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论文编号：	7899
作者编号：	2120132791
上传时间：	2015/12/8 14:43:37
中文题目：	我国互联网基金类理财产品收益比较研究——货币型、债券型和指数型基金分析
英文题目：	The Comparison of Yield of Money Fund、Bond Fund and Index Fund Internet Financial Products
指导老师：	王全喜
中文关键字：	互联网理财;货币性基金;债券型基金;指数型基金
英文关键字：	Internet banking;Money fund;Index fund
中文摘要：	2013年以来，互联网理财获得长足发展，很多互联网理财产品取得巨大成功。互联网理财产品之所以取得巨大成功，高收益是其宣传的主要方向。本文正是以三种较有代表性的互联网理财产品货币型基金、债券型和指数型基金为分析对象，以余额宝、易方达安心回报债券A、工银沪深300指数基金三款代表产品为切入点，深入分析互联网理财产品的产品特征、收益趋势、收益特点以及收益的影响因素。最后通过对三类互联网理财产品的收益对比，分析不同理财产品的收益差异及成因，进而为投资者选择合适的理财产品提供投资建议。余额宝是货币型基金的主要代表，也是目前市场上最成功的互联网理财产品。货币型基金是早期互联网理财产品的主要形式，被称之为各类“宝宝”，货币型基金风险低，收益高于银行存款利率，存取灵活，是投资者较理想的投资对象。但是余额宝虽然是最成功的互联网理财产品，但是从成立至今，收益率总体上处于下降趋势，在全部货币市场基金中也不是收益率最高的产品。易方达安心回报债券A是债券型基金类理财产品的主要代表，是新型的互联网理财产品之一。债券型基金以债券为投资对象，组合投资一些股票资产，债券型基金既可以获得稳定的股息收益，也可以获得债券、股票价格变动的投资收益，同时有债券发行时的资产保障，是一种风险可控，收益较高的投资产品。工银沪深300指数基金是货币型基金的理财产品的主要代表。指数型基金是互联网理财当中比较激进的投资品种，主要以某种指数的成分股为投资对象，以股票为主要投资资产，具有高风险、高收益的投资特征，实际上并不适合大众投资的对象，但是互联网理财平台往往只注重宣传该类产品的高收益，较少提醒该类产品的高风险，需要投资者慎重选择。通过余额宝、易方达安心回报债券A与工银沪深300指数的收益对比，余额宝的收益较低，但是收益相对稳定，可以获得持续、稳定的投资回报；工银沪深300的收益率较高，但是收益波动大，某些阶段收益率翻番，某些阶段严重亏损，因而投资工银沪深300既可能获得高收益，又可能承担高风险；而易方达安心回报债券A则介于两者之间。
英文摘要：	Since 2013, the Internet Banking is with the rapid development, the majority of the Internet financial products achieve a great success. It is due to the high yield, which is used as a main way to advertise the Internet financial products. The paper sets two typical Internet financial products, money fund and index fund, as examples to conduct an in-depth analysis of Internet financial products’ characteristics, earnings trends, yield characteristics and factors affecting earnings, then the point of penetration of research are Yu’eBao and ICBC CSI 300 Index Fund. Finally, through the comparison of the yield of two Internet financial products, analyze yield differences and the reasons, and then the paper will suggest the appropriate financial products to investors. Yu’eBao is the main representative of money fund, which currently is the most successful Internet financial products. Yu’eBao is cooperated with the Tianhong fund company. The fund aims to invest short-term money market instruments, of which the most important assets are interbank deposits, and the interest on deposit is the main source of income. The fund costs in several ways, such as manager remuneration, fund custodian fees, transaction. However, because of the stability of the cost, it has less influence of yield. Therefore, the main factor affecting the yield of the fund is interest revenue. ICBC CSI 300 Index Fund is the main representative of index fund. The fund invests CSI 300 index, and the investment strategy is fully replicated. The investment portfolio is in full accordance of CSI 300 Index’s composition and weight value. The yield mainly comes from incomes of stock and dividends, and stock investment income accounted for the ratio of income to get more than 98%. Meantime, the fund also costs in manager remuneration, fund custodian fees, transaction, and the cost is fixed, thus, the cost has a steadily influence to yield. As a result, the main factor affects the fund's yield is the CSI 300 index trend. By contrast Yu’eBao and ICBC CSI 300 Index Fund, Yu’eBao’s yield is a relatively low but stable, investors can have a sustained and stable return on investment; ICBC CSI 300 Index Fund has a high yield, but also has a more volatile earnings, it may suffer heavy losses, thus, investing ICBC CSI 300 Index Fund will confronted with high yield and high-risk.
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