摘要
理财是实现居民消费跨期平滑的重要方式,互联网理财凭借其便利性、普惠性等优势迅速渗入居民家庭,并对其消费行为产生重要影响。通过构建互联网理财影响居民消费的理论模型,并利用2017和2019年中国家庭金融调查数据(CHFS)实证检验了互联网理财与居民消费的关系。研究发现:首先,互联网理财能够显著促进居民消费,使用工具变量、替换被解释变量和变更样本等方法不影响结论稳健性;其次,互联网理财主要通过获取利息收益和提供支付便利性两种机制产生影响;再次,异质性分析发现,这种对消费的促进效应在东中部地区、中低收入和低学历家庭更为明显,特别的是如果家中有未婚儿子,则互联网理财对消费没有显著的影响;最后,从消费水平提升和消费结构优化两个维度,进一步研究了互联网理财对消费升级的影响,发现互联网理财显著提高了发展与享受型消费的比重,同时显著降低了生存型消费的比重。因此,互联网理财的发展有助于扩大内需,实现居民消费升级,从而促进国内大循环格局的形成。
Financial management is an important way to achieve inter-period smoothing of residents'consumption,and internet financial management,with its convenience and universality,has rapidly penetrated into residents'households and exerted an important influence on their consumption behavior.A theoretical model of the impact of internet finance on residents'consumption has been constructed and the relationship between internet finance and households'residential consumption has been tested by using data from the 2017 and 2019 China Household Finance Survey(CHFS).It is found that,first,internet finance can significantly promote household residential consumption,and the use of instrumental variables,replacing the explanatory variables and changing the sample do not affect the robustness of the findings.Second,internet finance has an impact mainly through three mechanisms,such as obtaining interest returns,providing payment convenience and alleviating credit constraints.Again,heterogeneity analysis finds that this consumption-promoting effect is more pronounced in the east-central region,the lower middle-income and low-education households.In particular,if there are unmarried sons in the family,internet finance has no significant effect on consumption.Finally,the impact of Internet finance on consumption upgrading is further investigated in two dimensions:consumption level enhancement and consumption structure optimization,and it is found that internet finance significantly increases the proportion of development and enjoyment-oriented consumption,while significantly decreasing the proportion of survival-oriented consumption.Therefore,the development of internet finance helps to expand domestic demand and achieve the upgrading of residents'consumption,thus promoting the formation of a large domestic cycle pattern.
作者
张笑
姜泽辉
刘晓宇
Zhang Xiao;Jiang Zehui;Liu Xiaoyu(School of Economics,Qingdao University,Qingdao 266071,China)
出处
《技术经济》
北大核心
2024年第5期32-42,共11页
Journal of Technology Economics
基金
国家社会科学基金青年科学基金“复杂网络视角下互联网金融风险传染与治理研究”(20CSH064)。
关键词
互联网理财
居民消费
消费升级
internet money management
resident consumption
consumption upgrading
