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论文编号：	12425
作者编号：	2120192884
上传时间：	2021/6/10 21:05:58
中文题目：	互联网理财产品资产配置同群效应研究 ——以互联网货币基金理财产品为例
英文题目：	Research on Peer Effect of Asset Allocation of Internet Financial Products: A Case of Internet Monetary Fund Financial Products
指导老师：	焦媛媛
中文关键字：	互联网货币基金理财产品；同群效应；资产配置；管理者声誉
英文关键字：	Internet Monetary Fund Financial Product; Peer Effect; Asset Allocation; Manager''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''s Reputation
中文摘要：	在“基金投资”如火如荼的发展背景下，以余额宝为代表的互联网货币基金理财产品成为了多数人的投资首选，然而其目前却存在着资产配置同质化的现象。资产配置的同质化不仅使得产品的可替代性增强，更不利于互联网货币基金理财产品市场的长久发展。此外，根据同群效应理论，企业在制定决策的过程中会受到一定可比范围内同群企业的影响，从而会表现出行为趋同的特征。即，互联网货币基金理财产品资产配置同质化的原因可归结为在资产配置过程中存在的同群效应。从同群效应的角度出发解决互联网货币基金理财产品资产配置的同质化问题，具有一定的理论意义与现实意义。 基于此，本文以季度为单位对50款互联网货币基金理财产品2018年3月至2020年12月共计12个季度的数据进行整理，共计生成600组样本数据，并将互联网货币基金理财产品的资产配置细分为“银行存款和结算备付金资产配置”、“买入返售金融资产配置”及“债券资产配置”三个子维度，分别对互联网货币基金理财产品资产配置同群效应的存在性、影响因素及经济后果进行了实证研究。结果表明：首先，互联网货币基金理财产品在“银行存款和结算备付金资产配置”和“买入返售金融资产配置”方面存在同群效应，在“债券资产配置”方面不存在同群效应；其次，“互联网系互联网货币基金理财产品”和“银行系互联网货币基金理财产品”都仅在“银行存款和结算备付金资产配置”方面存在同群效应，基金系互联网货币基金理财产品仅在“买入返售金融资产配置”方面存在同群效应；再次，管理者声誉显著负向调节互联网货币基金理财产品在“银行存款和结算备付金资产配置”方面的同群效应；最后，“银行存款和结算备付金资产配置同群效应”与“买入返售金融资产配置同群效应”均与投资者收益之间呈现“正U型”关系。基于上述结论，本文分别对产品管理者、行业监管者及产品投资者提出了相应的建议，从多角度促进互联网货币基金理财产品市场的健康发展。
英文摘要：	In the background of the rapid development of "fund investment", the internet monetary fund financial products represented by Yu 'ebao have become the first choice of investment by most people. However, there is a phenomenon of homogenization of asset allocation. The homogenization of asset allocation not only enhances the subplaceability of products, but also disadvantages the long-term development of internet monetary fund financial product market. In addition, according to the peer effect theory, firms will be influenced by peer-firms in a certain comparable range in the process of making decisions, thus showing the characteristics of behavioral convergence. In other words, the reason for the homogeneity of asset allocation of internet monetary fund financial products can be attributed to the peer effect in the asset allocation process. It has certain theoretical and practical significance to solve the problem of homogenization of asset allocation of internet monetary fund financial products from the perspective of peer effect. Based on this, this research sorted out the data of 50 internet monetary fund financial products in 12 quarters from March 2018 to December 2020, and generated 600 groups of sample data in total. This research divides the asset allocation of internet monetary fund financial products into three aspects, which are "bank deposit and settlement provision asset allocation", "buy-and-resale financial asset allocation" and "bond asset allocation". Then, this research conducts empirical research on the existence, influencing factors and economic consequences of asset allocation peer effect of internet monetary fund financial products. The results show that: firstly, internet monetary fund financial products have peer effect on "bank deposit and settlement provision asset allocation" and "buy-and-resale financial asset allocation", but do not have peer effect on "bond asset allocation". Secondly, "Internet-based internet monetary fund financial products" and "bank-based internet monetary fund financial products" have the peer effect of "bank deposit and settlement provision asset allocation", while the "fund-based internet monetary fund financial products" have the peer effect of "buy-and-resold financial asset allocation". Thirdly, the reputation of managers significantly negatively moderates the peer effect of "bank deposit and settlement provision asset allocation" of internet monetary fund financial products. Finally, "bank deposits and settlement provisions asset allocation peer effect" and "buy-and-resale financial asset allocation peer effect" both present a "positive U-shaped" relationship with investor returns. Based on the above conclusions, this research puts forward corresponding suggestions for product managers, industry regulators and product investors to promote the healthy development of internet monetary fund financial product market from multiple perspectives.
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