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中国货币市场基金投资结构与影响分析/The analysis of investment structure and impact 货币市场基金作为一种开放式投资基金，是伴随货币市场发展而出现的新型金融产品。早在20世纪70年代，美国就已经出现了货币市场基金，并在随后的20年里得到迅速发展。我国货币市场基金产生于2004年初，经过1年半的快速发展，其规模已经超过全部开放式基金规模的50%。但由于我国货币市场发展不够完善，特别是投资品种匮乏，出现了各家基金管理公司在进行基金运作过程中，投资结构趋同，操作手法相似的现象。货币市场基金推出之初，相关法律制度滞后，基金管理公司为了获取较高收益率，加大杠杆操作，扩大投资品种综合久期，增加了投资者的风险。政府相关部门及时完善法规，弥补制度缺陷，才使货币市场基金得以理性回归。本文内容的安排大致如下：第一部分是概述部分，先对投资基金的概念、分类进行简单介绍，引出货币市场基金，进而介绍货币市场基金概念、分类、相关当事人之间的关系及货币市场基金的特点。第二部分是美国货币市场基金及其投资品种的介绍，回顾了美国货币市场基金的产生和发展历程，并对其产生和发展的原因进行了分析，还介绍了美国货币市场基金的投资品种。第三部分是我国货币市场基金的发展，先对我国货币市场基金产生的经济背景做简略说明，再对我国货币市场基金的产生和发展过程进行了描述，然后介绍了我国货币市场基金相关法律制度建设和完善的过程，最后对我国货币市场和基础投资工具的发展状况予以说明。第四部分对我国货币市场基金进行实证研究，对基金规模、基金收益率、基金资产配置、基金资产期限结构、基金负债、基金前五大持仓品种等进行了分析，总结出我国货币市场基金发展过程中所显现出的特点。第五部分是货币市场基金的影响分析，分别从对银行业、基金业、投资者、资本市场、货币市场、货币政策执行等六方面分析了货币市场基金所带来的影响。第六部分对我国货币市场基金的进一步发展提出建议。论文采用了计量经济学中关于时间序列分析的协整理论，对我国货币市场基金综合7天年化收益率走势和1年期央行票据利率走势之间的关系进行了定量分析，同时也对我国货币市场基金资产配置、资产期限结构、负债等比例变动情况进行了定性分析。通过分析可以看出：我国货币市场基金运作风格高度趋同；货币市场基金总体收益情况反映了我国货币市场运行情况；随着我国相关法律、法规不断完善，货币市场基金的风险得到了抑制，但收益也相应降低。 Money Market Funds, as a kind of open-end investment fund and new finance product, emerge with development of the money market. As early as in 1970’s, money market funds was born in the US and developed remarkably fast in the following 20 years. It’s first rooting in China happened in early 2004, and takes up over 50% among all open-end investment funds after one and a half years of rapid growth. However, as Chinese money market has not come to maturity, particularly with few investment objectives, it happens that the investment structures and operational means are similar among individual fund management firms during their fund operation. Besides, in the early stage when money market funds was introduced to China, the associated laws and regulations comparatively lagged, as a result that all fund management firms strengthened leverage control and extended investment objectives comprehensive duration to obtain high yields, while leading to risks increase on investors. The money market funds didn’t recover rationally until related authorities timely corrected the defects and negligence in the laws and regulations. This Paper is structured as follows: Section I General Brief introduction of the investment fund first for its concept and categories and followed by introducing Money Market Funds (MMF) in terms of concept, category, correlations among all associated parties and its characteristics. Section II US MMF and Investment Objectives The creation and development process of the MMF in the US are reviewed and the reasons thereof are analyzed. In addition, the investment objectives of US MMF are introduced. Section III MMF Development in China Firstly brief introduction of the economic background when MMF emerged in China; Secondly, description of creation and development progress of the MMF in China; Thirdly, description of Chinese laws and regulations completion and revise in relation to the MMF; and Finally, description of development status of Chinese money market and basic investment instruments. Section IV Positive Study on Chinese MMF To analyze fund scale, rate of return, fund assets allocation, fund assets duration structure, fund liabilities and top 5 fund position categories and then summarize the characteristics appeared during development of Chinese MMF. Section V Effect Analysis of the MMF To analyze effect of the MMF to bank industry, fund industry, investors, capital market, money market and monetary policy enforcement etc. Section VI Recommendations for Further Development of the MMF in China Applying the cointegration theory in relation to the time series analysis in the Econometrica, quantative analysis is made in the Paper for correlation between the trend of comprehensive 7-day based yearly rate of return and trend of 1-year duration central bank note interest. Also qualitative analysis is done for assets allocation, assets duration structure and liabilities of the MMF in China. Based on the analysis, it is observed that all Chinese MMF operation styles are highly similar. The general yields of the MMF reflect the operation status of Chinese money market. With the improvement of Chinese laws and regulations, the risks of the MMF are suppressed with the return also decreased.

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