本文選題：金融抑制 + 互聯(lián)網(wǎng)金融�。� 參考：《浙江大學》2017年碩士論文

【摘要】：長期以來,我國金融市場一直表現(xiàn)出金融抑制的特征,使得資金價格扭曲,金融市場缺乏效率,金融發(fā)展和經(jīng)濟增長均受到約束。利率雙軌和信貸歧視的存在,使得中小企業(yè)"融資難、融資貴"的問題始終難以有效解決。2013年互聯(lián)網(wǎng)金融興起,以大數(shù)據(jù)、云計算為技術(shù)支撐,實現(xiàn)去中介、降成本和信息透明的目的,給我國傳統(tǒng)金融機構(gòu)帶來了巨大的挑戰(zhàn),也為中小企業(yè)和個人拓寬了投融資渠道。因此,本文試圖探究互聯(lián)網(wǎng)金融的發(fā)展對金融抑制的影響,重點研究了互聯(lián)網(wǎng)金融中的兩種新興業(yè)態(tài),即P2P網(wǎng)貸和余額寶對我國金融抑制的影響,既為互聯(lián)網(wǎng)金融的發(fā)展找到理論依據(jù),也為我國的金融深化提供新的思路。本文構(gòu)建了衡量金融抑制水平的指標,研究P2P網(wǎng)貸的發(fā)展對金融抑制的影響,實證結(jié)果表明,P2P網(wǎng)貸降低了借貸行為的成本,凸顯金融脫媒的特征,有效地解決了眾多中小企業(yè)的融資問題,有助于降低我國金融抑制的水平。另外,本文以余額寶的上線時間為臨界點,構(gòu)建虛擬變量,研究余額寶對SHIBOR市場波動率的影響,研究表明,余額寶在活期存款與銀行同業(yè)市場之間進行套利,使資金價格能更真實地反映貨幣市場供求情況,有助于沖破"利率雙軌",推進利率市場化進程,因此,銀行間同業(yè)拆借的SHIBOR市場在余額寶出現(xiàn)后變得更加市場化,非理性波動減小,波動率降低。總的來說,互聯(lián)網(wǎng)金融的發(fā)展有助于降低我國的金融抑制水平,它的出現(xiàn)給傳統(tǒng)金融行業(yè)帶來巨大的沖擊和挑戰(zhàn),倒逼金融機構(gòu)創(chuàng)新和金融體系的市場化改革,未來也將進一步改善我國金融抑制的環(huán)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.
【學位授予單位】：浙江大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832

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