Research On The Impact Of Internet Monetary Fund Rates On Shibor

Alibaba group and Tianhong Asset Management launched Yu Ebao in June 2013,which of asset size continues to grow in a geometric manner since its inception.On the one hand,the amount of its subscriptions and asset scale have achieved a geometric speed of rapid expansion because of its high return rate and convenience;on the other hand,it is the high profit rate to raise catfish effect,and have a significant impact on the financial market of our country.the cooperation of money market funds and the Internet platform has greatly improved the financial products' trading efficiency and promotes the development of the Internet Monetary and products rapidly.Therefore,the rapid development of Internet finance is bound to have a significant impact on the financial mode,financial regulation and financial market risks.On the basis of studying the relevant literature,this paper uses the VAR model to test the impact of the advent of Internet money fund interest rates on Shibor.The test results show that the Internet money fund interest rate and the overnight lending rate of Shibor are reciprocal causation.On the one hand,the Internet money fund' pricing referd to Shibor interest rates;on the other hand,the Internet Monetary Fund's high interest rates also brought a certain impact to Shibor interest rates.Based on collecting and summarizing the results of previous studies,we have done the following researches.First,the paper introduced the concepts of monetary fund,Internet monetary fund,Internet monetary fund rate and interbank interest rates,then to analyze the influencing factors of the interbank interest rate and discussing how the Internet monetary fund interest rate influenced inter-bank interest rates in principle;secondly,we made a brief introduction about the characters,quoting banks and the pricing mechanism of Shibor,then analyzing the impact of the Internet monetary fund interest rate to Shibor from three aspects of the money supply path,transmit path of monetary policy and increasing the money market pricing efficiency and the impact of the Internet monetary fund rate to Shibor statistically;third,we picked out the ten of largest market scale,the most influential and representative of the Internet monetary fund's yields monthly data from June 2013 to June 2016,and use the VAR theory model to research on the impact of Internet monetary fund rates on Shibor quantitatively.The empirical results show that the pulse response of the Internet monetary fund to short-term Shibor is positive,indicating that the Internet monetary fund rates can affect the pricing of bank products to a certain extent,and then affect the market interest rate.Hence,this text puts forward some relevant policy suggestions on how Commercial Bank to strengthen service and innovation and how to strengthen financial regulations of the intetnet monetary funds.