本文采用西南财经大学2013~2019中四年的中国家庭金融调查数据(CHFS),通过面板回归和固定效应模型,在金融科技大背景下全面研究互联网消费金融与居民家庭消费行为的关系,实证探究了互联网消费金融总指数与其五个细分指数对居民家庭消费支出和消费结构的影响效果。研究结论如下:(1) 总效应回归中,互联网消费金融显著增加家庭消费支出并促进家庭消费升级;(2) 影响机制回归中,五个指数都对家庭消费支出有积极影响,只有互联网信贷作用不显著。此外,互联网支付和互联网货币基金显著促进家庭消费升级,而互联网信贷、互联网保险和互联网投资显著抑制家庭消费升级。最后,本文针对以上研究结论给出了相应建议。This paper adopts the China Household Finance Survey (CHFS) data of Southwestern University of Finance and Economics from 2013 to 2019, and comprehensively studies the relationship between Internet consumer finance and household consumption behavior in the context of fintech through panel regression and fixed effect model. This paper empirically explores the effect of Internet consumer finance index and its five sub-indexes on household consumption expenditure and consumption structure. The research conclusions are as follows: (1) In the total effect regression, Internet consumer finance significantly increases household consumption expenditure and promotes the upgrading of household consumption;(2) In the regression of influence mechanism, all the five indexes have a positive impact on household consumption expenditure, and only the effect of Internet credit is not significant. In addition, Internet payment and Internet monetary fund significantly promote household consumption upgrading, while Internet credit, Internet insurance and Internet investment significantly inhibit household consumption upgrading. Finally, this paper gives corresponding suggestions based on the above research conclusions.
文章采用2010~2018年中国家庭动态追踪调查(CFPS)的家庭面板数据,结合生命周期理论和家庭储蓄需求模型,基于双固定效应模型考察了少子化对居民家庭消费及消费升级的影响。研究发现,少子化有利于提升居民家庭消费水平,并且有助于居民家庭消费结构升级。分城乡的异质性检验表明,少子化对农村家庭的消费水平存在更为显著的正效应。而农村家庭分地区的异质性检验显示,少子化对农村家庭消费的影响在经济发展水平不同的地区之间存在显著差异,少子化对欠发达西部地区的农村家庭消费的促进作用更加强烈,显著促进了西部地区农村家庭的消费水平提高。Using the household panel data from the China Family Panel Studies (CFPS) from 2010 to 2018 and combining the life cycle theory and household savings demand model, this paper examines the impact of low fertility on household consumption and consumption upgrading based on a double fixed-effect model. The study finds that low fertility is conducive to improving household consumption levels and helping households upgrade their consumption structure. The heterogeneity test by region and urban-rural areas shows that low fertility has a more significant positive effect on rural household consumption levels. The heterogeneity test by region shows that the impact of low fertility on rural household consumption varies significantly between different regions, with a stronger promotion effect on rural household consumption in the less developed western regions, significantly improving the consumption level of rural households in these regions.
文章基于中国家庭金融调查(CHFS) 2019年的数据,深入探讨了金融关注度对家庭消费升级的影响及其机制。研究发现,金融关注度的提高有助于促进家庭消费升级,并且在采用工具变量法和替换被解释变量后,结果依然稳健。机制分析表明,金融关注度可以通过影响信贷约束和收入不确定性来影响家庭消费升级。此外,异质性分析显示,金融关注度能够促进中部、西部和东部地区的消费升级,但在东北地区这一效应并不显著。对于具有城乡背景的家庭群体,金融关注度对消费升级具有促进作用,但这种促进效果存在差异。Based on data from the China Household Finance Survey (CHFS) in 2019, this article conducted an in-depth study on the impact and mechanism of financial attention on household consumption upgrading. The study found that the increase in financial attention can help promote household consumption upgrading, and the results remain robust after using the instrumental variable method and substituting the explained variables. The mechanism analysis shows that financial attention can affect household consumption upgrading by influencing credit constraints and income uncertainty. In addition, heterogeneity analysis shows that financial attention can promote consumption upgrading in the central, western, and eastern regions, but this effect is not obvious in the northeast region. Financial attention has a promotion effect on consumption upgrading among household groups with urban and rural backgrounds, but there are differences in this promotion effect.
