摘要/Abstract

融入新的互联网商业模式是否会对货币市场基金的风险产生影响，这是投资者和基金管理者面临的新问题。本文将货币基金分为传统型基金、对接互联网型传统基金和纯互联网基金三种类型，运用GARCH模型和VaR测度方法对24支样本基金时间跨度超过一年的收益率数据进行定量分析，结果表明纯互联网型基金的VaR值是三类货币基金中最小的，即收益波动风险最低，相对最为稳健。经过实际值对比和模型可靠性检验后，本文建议投资者把纯互联网货币基金视作低风险的稳健型金融产品。

Whether in the new Internet business model will influence the risk of money market fund is a new problem for both investors and fund managers. In the paper, the money market fund will be divided into three types which are traditional funds, the traditional-Internet traditional fund and Internet Fund. The volatility risks on return of 24 funds will be measured through the GARCH model VaR method, and the data is over a year. Results show that the VaR of pure Internet Fund is the smallest of the three types, and that means volatility risk on return is lowest and it is quiet stable. After the comparison with actual value and model of reliability test, it is recommended that investors can regard Internet money market fund as a stable financial product with low risk.