本文選題：互聯(lián)網(wǎng)貨幣基金　切入點：商業(yè)銀行　出處：《浙江大學》2017年碩士論文

【摘要】：2013年,以阿里巴巴聯(lián)合天弘基金在支付寶上推出的"余額寶"業(yè)務為代表,各種互聯(lián)網(wǎng)貨幣基金產(chǎn)品大量涌現(xiàn),阿里、騰訊、百度等互聯(lián)網(wǎng)巨頭紛紛在該領域布局,傳統(tǒng)的產(chǎn)業(yè)形態(tài)正在被攪局,對國內(nèi)商業(yè)銀行的傳統(tǒng)業(yè)務產(chǎn)生直接的沖擊。本文首先介紹了互聯(lián)網(wǎng)貨幣基金的概念、運營機制及特點,并用案例分析的形式展示了目前互聯(lián)網(wǎng)貨幣基金在銀行理財業(yè)務中的發(fā)展新業(yè)態(tài)。在此大背景下,接著就互聯(lián)網(wǎng)貨幣基金對商業(yè)銀行盈利能力的影響進行理論分析,將商業(yè)銀行的存款業(yè)務和理財業(yè)務作為分析的切入點,分析發(fā)現(xiàn)互聯(lián)網(wǎng)貨幣基金的發(fā)展會侵蝕銀行低成本負債規(guī)模,抬高銀行資金的獲取成本,進而影響存款業(yè)務的盈利能力;且互聯(lián)網(wǎng)貨幣基金會減少銀行代銷理財產(chǎn)品的手續(xù)費收入及銷售自營理財產(chǎn)品的可得收入,抬高銀行通過銷售理財產(chǎn)品進行攬儲的資金成本,從而削弱銀行理財業(yè)務的盈利能力。接下來本文利用實證模型對上述理論分析結(jié)果進行檢驗,首先就互聯(lián)網(wǎng)貨幣基金是否對銀行盈利能力產(chǎn)生影響,以及其具體影響的程度的大小做出相關實證分析。在此基礎上,通過敏感性分析驗證互聯(lián)網(wǎng)貨幣基金對商業(yè)銀行存款業(yè)務盈利能力的影響;通過VAR模型、Granger因果檢驗、脈沖響應函數(shù)及方差分解驗證互聯(lián)網(wǎng)貨幣基金對商業(yè)銀行理財業(yè)務盈利能力的影響。實證檢驗結(jié)果顯示,互聯(lián)網(wǎng)貨幣基金產(chǎn)品的發(fā)展對于銀行盈利能力產(chǎn)生較大程度的負向沖擊。部分商業(yè)銀行在互聯(lián)網(wǎng)貨幣基金達到一定的收益和一定替代比例時,不僅使其資金獲取成本大幅提升,甚至會對其以存貸利差為主導的盈利模式產(chǎn)生強烈影響;而且互聯(lián)網(wǎng)貨幣基金產(chǎn)品的收益率會對銀行理財產(chǎn)品的收益率產(chǎn)生正向沖擊,削弱銀行理財業(yè)務的盈利能力。最后根據(jù)理論及實證分析的結(jié)果,本文從存款業(yè)務、理財業(yè)務以及業(yè)務創(chuàng)新轉(zhuǎn)型三大方面對銀行未來的應對策略提出相應建議。
[Abstract]:In 2013, as represented by the "Yu'e Bao" business launched on Alipay by Alibaba and Tianhong Fund, a large number of Internet money fund products emerged. Internet giants such as Ali, Tencent, Baidu and so on have laid out in this field one after another. The traditional industrial form is being disrupted, which has a direct impact on the traditional business of domestic commercial banks. Firstly, this paper introduces the concept, operation mechanism and characteristics of the Internet Monetary Fund. In the form of case study, the paper shows the new development of Internet Monetary Fund in the banking business. Under this background, the paper makes a theoretical analysis on the influence of Internet Monetary Fund on the profitability of commercial banks. Taking the deposit business and financial management business of the commercial bank as the starting point of the analysis, it is found that the development of the Internet monetary fund will erode the scale of the bank's low cost debt, raise the cost of obtaining the bank's funds, and then affect the profitability of the deposit business. In addition, the Internet Monetary Fund has reduced the handling fees of banks selling financial products on their behalf and the income available for the sale of self-owned financial products, raising the cost of funds for banks to collect funds through the sale of financial products. In order to weaken the profitability of banking business, this paper uses empirical model to test the results of the above theoretical analysis, first of all, whether the Internet Monetary Fund has an impact on the profitability of banks. On the basis of sensitivity analysis, the paper verifies the influence of internet money fund on the profitability of deposit business of commercial banks; Granger causality test by VAR model. Impulse response function and variance decomposition are used to verify the influence of Internet money fund on the profitability of commercial banks' financial management business. The development of Internet Monetary Fund products has a large negative impact on the profitability of banks. When some commercial banks reach a certain income and a certain replacement ratio of Internet money funds, they not only increase their capital acquisition costs substantially. It will even have a strong impact on its profit model, which is dominated by deposit and loan spreads, and the yield of Internet money fund products will have a positive impact on the rate of return of bank wealth management products. Finally, according to the results of theoretical and empirical analysis, this paper puts forward corresponding suggestions on the future strategies of banks from three aspects: deposit business, financial management business and business innovation transformation.
【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】：F832.51;F832.33;F830.42

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本文編號：1671754