中文摘要：

通过构造EEMD-VAR结构对余额宝收益率的影响因素进行实证研究。结果表明：余额宝收益率与其影响因素间所构成的关系系统是稳定的;银行间同业拆借利率和广义货币供应量对余额宝收益率的影响程度和方差贡献度最大,表明国内市场资金面和货币政策的松紧程度对余额宝收益率的变动起着重要作用;汇率水平和银行存贷比均与余额宝收益率呈负相关,但影响程度并不显著。

英文摘要：

By constructingEEMD-VAR structure,this paper studies the influential factors of Yu Ebao returns empirically.The results show as follows：1）the system consisting of Yu Ebao returns and its influential factors is stable;2）The Interbank lending rates and the broad money supply have the largest influencing degree and contribution on the Yu Ebao Returns,showing that the tightness degree of domestic market financing level and monetary policy are the most important affecting factors of Yu Ebao Returns;3）Exchange rates and the bank loan ratio are negatively correlated with Yu Ebao Returns,but the impact is not significant.4）Based on the influential factors,three suggestions are given for Yu Ebao＇s future development.