译文：互联网货币基金对商业银行经营的影响巴塞尔本文运用了商业银行经营管理理论和资本资产定价模型，分析了互联网货币基金的金融产品属性、特点和优势，并分别就互联网货币基金的第三方支付功能和代销基金功能影响商业银行的经营情况和效果进行了定性分析。
在此基础上，本文对互联网货币基金影响银行绩效又进行了定量研究。
上述研究表明：互联网货币基金不仅对商业银行同类型的理财产品造成了冲击，还对商业银行的支付业务、存款业务、中间业务产生了替代效应，进而影响到银行的经营绩效。
1互联网货币基金概述1.1 互联网货币基金的概念互联网货币基金是第三方支付与货币市场基金在互联网平台融合的产物，兼备第三方支付平台的流动性、货币市场基金的收益性以及互联网金融产品的便利性。
虽然说单纯的货币市场基金并非互联网金融的产物；但是其在与互联网技术、第三方支付平台融合后，改变了原有金融产品在流动性、安全性和收益率三者的平衡点，颠覆了传统金融产品格局。
值得注意的是，简单的互联网代销货币基金模式可以为基金销售提供便利，但是并不能改变货币市场基金作为一款基金产品在流动性方面的限制，只是在其对接第三方支付平台实现了T+0赎回后，其产品属性才得到了本质的提升。
互联网货币基金之所以能超越其他基金产品，进而在金融产品属性上产生质的飞越，离不开第三方支付平台的高速发展、迅速普及。
第三方支付是通过互联网在客户、第三方支付公司和银行之间建立链接，帮助客户快速实现货币支付、资金结算等功能，同时也起到了信用担保和技术保障等作用。
来自艾瑞咨询的数据显示，2013年度，我国第三方互联网支付市场交易规模达53729.8亿元，同比增速达46.8%；同时，在其内部结构占比中，互联网金融元年爆发的基金申购市场也一跃成为仅次于网络购物和航空客票的第三大细分市场，占比为10.5%。
据此测算，2013年通过第三方互联网支付申购货币基金的规模约为5641.63亿元。
1.2 互联网货币基金的现状在本文中，我们将讨论通过互联网销售，货币市场基金的联合第三方支付平台，互联网尤其是货币基金。
虽然是新概念诞生后出现的宝物的平衡，但这种新的金融产品已经取得了让人惊诧，高速的发展。
为了平衡宝等。
因为它引入了2 013年6月13日，业务发展迅速。
截至2014年2月的月底，余额宝规模已达到502.76十亿人民币，1.926十亿元左右的平均每天增加;用户达到82547700的8 2547700 households.Increased平均每天增长更为迅速，2014年，2014年1月1日至2014年2月28日，平均每天新增用户664800，日均新的金额为5.119十亿人民币，分别在2013的2.1倍和4.6倍，而作为大多数用户来说，最大的基金产品的平均增幅。
这是因为在一个高速发展的时期互联网货币型基金，每季度都有新产品，很难在数量和规模的综合统计，所以在这里我们主要分析天平宝，百度百赚，微信金融网易，现金与苏宁变革宝宝五大互联网货币基金产品。
五个主要的货币基金，互联网是在2013年第一季度末到2014年，推出的时间不长。
与资金对接是顶级大牌基金公司特别设计的产品。
到2014年第一季度末，超过五个主要的互联网货币型基金总规模（净值）为772.661十亿人民币，升至527. 349十亿人民币，增长了214.97％，每个季度保持高的超过了100％高速增长（见图表1）。
虽然上述五个主要的互联网货币资金对接仅有7只货币市场基金，但大小比例高达所有货币市场基金的53％。
表1显示了预期收益的平均上网货币资金超过5％，但第一种情况后，已经降低：在2013年底达到了高，平均预期年收益率6.81％，比同类理财产品高得多。
这主要是由于货币基金的资产配置比例，网上银行协议存款非常高，但在赛季结束后，在检查点的商业银行年底，协议存款利率会增加很多（据调查，在利率的一些关键点，一些银行甚至在7％以上）的报价;在检查点，因为Internet 货币资金规模，处于一个更好的位置与商业银行进行谈判，一些缺乏小型和中型银行的资金必须给提供高利率。
1.3互联网货币型基金的特点银行理财产品是指各种载体的融资过程。
同时依托货币资金在互联网上的互联网工具，具有第三方支付的功能，但其本质仍是一种金融产品。
从投资者的角度来看，理财产品的未来收益是其最重要的一个属性，并根据资本资产定价模型（资本资产PRICINGMODEL，CAPM），理财产品的预期收益率不是孤立的，而是与它的预期风险。
因为有金融产品和优质长期保费和规模因素的影响，一般长的投资期限，风险，高门槛，高收益产品的估值风险溢价。
我们试图更广阔的视野，因此，考虑到金融产品和投资，风险收益的基础上，门槛和投资目标相关的时间限制，将互联网货币基金作为短期理财产品，以及具有相似功能的活期存款和短期流动性，金融产品的风险和收益，购房门槛比较一般的居民，总结其特点。
与第三方支付工具的对接，流动性强的金融产品流动性是指无损失现金的能力。
银行活期存款无疑是最强的三个流动性;而理财产品通常投资期限已同意（大部分的金融产品投资期限为3-6个月，甚至超短期理财产品期限为3-7天），在这段时间购买基金后不能被调出。
高流动性的互联网货币型基金是其重要特征之一。
互联网货币基金本质上是金融产品的货币市场基金的开放对接，并打开一个货币市场基金可以随时申购和赎回，但通常是赎回操作后，需要T（T）+ 2，+ 1或金钱返回银行账户。
通过第三方平台或垫资基金公司网上垫资货币型基金，可以实现对赎回款项当天给客户张某T + 0.That是说，上没有利息损失的前提下，实现了客户资金转移该基金，即实时支付宝账户，而这又是用来随时转移到银行刷卡消费或网上赎回，使其接近银行流动性的活期存款，并高于多数instruments.Balance宝为例，该产品是通过客户赎回垫资基金公司实现资本的功能可以在同一天到账T + 0。
2商业银行业务的互联网货币型基金的影响货币资金的银行互联网上的影响力反映在第三方支付和对应于银行支付货币资金，资产和负债的佣金两大功能，以及中间业务的影响，等等。
2.1商业银行经营管理的传导分析的互联网第三方支付功能的货币基金传统的薪酬是指资金的转移。
支付功能是银行业的基础，也是现代经济活动普遍的基本需求的个人和企业不可缺少的一部分。
金融业，尤其是在竞争日益激烈的今天，支付业务为商业银行带来的不仅是丰富的中间业务收入，也可以吸引客户，提高客户粘性，提高金融服务的整体水平。
其结果是，银行的重要性是不言而喻的。
付款与帐户紧密结合，帐户是工资和归属感的起点。
在传统的支付业务，从银行账户到另一个银行账户的钱。
这种支付行为只会导致不同的银行账户之间的资金转移。
而第三方支付的时候到来，在以下两种模式影响银行的支付业务：一个是在考虑到第三方支付平台的平衡形式的钱（以下简称“托管账户”），银行账户支付账户纳入第三方支付业务的一部分。
在这种情况下，使用托管账户支付客户端，使部分支付到资金的第三方账户之间流动，从而取代银行账户之间的流动，以减少银行的薪酬JieSuanLiang;它是在银行账户的情况下平衡形式的资本，大部分通过第三方平台清算银行间支付业务，让很多那需要在银行支付结算系统的差异沉降进行资金，可通过第三方支付公司在整个中部开设不同的银行账户中，只有跨行支付少量是由中央银行的支付清算系统来完成，从而减少支付JieSuan Liang央行支付结算系统。
具体看，根据16家上市银行的数据，在2010年至2 013年期间，银行手续费收入占比逐年上升的趋势，主营业务收入中的比重，到2013年，比重达到19.52％，上平均。
由此可见。
手续费收入是商业银行盈利的重要来源，特别是在利率丝光加速的背景下，目前，越来越成为银行调整业务结构，推动非利息收入的发展的重要途径。
货币资金支付结算业务的互联网第三方支付功能已形成银行业的竞争，降低银行结算和银行卡业务的需求，以及相应的结算清算手续费收入，银行卡手续费形成的影响，间接地增加银行手续费收入增长的难度。
2.2货币基金货币基金沽货的商业银行经营管理的影响，互联网分析传导的佣金为基础的功能货币资金早在美国还有另一种产品的存款，其销售本身是一定要绕过某些居民存款，因此，不将绕过因互联网货币基金银行存款。
但是，确实是一个货币基金“净”，大大加速了这一进程。
文献出处：Bansal P.The Influence of Internet Currency fund to Commercial Banks Business[J].St rategic management journal,2014，26(3):197-218.原文：The Influence of Internet Currency fund to Commercial Banks BusinessBaselThis papaer use the capital asset pricing model to research the influence of the commercia l bank management theory,analyzes the Internet financial product properties,characteristics an d advantages of monetary fund,and the third party payment of Internet currency fund respective ly and consignment fund functions affect the operating condition and effect of commercial ban k has carried on the qualitative analysis.On this basis,this article on the Internet affect bank mon etary fund performance and conducted a quantitative research.The study shows that Internet m oney funds of commercial Banks not only the impact on the same type of products,also pay busi ness of commercial Banks,savings business,intermediate business has a substitution effect,whic h affect the operating performance of the bank.1Internet money funds overview1.1 The concept of Internet currency fundsCurrency fund is Internet third-party payment and the money market fund in the product of Internet platform integration,with the third party payment platform,liquidity and profitability of money market funds and the convenience of the Internet financial products.Although purely mo netary market fund is not the product of the Internet financial;But the fusion with the Internet te chnology,the third-party payment platform,changed the original financial products in the balanc e of liquidity,security,and yields,overturns the traditional pattern of financial products.It is worth noting that the simple model of the Internet on a commission basis of monetary f und can provide convenience for fund sales,but does not change as money market fund fund pro ducts in liquidity constraints,only in the third-party payment platform to achieve docking after T +0to redeem its product attribute to the nature of ascension.Internet money funds can go beyo nd other fund products,which produced in the financial product attributes over,to do with the hi gh development of the third-party payment platform,the rapid spread.Third-party payment is th rough the Internet in the customer,creates a link between the third party payment companies and Banks,help customers to quickly implement monetary payment,fund settlement,and other fu nctions,but also the credit guarantee and technical support,etc.,according to data from iresearc h consulting for the year2013,our country third party Internet payment market size of5.37298tr illion yuan,year-on-year growth of46.8%.At the same time,in its internal structure of outbreak o f the first year of the Internet financial funds Explain the market has become second only to the n etwork shopping and the third largest airline ticket market segment,10.5%.Accordingly,in2013t hrough a third party Internet payment subscription monetary fund size is about564.163billion y uan.1.2The status quo of Internet currency fundsIn this paper,we discuss the Internet especially monetary fund through Internet sales,joint t hird-party payment platform of money market funds.Although it is in the balance of the treasur e to appear after the birth of the new concept,but this kind of new financial products has mad e a surprised people,high-speed development.In order to balance the treasure,for example.Sin ce it was introduced the June13,2013,business development rapidly.As of the end of Februar y2014,balance treasure scale has reached502.76billion yuan,average daily increase of1.926bil lion yuan;Users reached82.5477million,the average daily increase of82.5477million household s.Increased more rapidly in2014,on January1,2014to February28,2014,the average daily ne w subscribers664800,average daily new amount is5.119billion yuan,respectively,in2013the a verage increase of2.1times and4.6times,and as most users,the largest fund products.It is beca use of internet money funds in a high-speed development period,each quarter has new produc ts,hard to comprehensive statistics of the number and size,so here we mainly analysis the balan ce Po,baidu hundred earn,micro letter financial netease,cash and suning change treasure treasu re the five major Internet monetary fund products.Five main monetary fund,the Internet is at th e end of2013to2014in the first quarter,launch time is not long.And docking of funds are the to p big fund company specially designed products.By the end of the first quarter of2014,more tha n five main Internet money funds total scale(net)is772.661billion yuan,rose to527.349billio n yuan,a214.97%increase,and each quarter to keep more than100%of high-speed growth(se e chart1).Although the above five main Internet monetary fund docking only7only money mark et funds,but the size proportion is as high as53%of all money market funds.Table1shows that the average Internet monetary fund expected return is over5%,but hasbeen lowered after the first situation:at the end of2013reached a high,average expected annua l return of6.81%,much higher than similar financial products.This is mainly due to the Internet b ank agreement deposit in monetary fund asset allocation proportion is very high,but in the end o f the season,at the end of the commercial Banks of the inspection point,agreement deposit inter est rates will increase a lot of(according to the survey,some Banks in some key point of interest r ates offer even in more than7%);In the inspection point,because Internet monetary fund scale,i n be in a better position to negotiate with the commercial Banks,some of the lack of funds of sm all and medium-sized Banks have to give offer high interest rates.1.3the characteristics of Internet currency fundsFinancial products refers to the financing process of all kinds of carrier.Money funds while r elying on the Internet Internet tools and has function of third-party payment,but its essence is sti ll a financial product.From the perspective of investors,the financial product in the future earnin gs is one of its most important attributes,and according to the capital asset pricing model(capita l asset pricingmodel,CAPM),the expected rate of return of financial products are not isolated,bu t is related to its expected risk.Because there are a risk premium in the valuation of the financia l products and premium term premiums and scale factors,generally long investment horizon,ris k,high threshold,high product yield.We attempts to a broader perspective,therefore,in conside ration of the yield of financial products and its investment,risk,the time limit of correlation base d on threshold and investment target,will the Internet money funds as a short-term financial pro ducts,and for the general residents with similar function demand deposits and short-term liquidi ty,financial product in the Risks and benefits,purchase threshold comparison,summarized its ch aracteristics.Docking with the third-party payment tools,with high liquidity financial products liq uidity refers to its cash ability without loss.Bank demand deposits is undoubtedly the liquidity o f the strongest of the three;And wealth management products usually have agreed in the invest ment period(most of the financial product investment deadline for3-6months,even the super s hort-term financial product deadline is3-7days),in this period of time after purchase funds cann ot be transferred out.The Internet money funds of high liquidity is one of its important features.I nternet monetary fund is essentially docking with the open of money market funds of financial pr oducts,and open a money market fund can be ready to explain buy and redemptive,but commo nly after redemptive operation need T T+2,+1or money to return to the bank account.Internet mat endowment money funds through a third party platform or mat endowment fund compan y,can realize the customer on the day of redemption money to zhang T+0.That is to say,on the p remise of no interest loss,realized the customer transfer funds for redemption of the fund,namel y real-time to pay treasure account,which in turn is used to transfer to the bank card consumptio n or online at any time,to make it close to the bank liquidity demand deposits,and higher tha n most of the instruments.Balance treasure,for example,the product is through client redemptio ns mat endowment fund company to realize the function of capital can be on the same day to zh ang T+0.2The influence of the Internet money funds of commercial Banks businessMonetary fund's influence on bank Internet were reflected in the third-partypayment and commission two big functions corresponding to a bank to pay money funds,assets and liabilities,and the impact of intermediary business,etc.2.1monetary fund of Internet third-party payment function of conduction analysis of commerc ial bank managementTraditionally pay refers to the transfer of money.Payment function is the foundation of the b anking industry,is also an indispensable part of the individuals and enterprises in modern econo mic activities widespread basic needs.The financial industry,especially in an increasingly competi tive today,payment business for commercial Banks not only bring rich intermediate business inco me,also can attract customers,and improving customer stickiness,improve the overall level of fi nancial services.As a result,the bank's importance is self-evident.Payment is closely combined with the account,account is the starting point of pay and belon ging.In the traditional payment business,money from a bank account to another bank account.T his payment behavior will only cause funds transfer between different bank accounts.And when t he coming of the third party payment,it in the following two modes affect the bank's payment b usiness:one is the money in the form of balance in account of the third-party payment platfor m(hereinafter referred to as the"escrow account"),part of the bank account of payment accoun t into the third party payment business.In this case,the client using escrow account to pay,mak e partial payments into the flow of funds between the third party account,thus replacing the flo w between bank accounts,to reduce the bank's pay JieSuanLiang;it is in the capital in the form o f balance in the bank account of cases,most of the liquidation inter bank payment business through the third party platform,make a lot of that need to be done in the bank payment and settleme nt system differential settlement of funds,can through the third party payment companies in diff erent bank accounts opened in the middle of the complete,only a small amount of interbank pay ment is done by the central bank's payment and settlement system,thereby reducing the payme nt JieSuanLiang central bank payment and settlement system.Specific look,according to the dat a of16listed Banks,during the period of2010to2013,the banking fee income accounted for th e proportion of main business income of the trend of rising year by year,to2013,the proportio n reached19.52%on average.This shows.Fee income is an important source of commercial ban k profitability,especially in the current under the background of the acceleration of mercerizatio n of interest rate,more become Banks adjust the business structure,an important way of promot ing the development of non-interest income.The Internet third-party payment function of monet ary fund payment and settlement business has formed the competition of banking industry and r educe the banking settlement and bank card business demand,and the corresponding settlemen t clearing fee income and the bank card fees to form the impact,indirectly increased the difficult y of banking fee income growth.2.2monetary fund money funds to sell goods on a commission basis function of the Internet im pact conduction analysis of commercial bank managementMonetary fund as early as in the United States there is a deposit of alternative product,its s ales itself is sure to bypass certain residents deposits,therefore,does not will bypass all bank dep osits due to Internet currency funds.But,is indeed a monetary fund"net"greatly accelerated this process.文献出处：Bansal P.The Influence of Internet Currency fund to Commercial Banks Business[J].St rategic management journal,2014，26(3):197-218.。