An Analysis Of The Influencing Factors Of Yu'Ebao's Yield

Since the birth of yu'ebao in June 2013,it has attracted the attention of people from all walks of life and developed rapidly.The Internet monetary fund,as a new financial product of Internet plus,has changed the operation mode of traditional monetary fund,and has been transferred from offline marketing to online.It has been popular with investors because of its low threshold,high yield and ready access.First,the investment threshold of balance treasure is low,and it achieves 1 yuan of financial management.Therefore,its users have the characteristics of extensive,scattered and small savings.;second,yu'ebao is redeemed in real time,and there is no service charge,which reduces the transaction cost and enhances the liquidity;third,the rate of return is very high,which is far higher than the interest rate of demand deposits,or even higher than the interest rate of some time deposits.Due to these advantages of yu'ebao,it developed rapidly in the early stage,and its yield also soared,reaching a maximum of 6.763%.It has increased the audience of the monetary fund invisibly,making more ordinary people participate in the ranks of financial management.However,in recent years,the yield of yu'ebao Monetary Fund has fluctuated a lot.The reason behind this problem has aroused people's deep thinking.The purpose of this paper is to enrich the relevant research on the influencing factors of yu'ebao's yield,hoping to enrich the existing theories,and to put forward effective suggestions conducive to the stable and healthy development of yu'ebao.Moreover,for each investor,understanding the various factors that affect the return rate of yu'ebao can help them to establish a more scientific and effective portfolio plan,optimize their own portfolio plan,and obtain greater investment income.This paper first summarizes the existing theories and literature,and then uses the adaptive lasso regression method to select six variables of research value to establish a semi parametric regression model to analyze the factors affecting the yield of yu'ebao.The innovation of this paper is that the variable selection of the influencing factors of yu'ebao's yield not only depends on subjective factors,but also uses lasso regression and adaptive lasso regression to make the variable selection more scientific and reliable.Through the empirical research on the yield of Tianhong yu'ebao money market fund in 2017-2019,it shows that Shibor,Shanghai stock index,narrow sense money supply,net cash ratio,Shanghai Shenzhen 300 index and national debt index have significant impact on the yield of yu'ebao.Among them,Shibor interest rate has a linear positive effect on yu'ebao's yield,and it is the most significant.Finally,according to the results of empirical research,from the perspective of management,fund units,investors,respectively,put forward suggestions conducive to the stable development of yu'ebao.