Performance And Liquidity Research Of Chinese Internet Money Market Fund

As financial and mutual integration of the Internet industry in China, money market funds with Internet platform greatly improve the efficiency of the financial products transactions, but also promoted the rapid development of Internet money market funds. At present, China’s Internet money market funds mostly for the institutions of small and medium-sized investors, the lack of the understanding of product profitability, liquidity, etc. At the same time, the fund management companies, choose to be a partner with what kind of Internet platform products to a certain extent, affects the management of the fund’s assets. So the performance of Internet money market funds and liquidity for investors and fund managers in China have important practical significance.Therefore, this article on the basis of studies on the existing literature, through the method of literature analysis and statistical analysis research external macroeconomic factors and the Internet fund themselves properties on its performance and liquidity. This paper uses vector autoregression model, select 39 money market funds in our country to the data from 2006 to 2014, empirical analysis of the influence our country money market fund performance and the volatility of the external macro factors. Then on the basis of the introduction of the Internet platform variables, establish a multiple linear regression model to study the influence of different platform and its property of Internet money market funds on performance and liquidity. The results show that:(1) The performance of the money market funds in our country are mainly affected by the results of the previous period, macro economic status and the effect of monetary policy, including affected by his own performance and the monetary policy of the previous period is particularly significant;(2) Choose cooperation with Internet technology company or commercial bank online platform to launch product performance to be significantly superior to the fund management company has its own platform of product performance;(3) Choose cooperation with Internet technology company or online platform for the commercial Banks to launch the product obviously is a net cash flow state, it is higher than the fund management company to launch its own platform products.The results also proved that the Internet money market in China do not belong to the weak efficient market, its performance will be affected by its early performance, analyzes the investors in the decision-making has important reference significance.