| China’s money market funds after the 2011-2015 and 2017-2018 rounds of scale expansion and rapid development,as at the end of December 2018,the number of IMF total 347,the net asset size of 7.62 trillion yuan,in the open-end fund,the IMF accounted for 7% The amount of money has been leveraged by 62.77% of the funding scale.In terms of the speed of development,thanks to the leap-forward development of internet finance,China’s money market funds are growing much faster than the United States,but the development of individual funds is not coordinated,which also presents a challenge to fund managers in the management of fund’s net asset size.In addition,the IMF gathers a large amount of idle social funds,but a significant proportion of the funds in the money market idling,rather than to the real economy;to reduce the risk to the fund,part of the money entering the bond market is also directed to large banks,businesses and state-owned enterprises.At the same time,SME financing dilemma is a problem that has been urgently needed to be solved,and the scale expansion of IMF and small and medium-sized enterprises need financial support between the two,but also for SME financing has produced a new entry point.In this context,the paper studies the impact of China’s money market fund yield on the size of assets,and seeks ways to improve the effectiveness of the asset scale management of the IMF,and how to make effective investment and asset allocation,in order to broaden the financing channels and sources of finance for small and medium-sized enterprises,to bring more development opportunities for SME financing,and then further serve the real economy.It has become a topic of concern to the majority of market participants.Based on this,this paper takes the Class A fund with low investment threshold in Money market fund as the research object.Firstly,it summarizes and analyzes the development course and development status of China’s money market fund through data and charts,and then measures the current income level and net worth of A-class monetary Fund in China;Secondly,according to the relationship between the earnings performance of money market funds and the size of assets,18 funds were selected from 251 class A money market funds,and the quarterly data of 18 funds from 2007 to 2018 were intercepted,and the econometric model was established with the help of EViews software,using the smoothness test,the common least squares method,the self-correlation test and the nonlinear least squares method are used to test the data,and the correlation relationship between the two is analyzed empirically by using the multivariate linear regression model,and according to the previous learning expertise,the theory and practice are combined to draw the conclusion: there is a significant positive correlation between fund rate of return and the size of net assets,and there is a significant negative correlation between the stability of net assets;Finally,combined with the empirical conclusion and the Balance Treasure case analysis,as well as the use of the Internet development wave set up their own financial management,payment and financing system,and then can indirectly open up the money market and small and medium-sized enterprises Alibaba to carry out financing model analysis,and on this basis put forward the monetary fund net asset scale management strategy,in order to promote the good and rapid development of China’s Monetary Fund market,and with the efforts of market participants,with the help of the "Internet +" model to solve the financing predicament of small and medium-sized enterprises and their healthy development and even the real economy to contribute. |
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