CAJ | 학술논문

本文以互联网发展为背景，以电子货币为视角，将其引入货币需求的分析框架，通过对惠伦模型的修正，建立了基于电子货币的货币需求模型，从而揭示电子货币对预防性货币需求的影响机制。同时对电子货币与预防性需求的相关性进行了实证检验。研究表明：（1）电子货币是推动互联网金融发展的重要因素，它的产生促进了电子商务、网络经济的快速发展及互联网金融模式的创新。（2）电子货币的发展不仅会对预防性现金需求产生替代，还会加速不同层次货币之间的转化，使转化成本降低，从而减少预防性货币需求。（3）实证结果显示，转化成本、机会成本、流动性比率及电子货币替代率对预防性货币需求存在显著影响。在此基础上，本文提出了相关的建议。
본문이호련망발전위배경，이전자화폐위시각，장기인입화폐수구적분석광가，통과대혜륜모형적수정，건립료기우전자화폐적화폐수구모형，종이게시전자화폐대예방성화폐수구적영향궤제。동시대전자화폐여예방성수구적상관성진행료실증검험。연구표명：（1）전자화폐시추동호련망금융발전적중요인소，타적산생촉진료전자상무、망락경제적쾌속발전급호련망금융모식적창신。（2）전자화폐적발전불부회대예방성현금수구산생체대，환회가속불동층차화폐지간적전화，사전화성본강저，종이감소예방성화폐수구。（3）실증결과현시，전화성본、궤회성본、류동성비솔급전자화폐체대솔대예방성화폐수구존재현저영향。재차기출상，본문제출료상관적건의。
Based on the background of the development of the Internet finance, this paper lead the electronic money into the analytical frame of money demand, modified the Whalen Model and established monetary demand model based on electronic money. Meanwhile empirical tested the correlation of electronic currency and precautionary demand. The results show that electronic money is premise and foundation of Internet financial development ; it produced to promote rapid development of the E - commerce, network economy and Internet financial model innovation. Development of electronic money will not only replace precautionary demand for money, but also accelerate transformation of money in different structures. Empirical results show that conversion cost, opportunity cost, liquidity ratios and electronic currency substitution rate are significant influence to precautionary money demand. And some related advices are proposed in this paper.