Abstract: The Internet finance in China is boosting with growing impacts on the banking industry. Banks are forced to adjust their strategies, which has been reflected in the changes of the market interest rates. Using the Information Collection Revenue-Cost Model and the Ramsey Model,this paper integrates the advantages of Internet financein information collection and application into the analysis frame work of commercial banks' management decisions, aiming to study both theoretically and empirically the relationship between the advantages of Internet financial information and the interbank rates. The results reveal that the Internet financial information advantages can affect banks' decisions and decrease the fluctuation degree of interbank rates, which means it can enhance the price discovery function of interbank rates,thus improving its effectiveness as a benchmark in the market. As a result, when formulating monetary policies and making assessments or realizing financial industry layout and implementing supervision, the government should make full allowance for the influence of the Internet finance, so as to enhance the policies' scientific and forward-looking effectiveness.

Key words: Internet Finance, Interbank Rate, Information Advantage, Revenue-Cost Model, Ramsey Model, Baidu Keyword Index

摘要： 互联网金融在中国迅猛发展,对银行业的影响已逐渐显现。商业银行被迫调整固有的经营策略,并且这种调整最终将反映在市场利率的变化中。本文运用“收益–成本控制模型”和“拉姆齐模型”模拟了互联网金融对信息采集和利用的正向激励,将互联网金融信息优势纳入商业银行经营决策分析框架,从理论推导和实证分析两个方面研究互联网金融信息优势与银行同业市场利率相关关系,发现互联网金融的信息优势能够降低同业市场利率的波动性,增强同业市场利率的价格发现功能,提升其作为市场基准利率的有效性。研究结果对于货币政策制定和评估、金融业布局和监督管理均具有一定意义。

关键词: 互联网金融, 同业市场利率, 信息优势, 收益–成本控制模型, 拉姆齐模型, 百度指数