摘要：网络理财是通过互联网进行个人理财投资的行为。自20世纪互联网技术在美国诞生以来，以互联网为核心的信息技术成为这个时代最重要的全球性技术浪潮，互联网金融的快速发展，使得网络理财也逐渐成为一种热门的理财方式。互联网金融模式下理财产品的购买摆脱了传统银行理财产品在时间和地点上的购买限制，只要在有网络的区域，投资者就可以在任何时间查看网上的理财信息，寻找自己感兴趣的理财产品，使得信息搜集的过程更快更有效。本文主要是对互联网金融模式下理财产品的研究，分析了其收益和风险特征。在收益方面，本文认为，互联网金融模式下理财产品收益较高的原因有三点：一是跨市场操作的利差带来的高收益；二是近期银行体系流动性短缺导致利率抬升；三是资金未被纳入存款准备金管理带来的监管红利。在风险方面，互联网金融模式下的理财产品有四大风险，分别是政策风险、安全风险、流动性风险和利率风险。在分析利率风险时本文引入了美国早前的互联网金融模式下的理财产品——Paypal货币基金，阐述了其最终关闭的原因和我国互联网金融模式下理财产品的利率风险。互联网金融模式下理财产品的兴起，对商业银行造成了一定的影响，本文认为影响主要体现在对银行存款、理财产品和基金代销业务方面存在一定的冲击，但对商业银行的短期影响不会太大，长期影响则有待进一步观察。最后，对于互联网金融模式下理财产品的发展前景，本文认为这些理财产品会继续存在下去，但收益会逐渐回落，且会面临更严格的金融监管。

关键词：互联网金融 网络理财产品 风险与收益

Abstract：Internet wealth-management is personal financial investment on Internet. Since twentieth Century the birth of the Internet technology in the USA, information technology based on the Internet has become the most important technology in this era. Rapid development of Internet banking makes the Internet wealth-management become a popular way. The purchase of financial products, the Internet financial mode from the traditional bank financial products in the purchase limit of time and place, wherever there is Internet , investors can check online at any time about the financial information, finding financial products they interested in, which makes the information gathering process faster and more efficient. This paper is a research of financial products under the Internet financial mode, with analysis of the return and risk characteristics. In the aspect of return, we think, because higher income financial products Internet financial mode has three points: one is the high yield spreads across the market operation brings; two is the recent shortage of liquidity in the banking system caused interest rates rise; three is the funds are not included in the deposit reserve management by supervision dividend. In terms of risk, the Internet financial mode of the financial products have four main risks, they are policy risk, security risk, liquidity risk and interest rate risk. When analyzing Interest rate risk we introduced the earlier Internet financial mode of financial products in America -- the Paypal Monetary Fund，about why it finally closed and also the interest rate risk of Internet wealth management products in China. The rise of Internet wealth management products caused certain effect on commercial banks. The impact is mainly reflected in a certain impact on bank deposits, financial products and the fund distribution business, but is too large for the short-term impact will not be commercial banks, long-term effect needs further observation. Finally, the paper argues that Internet wealth management products will continue to exist, but the return-rate will fall gradually, and will face more stringent financial supervision.

Key words：Internet Financial  Internet Wealth Management Products  Risk And Return