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金融创新和金融监管相伴而生,利率管制和不完全市场化引致互联网金融创新发展。本文在梳理互联网金融、利率市场化相关研究基础上,构建了互联网金融与利率市场化关系图,系统全面分析了互联网金融与银行存贷款利率、货币市场利率以及中央银行利率调控关系。实证结果表明,互联网金融与货币市场利率有关联性,长期看两者同向变动,短期看互联网金融产品收益率有正效应且持续时间长,互联金融产品收益率对SHIBOR的负效应较小且持续时间短;互联网金融与银行存贷利率关联性不明显,主要因为互联网金融虽发展规模还小不足以对银行存款市场形成实质性冲击;银行存贷利率和货币市场利率关联性不明显,主要因为利率双轨制和资金市场割裂。因此,建议加强互联网金融行业自律,保持健康可持续发展;加速利率市场化进程,形成统一的市场化利率体系;转变中央银行货币利率调控方式,加强互联网金融行业监管;加快金融机构创新驱动,加速与“互联网+”融合。
Financial innovation and financial regulation are accompanied by interest rate control and incomplete market-oriented Internet finance innovation and development. Based on the research of internet finance and the market-based interest rate, this paper constructs the relationship graph between internet finance and interest rate marketization. It systematically analyzes the relationship between internet finance and bank deposit and loan interest rates, money market interest rates and central bank interest rate regulation. The empirical results show that there is a correlation between Internet finance and money market interest rates. In the long run, both of them will change in the same direction. In the short run, the returns on Internet financial products have a positive effect and last a long time. The negative effect of Internet financial products on SHIBOR is small Short duration; Internet finance and bank deposit and loan interest rates is not obvious relevance, mainly because although the scale of Internet finance development is small enough to form a substantial impact on the bank deposit market; bank deposit and lending interest rates and money market interest rates are not obvious, the main Because the interest rate dual system and the capital market fragmented. Therefore, it is suggested to strengthen the self-discipline of the Internet finance industry and maintain a healthy and sustainable development. We will speed up the marketization of interest rates and form a unified market-oriented interest rate system. We should change the control of the monetary rate of the central bank to strengthen supervision over the Internet finance industry. Fusion with “Internet + ”.