Research On The Impact Of Internet Money Fund Wealth Management Products On Savings Deposits

In June 2013,Alibaba launched the Yuebao business.They combine the Internet with the money market fund firstly and introduce the Internet financial products with innovative,which marks the further development of Internet banking.Yuebao,as the beginning of innovative Internet financial products,is a innovation which means the money market fund built into the Alipay platform of Alibaba.When people transfer their money into Yuebao,it means they buy the money market funds.Only six months,The amount of Yuebao’s funds reached 400 billion yuan of scale.Total payment of benefits for the investor is 1.79 billion yuan and the number of customers reached 43.03 million.Because the Internet financial product which put Yuebao as representative have low investment threshold,high yield and relatively small risk.It attracted many small customers to invest and get a lot of financing with the use of "long tail" effect.However,our financial institutions are mainly commercial banks and the traditional revenue model of our banks is affected by the innovative Internet financial products,which have an influence on banks’ profit in further.Based on the above background,we study how the Internet financial product which put Yuebao as representative affect the savings deposit with the qualitative and quantitative analysis.First of all,we qualitatively study the effect from three aspects:trend,profitability and risk.The trend analysis mainly study the growth amount of savings deposit when the innovative Internet financial products appear.The profitability and risk analysis which are in Yuebao’s case mainly compare the advantages and disadvantages of Yuebao and savings deposit,which study the effect in further.On the basis of qualitative analysis,we choose four variables that is savings deposits,Yuebao’s rate of return,interest rates and consumer price index so that we can make the quantitative analysis.The quantitative analysis choose the savings deposit as the dependent variable,Yuebao’s rate of return as explanatory variable and interest rates and consumer price as control variables.Based on this,we build the ECM.After the empirical analysis,the Internet financial product which put Yuebao as representative have a certain impact on the savings deposits of commercial banks.But the correlation between savings deposits and Yuebao’s rate of return is weak.So little effect.Secondly,we study the influence between Paypal Monetary Fund and the US savings deposit with which we can explore our Internet financial product which putYuebao as representative how influence the savings deposit.Finally,targeted for commercial banks propose countermeasures.