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

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