Analysis On Influencing Factors And Risk Measurement Of Internet Monetary Fund

Internet money fund is a combination of money fund,Internet technology,big data and cloud computing.And its essence is still the monetary fund.It is operated by fund managers and gathers idle social funds to invest in money market tools with low risk,with high security,high liquidity and stable profitability.Its most distinctive feature is that the Internet monetary fund sales on the Internet platform,has the convenience,high returns than traditional bank financial returns,but lower than that of traditional monetary fund.However,the risks of Internet money funds become more complex,with the nature of both Internet and traditional finance.In 2013,Yu ’e bao started the Internet money fund.According to incomplete statistics,in July 2017,there were 627 money funds in China,and about 70 "bao products" in the market were linked to 97 money funds in total.But by 2021,the scale of Internet money funds will account for more than half of the money funds.Internet money fund develops rapidly and occupies an important share in the money fund market.However,in its holder structure,individual investors account for far more than institutional investors,and their identification and tolerance of risk are far less than institutional investors.Blindly following the trend of buying Internet money funds may not only cause unnecessary losses to investors and a lot of opportunity costs and sunk costs,but also cause certain risks to the fund.Second,the Internet monetary fund belongs to a kind of monetary fund,its means of disclosure,the source of risk and environment has a great similarity.Therefore,the study of Internet money fund is not only helpful for the risk warning of money fund,but also can help investors judge the source of risk and improve rewards.Starting from the risks faced by Internet money funds,this paper selects eight fund samples from four Internet fund platforms,namely Alipay Yu’e bao,wechat tenpay,Jing Dong Small exchequer and Su Ning Cash Wallet,following the principle of the same fund with similar establishment time but different redemption conditions.At first,the fluctuation of returns per 10,000 copies of the eight sample funds is analyzed,and the logarithm of returns per 10,000 copies of the two adjacent days is taken to make the difference,and the fluctuation of returns per 10,000 copies of the Internet money fund is analyzed,and the corresponding conclusion is drawn.Secondly,since the Va R obtained after the logarithmic difference of ten thousand returns is too large,which is inconsistent with the reality,the Va R is obtained by fitting the seven-day annualized return analysis of these eight funds with the GARCH model.In this paper,twenty-three indicators are selected from seven perspectives:macro environment,fund size change,fund overview,fund asset allocation,fund net worth return,net worth deviation and average remaining term of fund portfolio.After selecting 17 index variables according to their transferability,seven common factors are summarized by factor analysis.They are scale change factor,net deviation factor,bank asset allocation factor,investment term factor,stock market impact factor,bond market impact factor and net return factor.The obtained Va R is taken as the explained variable,and those common factors are taken as the explained variables.Through linear regression,the specific factors affecting the Internet money fund are analyzed.On this basis,it is concluded that the risks of Internet money funds comefrom their external environment,as well as their asset allocation,net return and scale changes.Based on these aspects,this paper puts forward corresponding suggestions on investor risk judgment,fund management and supervision.From the regulatory level,expand the subject of disclosure,including the Internet platform;Stipulate and examine information disclosure materials of Internet mo ney funds to ensure their authenticity and complete risk cues.From the perspe ctive of fund management,fund managers should consider risks in terms of net assets,period redemption and requisition,asset allocation of the fund.From t he perspective of investor risk judgment,investors should mainly refer to yield rate,deviation degree,remaining maturity of portfolio,asset allocation ratio and corresponding indicators describing the macro environment.