The Research Of Liquidity Risk Of E-commerce Internet Money Market Fund

In 2015, the National People’s Congress and Political Consultation Congress government work report point out that it is the first time to develop " Internet + " included in the national strategic areas. So the Internet Financial has once again become a hot topic all the people. The business enterprise core holding internet financial channel resources, they can decide the direction of development of the Internet Financial. As early as 2013, the E-commerce Internet Money Market Fund(EIMMF), triggered a universal financial boom. 2016 National government work report pointed out that, "regulate the development of Internet Financial" So the Internet is imperative to improve financial supervision and risk controlled.Liquidity Risk is the main risk that the EIMMF facing, mostly EIMMF currently linked to Money Market Fund, the investment threshold is almost zero, subscription and redemption is T + 0 mode, with its rate of return higher than bank deposit characteristics that stimulate investment in the public consciousness. And sales through the Internet, at a low cost, high efficiency to raise funds. The EIMMF relies on convenient Internet platform, which is closely related to financial flows of funds from the platform, but also has a significant redemptions from traditional IMF subscriber features. Therefore, the liquidity risk expanding as the size of the EIMMF expand. Its liquidity risk management has become an urgent problem to solve.This paper compares the traditional fund liquidity risk and EIMMF liquidity risk, analysis the influence factors. Based on the bid-ask spread of the open-end fund liquidity risk measurement model, measurement model constructed L_VaR herein Monetary Fund liquidity risk. In L_VaR to describe the liquidity risks of traditional funds and EIMMF and noted the difference, while the balance of treasure Case Analysis of the linkage between liquidity risk and its electricity supplier of consumer attributes. Finally, to deal with the EIMMF liquidity risk, and to establish model retained cash fund for the EIMMF to provide reference on liquidity risk management for EIMMF managers.