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余额宝的出现使货币市场基金在互联网生态下得到了迅猛的发展。然而当前的研究却主要集中于货币市场基金的资金投向、申赎制度、准备金监管等方面,而未对互联网生态所带来的一些新型特征予以重视。本文认为,互联网生态对货币市场基金发展的影响主要包括催生多种金融工具联动、促进多种消费活动并行、推动多方市场主体竞争三方面。在此基础上,互联网生态下货币市场基金监管的完善应当做到如下内容:首先,从观念上正视货币市场基金互联网化下的现实功能;其次,在互联网生态语境下完善对货币市场基金本身的监管制度建设;最后,强化对多种金融工具联动的识别并加强监管执法能力。
The emergence of Yu Bao has enabled money market funds to grow rapidly under the Internet ecosystem. However, the current researches mainly focused on the capital investment, the system of redemption and the supervision of reserve fund, but did not pay attention to some new features brought by the Internet ecology. This paper argues that the impact of Internet ecology on the development of money market funds mainly includes the promotion of the linkage of various financial instruments, the promotion of multi-consumption activities in parallel, and the promotion of multi-party market competition in three main areas. On this basis, the supervision of the money market fund under the Internet environment should be as follows: Firstly, the real function of the money market fund should be met from the perspective of concept; secondly, the monetary policy should be improved under the internet ecological context Of the regulatory system; Finally, strengthen the identification of a variety of financial instruments linkage and strengthen the ability to monitor law enforcement.