消费信贷如何影响消费行为?——来自信用卡信用额度调整的证据

How Does Consumer Credit Affect Consumer Behavior? ——Evidence from Credit Limit Adjustment of Credit Card

消费信贷在促进消费方面发挥着积极作用。与已有文献主要基于宏观消费信贷数据不同,本文基于国内某银行信用卡中心信用额度调整这一独特样本,以信用额度的变化来衡量消费信贷的变化,从微观角度考察消费信贷对消费行为的影响,并分析人口特征如何影响消费信贷作用的发挥。本文发现:信用额度调增从而消费信贷增加对消费起到促进作用,显著提高信用卡使用频率和交易金额;此外,信用额度调增从而消费信贷增加会促进消费者调整消费结构,减少日常性消费,增加经营性消费和耐用品消费;最后,消费者在信用额度调增从而消费信贷增加时还会更少地采取全额还款方式,并增加取现行为。从影响因素上看,消费者的性别、婚姻状况、受教育程度和收入状况等因素会对消费信贷作用的发挥产生影响。本文的研究为理解消费信贷与消费行为的关系提供了微观证据。

Consumer credit plays an active role in promoting consumption. Different from existing literature which is mainly based on macro consumer credit data, this paper, using a unique data-set of credit limit adjustment of credit card from the credit card center of a domestic commercial bank and using the change in credit limit as the measure of change in con- sumer credit, investigates the effect of consumer credit on consumer behavior from a micro perspective, and analyzes how de- mographic characteristics affect the effect of consumer credit on consumer behavior. Major findings include： The increase in credit limit as well as the increase in consumer credit will significantly improve the trading frequency and transaction amount of credit card, indicating that consumer credit is useful to promote consumption. It will also reduce consumers＂ daily con- sumption while increase their operating consumption as well as durable goods consumption, indicating that consumer credit will affect consumers＂ consumption structure. In addition, increase in credit limit as well as increase in consumer credit will cause consumers less likely to take full repayment, and more likely to withdraw cash; Many demographic characteristics will affect the relationship between consumer credit and consumer behavior, including consumer＇s gender, marital status, education background and income. This research provides the micro evidence for understanding the relationship between consumer credit and consumer behavior.