普惠金融、包容性增长与居民消费能力提升

Inclusive Finance,Inclusive Growth and Enhancement of Residents’ Consumption Capacity

居民是消费的主体,不确定性和流动性约束是影响居民消费能力的关键因素。普惠金融发展对于改善居民预算约束,降低社会交易成本,推动大众创业、缩小收入差距和居民消费能力提升有积极作用。本文基于2006-2018年中国省际面板数据,运用空间杜宾和广义空间计量模型研究普惠金融对居民消费能力的影响。基于2017年CHFS数据构建家庭普惠金融指数,从微观角度探讨普惠金融对城乡居民收入、消费,贫困户与非贫困户居民收入和消费的影响。结果表明普惠金融对城乡居民消费有显著的直接效应和空间效应,普惠金融发展有利于城镇居民消费升级,但对农村居民发展享受型消费的促进作用不明显。进一步研究发现,收入增长和收入分配改善是普惠金融提升居民消费能力的重要机制。普惠金融对农村居民收入与消费,贫困户收入和消费有显著的正向促进作用,表明普惠金融能够兼顾效率和公平,实现包容性增长。

Residents are the main body of consumption,and uncertainty and liquidity constraints are the key factors affecting residents’consumption capacity.The development of inclusive finance has a positive effect on improving residents’budget constraints,reducing social transaction costs,promoting public entrepreneurship,narrowing the income gap,and improving residents’spending power.This paper uses the provincial panel data of China from 2006 to 2018,and uses spatial dubin and generalized spatial measurement models to study the impact of inclusive finance on household consumption capacity.Based on CHFS in 2017,this paper constructs a household inclusive finance index to explore the impact of Inclusive Finance on the income and consumption capacity of urban and rural residents,as well as the income and consumption of poor and non poor households from a micro perspective.The results show that inclusive finance has significant direct and spatial effects on the consumption of urban and rural residents.The development of inclusive finance is conducive to the consumption upgrade of urban residents,but it does not promote the development of enjoyment consumption by rural residents.Further research found that income growth and income distribution improvement are important mechanisms for inclusive finance to promote household consumption.Inclusive finance has a significant positive effect on the income and consumption of rural residents,and the income and consumption of poor households.It shows that inclusive finance can balance efficiency and equity and achieve inclusive growth.