数字金融是否促进了消费升级?——基于面板数据的证据

Has Digital Finance Promoted Consumption Upgrading?——Evidence Based on Panel Data

激发居民消费潜力和促进消费升级已成为我国转变经济增长方式、提升经济发展质量的关键。本文基于北京大学数字普惠金融指数,探索数字金融影响我国居民消费及消费升级的作用机理。研究发现:第一,总体而言,数字金融及其三个子维度,即覆盖广度、使用深度和数字化程度均显著提高居民整体消费水平并促进消费升级。第二,分城乡检验中,数字金融在提升城市和农村居民消费水平的同时,也促进了城市居民消费升级。实证结果也显示,数字金融对农村居民消费升级作用不显著。第三,分地区检验中,数字金融对促进东部地区和中部地区居民消费升级具有显著作用,而对促进西部地区居民消费升级的作用不显著。本文的研究结论对于认识数字金融的价值及推进数字金融发展,提高我国居民消费水平和促进消费升级具有一定的指导意义。

Stimulating the consumption potential of residents and promoting consumption upgrading have become the key to transforming the mode of economic growth and promoting the high-quality development of economy.Based on the digital inclusive financial index of the Peking University,this paper explores the mechanism of the impact of digital finance on the consumption and consumption upgrading of Chinese residents.The research has the following findings.Firstly,generally speaking,digital finance together with its three dimensions,namely breadth of coverage,depth of usage and degree of digitalization,have significantly improved the overall consumption level of residents and promoted consumption upgrading.Secondly,in the urban-rural test,digital finance not only improves the consumption level of urban and rural residents,but also promotes the consumption upgrading of urban residents.However,the empirical result also shows that digital finance has no significant effect on the consumption upgrading of rural residents.Thirdly,in the regional test,digital finance plays a significant role in promoting the consumer upgrading in the eastern and central regions,but not in the western regions.According to the research conclusions,this paper suggests that,firstly,the government and communication enterprises should speed up the construction of 5 G and other high-speed networks,especially strengthen the infrastructure network construction in Western and rural areas.Secondly,financial institutions and large Internet financial companies should continue to develop information terminals and mobile Internet application software(App)suitable to the characteristics of digital finance,so as to increase the stickiness of customers in using digital finance.Thirdly,we should strengthen the education and popularization of digital finance knowledge among rural residents,improve their financial literacy and acceptance of digital finance,take multiple measures to promote the economic development level of the western region.