析國內(nèi)余額寶案例,總結(jié)案例啟示。最后,在互聯(lián)網(wǎng)貨幣基金理財產(chǎn)品發(fā)展的背景下,對商業(yè)銀行的發(fā)展提出應(yīng)對策略。
[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.
【學(xué)位授予單位】：貴州財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：F724.6;F832.2

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