Analysis Of Influencing Factors Of Portfolio Return Rate Of Chinese Internet Monetary Fund

Internet money fund portfolio has obvious advantages over traditional money funds in terms of convenience.It is a new money fund product that provides liquidity,convenience and profitability.As a product of the combination of the Internet and finance,the emergence of Internet monetary fund portfolios has formed fierce competition in the same industry with other financial products.In 2018,platforms such as Yu'ebao and We Chat Lingqiantong accessed multiple currency funds,and their fund portfolio yields showed a downward trend.In order to enrich the existing theories of the influencing factors of the return rate,this article takes the return rate of the Internet money fund portfolio as the research object,analyzes its influencing factors,and proposes suggestions to promote the sound development of the Internet money fund portfolio from different perspectives such as regulatory authorities,fund companies,and customers.This article first introduces the background and significance of this research,sorts out and reviews relevant literature on Internet finance,monetary funds and yields,and elaborates the main research content,research methods and innovations.Secondly,it deeply analyzes the definition and operation mode of Internet money fund portfolio,and summarizes and analyzes the development significance of Internet money fund portfolio.Thirdly,combined with the data to introduce the world as a whole and the development history of my country's currency funds,and take Yu'ebao and We Chat change as typical cases,analyze the changes in their yields,and discuss the influencing factors of the Internet currency fund portfolio yields.Then,use the panel model and set a group of 14 new currency funds of Yu'ebao andTianhong Money Fund in 2018,a group of new currency funds of Yu'ebao in 2019,and a group of currency funds of We Chat Lingqiantong as a group.For the object,considering the access time of the Yu'ebao 2019 group,the time interval is selected from January 1,2019 to December 31,2019,with the 7-day annualized rate of return as the explanatory variable,and the Shanghai Stock Exchange Index and Treasury Bond Index are selected,Interbank Offered Rates are market variables,the previous period's return rate,fund size,investment ratio of securities purchased under resale agreements are micro variables,and money supply is a macro variable as explanatory variables.Empirical analysis is carried out,and three sets of results are found.The above is not exactly the same,but the direction of influence is basically the same.The Shanghai Stock Exchange Index and Interbank Offered Rates have a significant positive impact on the return rate of the Internet Monetary Fund Portfolio;the money supply and the investment ratio coefficient of the securities purchased under resale agreements have no significant impact on the Internet Monetary Fund Portfolio return rate;the national debt index,the previous The period return rate and fund size have a significant negative relationship with the Internet money fund portfolio return rate.