本文選題：互聯(lián)網(wǎng)金融 + 金融創(chuàng)新��； 參考：《廣東財(cái)經(jīng)大學(xué)》2015年碩士論文

【摘要】：作為金融創(chuàng)新的新形態(tài),互聯(lián)網(wǎng)金融以其金融服務(wù)大數(shù)據(jù)化、便捷高效化、低成本化、普惠化的特征影響著微觀主體的資產(chǎn)配置選擇行為,對居民企業(yè)貨幣需求產(chǎn)生一定影響;另一方面,鑒于貨幣需求穩(wěn)定性在貨幣政策實(shí)施過程中基礎(chǔ)性和戰(zhàn)略性地位,中國貨幣需求穩(wěn)定性一直是學(xué)者關(guān)注的熱點(diǎn)。尤其是隨著金融改革深化的金融創(chuàng)新愈漸成熟,關(guān)于金融創(chuàng)新對貨幣需求穩(wěn)定性影響的討論更是越來越多。然而,目前國內(nèi)以互聯(lián)網(wǎng)金融為金融創(chuàng)新變量,研究其對中國貨幣需求影響機(jī)理及實(shí)證分析的文獻(xiàn)很少。因此,本文首先對互聯(lián)網(wǎng)金融五大類型的運(yùn)營模式、特征及其影響貨幣需求的方式和渠道進(jìn)行定性分析,并對凱恩斯貨幣需求理論以及現(xiàn)代貨幣數(shù)量論進(jìn)行擴(kuò)展和數(shù)理推導(dǎo),系統(tǒng)性闡述了互聯(lián)網(wǎng)金融對貨幣需求的影響機(jī)理。然后選取2011年1月至2015年6月共54個月度數(shù)據(jù),建立半?yún)?shù)廣義線性可加模型和結(jié)構(gòu)向量自回歸模型,對加入了互聯(lián)網(wǎng)金融變量的中國貨幣需求函數(shù)的穩(wěn)定性、收入彈性等方面進(jìn)行實(shí)證研究。研究發(fā)現(xiàn),互聯(lián)網(wǎng)金融通過線性及非線性混合決定機(jī)制對中國貨幣需求產(chǎn)生影響,且線性影響大于非線性影響。表現(xiàn)為互聯(lián)網(wǎng)金融的發(fā)展增加了貨幣需求量,同時互聯(lián)網(wǎng)金融對貨幣需求的彈性為減函數(shù)。另一方面,實(shí)證結(jié)果表明考慮了互聯(lián)網(wǎng)金融的貨幣需求收入彈性呈減少的趨勢。因此,互聯(lián)網(wǎng)金融對貨幣需求穩(wěn)定性產(chǎn)生了一定影響。本文從互聯(lián)網(wǎng)金融對貨幣政策中間目標(biāo)選擇、貨幣需求計(jì)量準(zhǔn)確性及風(fēng)險控制等方面的影響提出了政策建議。
[Abstract]:As a new form of financial innovation, Internet finance has the characteristics of large data, convenient and high efficiency, low cost and inclusive of financial services, which affect the behavior of asset allocation and choice of micro-subjects, and have a certain impact on the monetary demand of resident enterprises. On the other hand, in view of the basic and strategic position of the stability of monetary demand in the implementation of monetary policy, the stability of monetary demand in China has always been the focus of attention of scholars. Especially, with the deepening of financial reform and financial innovation, there are more and more discussions about the influence of financial innovation on the stability of monetary demand. However, there are few literatures on the influence mechanism of Internet finance on Chinese monetary demand and empirical analysis. Therefore, this article first carries on the qualitative analysis to the Internet finance five kinds of operation pattern, the characteristic and the influence money demand way and the channel, and carries on the extension and the mathematical deduction to the Keynesian monetary demand theory and the modern money quantity theory. This paper systematically expounds the influence mechanism of internet finance on money demand. Then 54 monthly data from January 2011 to June 2015 are selected to establish a semi-parametric generalized linear additive model and a structural vector autoregressive model to stabilize the Chinese monetary demand function with Internet financial variables. Income elasticity and other aspects of empirical research. It is found that Internet finance influences China's monetary demand through linear and nonlinear mixed decision mechanisms, and the linear influence is greater than the nonlinear effect. The development of Internet finance increases the demand for money, and the elasticity of internet finance to the demand for money is a minus function. On the other hand, the empirical results show that the income elasticity of money demand is decreasing considering Internet finance. Therefore, Internet finance has a certain impact on the stability of money demand. This paper puts forward some policy suggestions on the influence of Internet finance on the intermediate target choice of monetary policy, the accuracy of monetary demand measurement and risk control.
【學(xué)位授予單位】：廣東財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F724.6;F832;F822.2

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本文編號：1940210