利率市场化下的互联网金融运作机制研究——以“余额宝”为例

Study on the Operation Mechanism to Internet Finance on Interest-rate Liberalization——Based on the Case of Yuebao

伴随中国利率市场化向纵深发展,互联网金融的研究方兴未艾、正当其时。本文以"余额宝"作为研究对象,对其运行模式、成功原因,及其与利率市场化、基准利率、银行之间的作用机制进行案例分析。研究表明:"支付宝"与其他"第三方支付平台"的竞争可能抵消"余额宝"对银行业的冲击,利率市场化的推进可能减缓"余额宝"对银行业的影响,"余额宝"的获利水平与不同期限Shibor可能存在相关关系。

With the deep development of interest-rate liberalization and internet finance in China, this paper takes Yuebao as the object and analysis its mode, success factors and the relationship among interest-rate liberalization, Shibor and bank. The results of this study show that the possible main rival of Yuebao is other third-party online payment platform; the interest-rate liberalization may be help to mitigate the impact on banks; the profit level may be correlated with different period Shibor.