互联网金融对货币市场冲击影响的实证分析

An Empirical Analysis the Impact of the Internet Finance on Money Market

互联网金融对传统商业银行的运营成本和货币市场的定价效率都将产生深远影响。文章从理论上剖析了互联网金融产品对货币市场冲击的作用机制,并实证分析了互联网货币型基金、普通货币型基金及上海银行间同业拆借利率之间的相关性及信息流传递效应,研究结果表明:互联网货币型基金与普通货币型基金之间相互影响,其相对于普通货币型基金获得的高收益可能源于管理人的管理能力;从实证分析结果看,互联网货币型基金的收益率并不会对银行间同业拆借利率产生作用,这意味着互联网货币型基金的出现虽然有利于加速利率市场化的改革,但不易夸大互联网金融对货币市场的冲击效应。

The Internet finance will have a profound impact on the operation costs of traditional commercial banks and the pricing efficiency of money market. The article theoretically analyzed the impact mechanism of the internet finance products on money market, and empirically analyzed the correlation and information flow effect among internet money fund, common money fund and Shibor. The results showed that the internet money fund and common money fund have mutual influence on each other, and the interest spread gains of internet money fund compared to common might be originated from managerial ability. Furthermore, from the empirical results we could know that the return rate of internet money fund will not influence on the Shibor, which means that the internet money fund may accelerate the reform of interest rate. However, we should not exaggerate the impact of the Internet finance on money market.