互联网信息依赖度与异质性家庭消费:金融资产配置的视角

Internet Information Dependence and Heterogeneous Household Consumption: A Perspective of Financial Asset Allocation

本文利用中国家庭追踪调查(CFPS)数据,通过构建互联网信息依赖度评价指标,依据贫富水平划分异质性家庭,实证分析了互联网信息依赖度、金融资产配置与家庭消费潜力释放的作用机制及其中介效应。研究表明:(1)互联网信息依赖度对家庭非必需品消费的影响存在明显的家庭异质性,互联网信息依赖度的提高对小康家庭的非必需品消费存在正向促进作用,对富裕家庭起反向抑制作用,对低收入家庭和贫困家庭的影响则并不显著。(2)互联网信息依赖度通过影响家庭金融资产配置进而改变家庭非必需品消费,即遵循"互联网信息依赖度→金融资产配置→非必需品消费"的作用机制。(3)家庭金融资产配置在互联网信息依赖度对非必需品消费影响途径上存在异质性中介效应,结果证明了在家庭资产配置方面,富裕家庭更偏好资产收益性,小康家庭更在意资产的流动性,低收入家庭与贫困家庭则更看重资产的预防储蓄功能。互联网信息依赖度的提高会加深家庭这种资产选择偏好,形成对非必需品消费的不同影响结果。基于以上结论,本文认为政府和相关金融机构需要根据异质性家庭的不同特征发挥互联网信息渠道引导家庭投资与消费的功能,从硬件设施、产品渠道以及网络监管等多方面改善家庭资产流向结构,解决消费升级流动性约束。

Based on the household data of CFPS, the paper constructs an internet information dependence evaluation system, and divides heterogeneous families according to wealth. It empirically analyzes the internet information dependence, financial asset allocation and the mechanism of household consumption potential releasing and its mediating effects. The study shows:(1) the influence of internet information dependence on household non-essential consumption manifests significant family heterogeneity, and the improvement of internet information dependence exerts positive influence on the consumption of non-essential goods in well-off families, while, negative on the rich families, and no significant influence on the low-income families;(2) internet information dependence changes the household non-essential consumption by affecting the allocation of household financial assets, which follows the mechanism of "internet information dependence →financial asset allocation →nonessential consumption";(3) the allocation of household financial assets exerts a heterogeneous mediating effect on the influence of internet information dependence on non-essential consumption, which shows that in the aspect of household asset allocation, rich families prefer asset profitability, while welloff families are more concerned about the liquidity of assets, the low-income and poor families prefer to precautionary saving. The increase of internet information dependence will deepen the family’s asset selection preference and exert different influences on nonessential consumption. Based on the above conclusions, the paper believes the government and relevant financial institutions need to guide the household investment via the internet information channels according to different characteristics of heterogeneous households, and improve the flow structure of household assets from the aspects of hardware facilities, product channels and network supervision, so as to solve the liquidity constraint of consumption upgrade.