| In recent years,the Internet finance plays an essential role in our daily life.The connection between internet,the financial industry,securities,insurance,funds and other related products become tighter and closer.These Internet financial products experienced a noticeable increase.The reason why the internet finance finally becomes widely-accepted among the people is because the internet could share and transact information quickly and publicly,which reduce the possibility of information asymmetry and transaction costs.On the 13 th June,2013,Zhifubao,an internet finance product operated by Alibaba,and TianHong Fund jointly launched a new internet currency and fund product named Yu Ebao,which hit and impressed the whole world.On the first half of 2015,the overall income of Yu Ebao experienced a huge increase and reached 700 billion Yuan.In the second half of 2015,the monetary fund earnings continue to regress normally;users and subscribers of Yu Ebao still increased forty percent even though the market returned.The amount of fund did not shrink as the concerns from the market;however,it mostly stays stabile at 600 billion Yuan.In 2015,Yu Ebao created 23.1 billion incomes in total to its users and earned 48.9 billion Yuan totally since its foundation.Based on the recent data launched by TianHong Fund,the number of Yu Ebao users reached 260 million until the last day of 2015.It brought 231 billion Yuan in total to its investors,which is about 88.8 Yuan per person.On the 18 th.July,2015,the Central Bank of China and other 9 ministries jointly issued a document named "The guidance about promoting the healthy development of the Internet finance"(hereinafter referred to as the "Guidance")and officially launched.The "Guidance" is aimed to encourage the innovation of internet finance and foster its development in a healthy way by making its regulatory responsibilities clearly and standardizing the order of the market.The launch of "Guidance" brought a significant impact on Yu Ebao.It legally addressed the principles and definition of the internet finance products like Yu Ebao and other similar products.It emphasized the nature of internet finance and banned these activities like illegal fund-raising and value-added service.The operation of internet finance has to be under the investigation of the bank,rather than managed by a third-part payment platform like Alipay.The introduction of bank funds depository is helpful to prevent the moral hazard problems and securely protect the investor's funds.It can also strengthen the public's trust in the Internet finance;however,it may blow to the third-party payment.With regards to the above,this article mainly discusses a typical type of Internet finance products called Yu Ebao.First of all,an in-depth research and analysis on Yu Ebao will be given,which includes the operation mode and development process.At the same time,this paper analyses the third-party payment platform named Alipay which is the third-part payment platform of Yu Ebao.Then a comparative analysis on Yu Ebao and other internet finance products will be discussed,which aims to demonstrate the potential problems and risks during the operation of Yu Ebao.Finally,the paper will end with the implementation of risk management of the internet finance by building a compete investigation system to protect the interests of its investors. |
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