本文關(guān)鍵詞：我國互聯(lián)網(wǎng)金融對貨幣政策有效性影響研究　出處：《蘭州財經(jīng)大學(xué)》2016年碩士論文　論文類型：學(xué)位論文

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【摘要】：近年來,互聯(lián)網(wǎng)技術(shù)不斷發(fā)展和普及,并開始與傳統(tǒng)金融業(yè)務(wù)緊密結(jié)合,使我國出現(xiàn)了互聯(lián)網(wǎng)金融這一新型金融模式。隨著互聯(lián)網(wǎng)金融的快速發(fā)展,其影響范圍也在逐步擴(kuò)大,對傳統(tǒng)金融行業(yè)和貨幣政策的影響也日益突出。在金融市場化改革不斷深化的背景下,結(jié)合目前我國互聯(lián)網(wǎng)金融快速發(fā)展的形勢,研究互聯(lián)網(wǎng)金融對貨幣政策的影響這一問題具有現(xiàn)實意義。本文主要從貨幣政策傳導(dǎo)機(jī)制和貨幣政策目標(biāo)兩個角度深入探析了互聯(lián)網(wǎng)金融對貨幣政策有效性造成的影響。為了更好的完成該選題的研究目的,本文先具體介紹了互聯(lián)網(wǎng)金融的發(fā)展模式及特點,例如典型的第三方支付,并對各模式的發(fā)展現(xiàn)狀做了詳細(xì)的介紹,總結(jié)了各類模式相對于傳統(tǒng)金融的優(yōu)勢所在。然后從理論角度分析了互聯(lián)網(wǎng)金融的發(fā)展對我國貨幣政策的傳導(dǎo)機(jī)制和政策目標(biāo)的影響。其中,傳導(dǎo)渠道主要研究了銀行信貸渠道、利率渠道、資產(chǎn)負(fù)債表渠道這三個方面。政策目標(biāo)又具體分為中介目標(biāo)和最終目標(biāo),在中介目標(biāo)上選擇貨幣供應(yīng)量進(jìn)行研究,在最終目標(biāo)上選擇物價穩(wěn)定和經(jīng)濟(jì)增長兩個方面進(jìn)行研究,這部分主要是對互聯(lián)網(wǎng)金融影響貨幣政策有效性的程度和方向做了初步的推測和分析。為了驗證理論分析的結(jié)果,使研究更加準(zhǔn)確、可靠,本文利用向量自回歸模型進(jìn)行計量分析,把互聯(lián)網(wǎng)金融規(guī)模、金融機(jī)構(gòu)人民幣貸款額、國內(nèi)生產(chǎn)總值等相關(guān)變量引入模型,選取了2006年第一季度到2015年第三季度的數(shù)據(jù),實證研究了互聯(lián)網(wǎng)金融對各變量的動態(tài)影響。本文研究發(fā)現(xiàn),互聯(lián)網(wǎng)金融增加了貨幣供應(yīng)量,造成銀行信貸量的波動進(jìn)而減弱了信貸傳導(dǎo)渠道的效果,短期內(nèi)對利率傳導(dǎo)渠道造成負(fù)面影響。針對研究結(jié)果,本文相應(yīng)的提出幾點建議,包括重新審視貨幣政策中介目標(biāo),注重利率傳導(dǎo)機(jī)制的作用,把互聯(lián)網(wǎng)金融納入信貸傳導(dǎo)渠道,加強(qiáng)對互聯(lián)網(wǎng)金融的監(jiān)管等。
[Abstract]:In recent years, Internet technology has been developing and popularizing, and has begun to integrate closely with traditional financial businesses, which has led to the emergence of a new financial mode of Internet Finance in China. With the rapid development of Internet finance, the scope of its impact is gradually expanding, and the influence on the traditional financial industry and monetary policy is also increasingly prominent. In the context of deepening financial market reform, combined with the rapid development of Internet Finance in China, it is of practical significance to study the impact of Internet Finance on monetary policy. This paper analyzes the influence of Internet Finance on the effectiveness of monetary policy from two aspects of monetary policy transmission mechanism and monetary policy goal. In order to complete the research purpose of this topic, this paper first introduces the development mode and characteristics of Internet banking, for example the third party payment, and the development status of each mode in detail, summarizes all kinds of pattern relative to traditional financial advantage in. Then it analyzes the influence of the development of Internet Finance on the transmission mechanism and policy objectives of China's monetary policy from a theoretical point of view. Among them, the channel mainly studies the three aspects of bank credit channels, interest rate channels, and balance sheet channels. The policy goal is divided into specific intermediate goals and final goals, the selection of the monetary supply volume of the intermediary target, the ultimate goal on the choice of two aspects of price stability and economic growth, this part is mainly on the Internet financial impact of the effectiveness of monetary policy and direction of speculation and preliminary analysis. In order to verify the results of theoretical analysis, make the research more accurate and reliable, this paper use vector autoregressive model for quantitative analysis, the Internet financial scale, financial institutions RMB loans, GDP and other related variables into the model, the first quarter of 2006 to the third quarter of 2015 data, empirical research on the financial impact of the Internet on the dynamic each variable. This study found that Internet finance increased the money supply, caused the fluctuation of bank credit volume, and weakened the effect of credit transmission channel. In the short run, it had a negative impact on interest rate transmission channel. According to the research results, this paper puts forward several suggestions, including re examining the intermediate targets of monetary policy, paying attention to the role of interest rate transmission mechanism, bringing Internet finance into credit transmission channel, and strengthening supervision over Internet finance.
【學(xué)位授予單位】：蘭州財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：F724.6;F832;F822.0

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