1、摘要 “互联网金融”起源于上世纪九十年代的美国，但在当时的美国却几乎没有“互联网金融”(Internet Finance)的这一说法或称谓，而更多的则是以电子金融(E-Finance)、网络保险、网络银行、P2P等形态而发展与金融市场。金融市场发展程度和金融监管环境在每个国家都有所不同，所以，与中国互联网金融相比，其在美国并没有得到别具一格的发展。 在我国，“互联网金融”这一概念最早被明确提出是在谢平2012年的研究报告中，他将互联网金融划分为传统金融机构的金融互联网和新兴互联网企业的互联网金融（按发起主体划分）。随着我国金融的迅速发展，上述的两种互联网金融日益融合，但是一般而言，人们提到的互
2、联网金融通常是指后者。这主要是因为我们所说的“传统金融核心”同“互联网创新精神”的区别，前者传达给我们的的是精英化、神秘化、交易摩擦、信息不对称等等概念，而互联网创新精神是开放、共享、平等、普惠和民主等等的结合。由于互联网金融在我国仍处于初期发展阶段且发展速度势如破竹，而与此同时我国对于互联网金融的监管环境与金融市场的步伐并为与其同步，因此，这对我国宏观经济政策是一巨大的挑战，金融监管不到位与互联网金融迅速发展也会导致我国货币政策传导机制的正常运行，这将会影响到我国经济的平稳发展，影响“四个全面”的合理布局。 随着我国金融脱媒与互联网金融的进一步深化与发展，政府应当结合两者的发展状况对我国货币
3、政策传导机制以充分的考虑，从而对货币政策中介目标及货币政策工具进行更为合理的选择；不断推进利率市场化、加大对资本市场的规范检察，同时尊重和鼓励互联网金融健康的不断发展，发挥出货币政策在促进国民经济健康发展的积极作用。本文对货币政策主要传导机制的各个主要环节进行分析。货币政策的传导与金融结构的变化有着密切的联系，因此，本文从我国的实际出发对我国互联网金融发展程度进行考察与分析，并运用理论和实证分析互联网金融对我国货币政策传导机制的影响，以此对我国货币政策工具、中间目标的选择以及更好地发挥宏观调控作用起到重要的现实意义和实践价值。 关键词： 互联网金融 货币政策传导机制 金融脱媒 Abstract
4、 “Internet finance ”was first appeared in the United States in the 1990s, but at that time there was no statement or term like Internet Finance , so the electronic finance (E-Finance) Network insurance, Internet banking, P2P and other decentralized forms instead of the usage of that kind term of dev
5、elopment and financial markets in the United States . As we all know that the degree of financial market development and financial regulatory environment in each country are different, compared with Chinese Internet finance, it didnt get a unique development in the United States . In China, the conc
6、ept of Internet finance was first proposed in Xies study in 2012, which divides Internet finance into the financial Internet of traditional financial institutions and Internet finance of emerging Internet companies (divided by the main body) . With the rapid development of financial, the two kinds o
7、f Internet finance increasingly integrated, while in general, when people refer to the Internet finance, they usually mean the latter as a typical representative. This is mainly because what we call the traditional financial core with Internet innovation quality difference, the former actually means
8、elite Mysticism, information asymmetry , the latter shows the meaning of open, shared, to the center, equality, choice, Pratt & Whitney, democracy. The Internet finance in our country is still in the initial stage of development and the pace of development is irresistible, while at the same time Chi
9、nas Internet financial regulatory environment and the development of financial market capacity to achieve synchronization, therefore, this is a huge challenge to our countrys macroeconomic policy is, The rapid development of financial supervision will lead to the normal operation of Chinas monetary
10、policy transmission mechanism, which will affect the steady development of Chinese economy as well as the four comprehensive rational layout. With the further development of financial dislocation and Internet finance in China, the government should take full account of the transmission mechanism of
11、monetary policy, so as to make a more reasonable choice of monetary policy intermediary target and monetary policy tool , At the same time,to improve the establishment of the deposit insurance system, and constantly promote the marketization of interest rates and increase the capital market developm
12、ent is reasonable and standardized prosecution, etc., play a monetary policy in promoting the healthy development of the national economy positive role. This paper analyzes the links of the main transmission mechanism of monetary policy. The transfer of monetary policy is closely related to the chan
13、ge of financial structure. Therefore, this article examines and analyzes the degree of Internet financial development in China from the reality of our country, and analyzes the influence of Internet finance on Chinas monetary policy transmission mechanism by theoretical and empirical analysis, So as
14、 to play an important practical value to Chinas monetary policy tools, the choice of intermediate targets and the role of macro-control.Keywords: Internet finance monetary policy transmission mechanism financial disintermediation 目 录第一章 绪论 1.1 选题背景、目的及意义 1.1.1 选题背景 1.1.2 选题目的 1.1.3 选题意义 1.2 国内外研究现状
15、1.2.1 国外研究现状 1.2.2 国内研究现状 1.3 研究思路 1.4 研究方法 第二章 相关理论基础2.1 互联网金融的定义及发展现状 2.1.1 互联网金融的定义 2.1.2 我国互联网金融发展现状2.2 货币政策传导机制理论 2.2.1 货币政策传导机制的定义及原理 2.2.2 货币政策利率传导机制理论 2.2.3 货币政策资产价格传导机制理论 2.2.4 货币政策信贷传导机制理论 2.2.5 货币政策汇率传导机制理论第三章 我国互联网金融发展对货币政策传导机制的影响分析 3.1 互联网金融发展对我国货币层次和货币供求的影响 3.1.1 对货币层次的影响 3.1.2 对货币供给的影响 3.1.3 对货币需求的影响 3.2 互联网金融对我国货币政策利率传导机制影响分析 3.2.1 我国利率体系 3.2.2 互联网金融推动我国利率市场化进程 3.3 互联网金融对我国货币政策资产价格传导机制影响分析 3.3.1 增强托宾q值效应 3.3.2 增强财富效应和流动性效应 3.4 互联网金融对我国货币政策信贷传导机制影响分析 3.