“余额宝”交易成本、有限理性及其相机治理  

Transaction Cost, the Limited Rationality and Contingent Governance of Balance Treasure

作　　者：董梅生[1] 杨德才[2] 

机构地区：[1]南京大学商学院,江苏南京210093 [2]安徽工业大学商学院,安徽马鞍山243002

出　　处：《改革》2014年第4期141-150,共10页Reform

基　　金：安徽省高校省级科学研究项目"提升安徽企业自主创新能力研究"(批准号:SK2013A038)

摘　　要：余额宝将基金直销系统内置到网站这一服务创新模式,推动了互联网金融大发展,"搅动"了整个银行业。借助威廉姆斯交易成本经济学的前提假设、合同定价机理、相机治理机制和纵向一体化理论分析了余额宝背后隐藏的经济学原理,揭示了消费者认同余额宝、余额宝能成功搅动银行、天弘基金被阿里巴巴收购均是为了节省交易成本。我国应加快推进利率市场化改革,加强互联网金融监管,构建互联网金融监管体系。Balance treasure builds direct sales of the fund system into the site. This service innovation pattern promotes the development of Internet banking, and stirres the entire banking industry. With the help of Williams＇s assumption, contract pricing mechanism, governance mechanism and vertical integration theory of transaction cost economics, this paper analyzes the economics principle hidden behind the balance treasure, reveals the reason that consumers approve balance treasure, balance treasure successful agitation bank and Tian-hong fund is acquired by Alibaba is to save transaction costs. Our country should accelerate the interest rate marketization reform, strengthen the financial supervision, and construct the internet financial supervision system.

关 键 词：余额宝 新兴金融产品 互联网金融监管 

分 类 号：F270[经济管理—企业管理]