Analysis On The Characteristics Of Internet Money Market Fund Yield And Its Influencing Factors

Since 2013,Internet culture has been spreading rapidly in our country,which has exerted a great influence on human life.Traditional business has sought to transform and integrate into the Internet culture.Finance as a traditional business,driven by Internet technology,produced the "Internet Finance" concept.Internet money market fund as an important part of the Internet financial business,its development to the daily life of mankind has brought great convenience.The Tian hong money fund is represented by Yu E bao.A variety of Internet money market fund financial products have sprung up.Fund size has been rapidly expanding.This article reviews the relevant literature of China Internet Money Market Fund.This paper studies the development history of China's Internet Money Market Fund and some problems in the development of China's Internet Money Market Fund at the present stage.There is a certain volatility in the returns of the Internet money fund itself.Select China's Internet money market fund in the larger 32 funds as the representative.Through the Internet,these funds collected data from 2014 through 2016.The qualitative and quantitative analysis methods are used to analyze the fund yield characteristics.Descriptive statistical analysis results show that the changes in the yield of different Internet money market funds are similar.Overall,the Internet money market fund yields in three years with a certain degree of volatility.But the overall trend is declining.Further,to the size of the fund as the weight of the Internet money market fund yield weighted average.Calculate the Internet money market fund yield index.The time series analysis model is used to quantitatively analyze the yield index of the Internet Money Market Fund.The empirical results show that the yield data of Internet money market funds have sequence correlation and the ARCH effect exists.The ARMA(1,6)model is a good solution to the sequence dependency in the yield index.GARCH(1,1),EGARCH(1,1),TGARCH(1,1)are used to eliminate the ARCH effect on the residual sequence of the mean equation.And the estimation results of EGARCH and TGARCH model show that there is "asymmetric phenomenon" in the Internet money fund yield series.The sensitivity to good news is higher than bad news.In the course of operation,Internet money market funds can be influenced by a variety of factors.In this paper,the yield of 32 Internet money market funds selected is explained.In terms of fund setting time,fund size,fund investment target cash proportion,Shanghai index,government bond index,Shibor interest rate is the explanatory variable.A static and dynamic panel model was established to analyze the influence factors of the Internet money fund yield in China.The empirical results show that the current yield has a significant positive impact on the current yield.Selecting the dynamic panel model is more appropriate.In the dynamic panel model estimation,the generalized moment of the system is very similar to that of the difference generalized moment.However,the correlation between the perturbations indicates that it is more reasonable to use the difference generalized moment.The results of the model show that the fund's establishment time and fund size have negative influence on the yield of money market fund.The increase of cash ratio in the target of fund investment can significantly increase the yield of money fund.The rise of Shanghai index and Shibor interest rate can drive the increase of the yield of Internet money market funds,and the rise of the government bond index will lead to the decrease of the yield of funds.Financial market participants are numerous,and different participants themselves have different purposes.According to the empirical analysis results of the article.The paper puts forward some Suggestions on the development of Internet money fund from three perspectives: market manager,fund manager and investment manager.