互联网货币基金对商业银行经营的影响外文文献翻译译文3200多字.docx
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互联网货币基金对商业银行经营的影响外文文献翻译译文3200多字
文献出处:
BansalP.TheInfluenceofInternetCurrencyfundtoCommercialBanksBusiness[J].Strategicmanagementjournal,2014,26(3):
197-218.
(声明:
本译文归XX文库所有,完整译文请到XX文库。
)
原文
TheInfluenceofInternetCurrencyfundtoCommercialBanksBusiness
Basel
Thispaperusesthecapitalassetpricingmodeltoresearchtheinfluenceofthecommercialbankmanagementtheory,analyzestheInternetfinancialproductproperties,characteristicsandadvantagesofmonetaryfund,andthethirdpartypaymentofInternetcurrencyfundrespectivelyandconsignmentfundfunctionsaffecttheoperatingconditionandeffectofcommercialbankhascarriedonthequalitativeanalysis.Onthisbasis,thisarticleontheInternetaffectbankmonetaryfundperformanceandconductedaquantitativeresearch.ThestudyshowsthatInternetmoneyfundsofcommercialBanksnotonlytheimpactonthesametypeofproducts,alsopaybusinessofcommercialBanks,savingsbusiness,intermediatebusinesshasasubstitutioneffect,whichaffecttheoperatingperformanceofthebank.
1Internetmoneyfundsoverview
1.1TheconceptofInternetcurrencyfunds
CurrencyfundisInternetthird-partypaymentandthemoneymarketfundintheproductofInternetplatformintegration,withthethirdpartypaymentplatform,liquidityandprofitabilityofmoneymarketfundsandtheconvenienceoftheInternetfinancialproducts.AlthoughpurelymonetarymarketfundisnottheproductoftheInternetfinancial;ButthefusionwiththeInternettechnology,thethird-partypaymentplatform,changedtheoriginalfinancialproductsinthebalanceofliquidity,security,andyields,overturnsthetraditionalpatternoffinancialproducts.
ItisworthnotingthatthesimplemodeloftheInternetonacommissionbasisofmonetaryfundcanprovideconvenienceforfundsales,butdoesnotchangeasamoneymarketfundfundproductsinliquidityconstraints,onlyinthethird-partypaymentplatformtoachievedockingafterT+0toredeemitsproductattributetothenatureofascension.Internetmoneyfundscangobeyondotherfundproducts,whichproducedinthefinancialproductattributesover,todowiththehighdevelopmentofthethird-partypaymentplatform,therapidspread.Third-partypaymentisthroughtheInternetinthecustomer,createsalinkbetweenthethirdpartypaymentcompaniesandBanks,helpcustomerstoquicklyimplementmonetarypayment,fundsettlement,andotherfunctions,butalsothecreditguaranteeandtechnicalsupport,etc.,accordingtodatafromiresearchconsultingfortheyear2013,ourcountrythirdpartyInternetpaymentmarketsizeof5.37298trillionyuan,year-on-yeargrowthof46.8%.Atthesametime,initsinternalstructureofoutbreakofthefirstyearoftheInternetfinancialfunds
Explainthemarkethasbecomesecondonlytothenetworkshoppingandthethirdlargestairlineticketmarketsegment,10.5%.Accordingly,in2013throughathirdpartyInternetpaymentsubscriptionmonetaryfundsizeisabout564.163billionyuan.
1.2ThestatusquoofInternetcurrencyfunds
Inthispaper,wediscusstheInternetespeciallymonetaryfundthroughInternetsales,jointthird-partypaymentplatformofmoneymarketfunds.Althoughitisinthebalanceofthetreasuretoappearafterthebirthofthenewconcept,butthiskindofnewfinancialproductshasmadeasurprisedpeople,high-speeddevelopment.Inordertobalancethetreasure,forexample.SinceitwasintroducedtheJune13,2013,businessdevelopmentrapidly.AsoftheendofFebruary2014,balancetreasurescalehasreached502.76billionyuan,averagedailyincreaseof1.926billionyuan;Usersreached82.5477million,theaveragedailyincreaseof82.5477millionhouseholds.Increasedmorerapidlyin2014,onJanuary1,2014toFebruary28,2014,theaveragedailynewsubscribers664800,averagedailynewamountis5.119billionyuan,respectively,in2013theaverageincreaseof2.1timesand4.6times,andasmostusers,thelargestfundproducts.ItisbecauseoftheInternetmoneyfundsinahigh-speeddevelopmentperiod,eachquarterhasnewproducts,hardtocomprehensivestatisticsofthenumberandsize,soherewemainlyanalysisthebalancePo,baiduhundredearn,microletterfinancialnetease,cashandsuningchangetreasuretreasurethefivemajorInternetmonetaryfundproducts.Fivemainmonetaryfund,theInternetisattheendof2013to2014inthefirstquarter,launchtimeisnotlong.Anddockingoffundsarethetopbigfundcompanyspeciallydesignedproducts.Bytheendofthefirstquarterof2014,morethanfivemainInternetmoneyfundstotalscale(net)is772.661billionyuan,roseto527.349billionyuan,a214.97%increase,andeachquartertokeepmorethan100%ofhigh-speedgrowth(seechart1).AlthoughtheabovefivemainInternetmonetaryfunddockingonly7onlymoneymarketfunds,butthesizeproportionisashighas53%ofallmoneymarketfunds.
Table1showsthattheaverageInternetmonetaryfundexpectedreturnisover5%,buthasbeenloweredafterthefirstsituation:
attheendof2013reachedahigh,averageexpectedannualreturnof6.81%,muchhigherthansimilarfinancialproducts.ThisismainlyduetotheInternetbankagreementdepositinmonetaryfundassetallocationproportionisveryhigh,butintheendoftheseason,attheendofthecommercialBanksoftheinspectionpoint,agreementdepositinterestrateswillincreasealotof(accordingtothesurvey,someBanksinsomekeypointofinterestratesoffereveninmorethan7%);Intheinspectionpoint,becauseInternetmonetaryfundscale,inbeinabetterpositiontonegotiatewiththecommercialBanks,someofthelackoffundsofsmallandmedium-sizedBankshavetogiveofferhighinterestrates.
1.3thecharacteristicsofInternetcurrencyfunds
Financialproductsreferstothefinancingprocessofallkindsofcarrier.MoneyfundswhilerelyingontheInternetInternettoolsandhasfunctionofthird-partypayment,butitsessenceisstillafinancialproduct.Fromtheperspectiveofinvestors,thefinancialproductinthefutureearningsisoneofitsmostimportantattributes,andaccordingtothecapitalassetpricingmodel(capitalassetpricingmodel,CAPM),theexpectedrateofreturnoffinancialproductsarenotisolated,butisrelatedtoitsexpectedrisk.Becausethereareariskpremiuminthevaluationofthefinancialproductsandpremiumtermpremiumsandscalefactors,generallylonginvestmenthorizon,risk,highthreshold,highproductyield.Weattemptstoabroaderperspective,therefore,inconsiderationoftheyieldoffinancialproductsanditsinvestment,risk,thetimelimitofcorrelationbasedonthresholdandinvestmenttarget,willtheInternetmoneyfundsasashort-termfinancialproducts,andforthegeneralresidentswithsimilarfunctiondemanddepositsandshort-termliquidity,financialproductintheRisksandbenefits,purchasethresholdcomparison,summarizeditscharacteristics.Dockingwiththethird-partypaymenttools,withhighliquidityfinancialproductsliquidityreferstoitscashabilitywithoutloss.Bankdemanddepositsisundoubtedlytheliquidityofthestrongestofthethree;Andwealthmanagementproductsusuallyhaveagreedintheinvestmentperiod(mostofthefinancialproductinvestmentdeadlinefor3-6months,eventhesupershort-termfinancialproductdeadlineis3-7days),inthisperiodoftimeafterpurchasefundscannotbetransferredout.TheInternetmoneyfundsofhighliquidityisoneofitsimportantfeatures.Internetmonetaryfundisessentiallydockingwiththeopenofmoneymarketfundsoffinancialproducts,andopenamoneymarketfundcanbereadytoexplainbuyandredemptive,butcommonlyafterredemptiveoperationneedTT+2,+1ormoneytoreturntothebankaccount.Internetmatendowmentmoneyfundsthroughathirdpartyplatformormatendowmentfundcompany,canrealizethecustomeronthedayofredemptionmoneytozhangT+0.Thatistosay,onthepremiseofnointerestloss,realizedthecustomertransferfundsforredemptionofthefund,namelyreal-timetopaytreasureaccount,whichinturnisusedtotransfertothebankcardconsumptionoronlineatanytime,tomakeitclosetothebankliquiditydemanddeposits,andhigherthanmostoftheinstruments.Balancetreasure,forexample,theproductisthroughclientredemptionsmatendowmentfundcompanytorealizethefunctionofcapitalcanbeonthesamedaytozhangT+0.
2TheinfluenceoftheInternetmoneyfundsofcommercialBanksbusiness
Monetaryfund'sinfluenceonbankInternetwerereflectedinthethird-partypaymentandcommissiontwobigfunctionscorrespondingtoabanktopaymoneyfunds,assetsandliabilities,andtheimpactofintermediarybusiness,etc.
2.1monetaryfundofInternetthird-partypaymentfunctionofconductionanalysisofcommercialbankmanagement
Traditionallypayreferstothetransferofmoney.Paymentfunctionisthefoundationofthebankingindustry,isalsoanindispensablepartoftheindividualsandenterprisesinmoderneconomicactivitieswidespreadbasicneeds.Thefinancialindustry,especiallyinanincreasinglycompetitivetoday,paymentbusinessforcommercialBanksnotonlybringrichintermediatebusinessincome,alsocanattractcustomers,andimprovingcustomerstickiness,improvetheoverallleveloffinancialservices.Asaresult,thebank'simportanceisself-evident.
Paymentiscloselycombinedwiththeaccount,accountisthestartingpointofpayandbelonging.Inthetraditionalpaymentbusiness,moneyfromabankaccounttoanotherbankaccount.Thispaymentbehaviorwillonlycausefundstransferbetweendifferentbankaccounts.Andwhenthecomingofthethirdpartypayment,itinthefollowi