数字金融发展影响农村居民消费的地区差异研究

Research on Regional Differences in the Impact of Digital Financial Development on Rural Residents’Consumption

本文基于《北京大学数字普惠金融指数》、《中国农村统计年鉴》中我国各省份2011—2017年数字普惠金融及农村居民消费的相关数据,采用系统广义矩估计方法从数字普惠金融的覆盖广度和使用深度构建了数字普惠金融影响农村居民消费支出的分析框架,并从全国层面及分地区层面检验了数字普惠金融对农村居民消费的影响机制与影响差异。研究发现,从全国层面来看,数字普惠金融发展能够显著促进农村居民消费;扩大数字金融覆盖广度、使用数字支付服务和数字投资服务都能够有效提升农村居民消费,其中数字支付服务对农村居民消费的促进作用最为明显,而数字信贷服务对提升消费发挥的作用有限。从分地区的层面看来,与东部、中部地区相比,数字普惠金融对西部地区农村居民家庭消费支出的促进作用更为明显。数字普惠金融覆盖广度对中部和东部地区农村居民消费具有显著促进作用;数字支付服务的使用能够有效促进东部地区农村居民消费,但在中部和西部地区发挥的促进作用不明显;数字信贷服务对三个地区农村居民消费的促进作用有限;数字投资服务对西部地区农村居民消费支出的促进作用最为明显。上述研究发现对我国数字普惠金融在农村地区的发展有一定启示作用。

Based on the data from the digital financial inclusion index published by the digital financial research center of Peking University and the rural statistical yearbook of China in 2011-2017,the system GMM two-step estimation method was adopted.Cover breadth and use depth two respects are selected to construct the analysis framework at the national level and regional inspection of the impact of digital inclusive finance on rural residents’consumption expenditure,and carry out measurement inspection.It is found that,first of all,the development of digital inclusive finance can significantly promote the consumption expenditure of rural residents at the national level.Among them,digital financial coverage,digital payment services,and digital investment services can significantly improve rural residents’consumption expenditure.Digital payment services play the most obvious role,while digital credit services play a limited role in promoting rural residents’consumption expenditure.Secondly,from the perspective of regions,compared with the eastern and central regions,digital inclusive finance plays a more significant role in promoting the consumption expenditure of rural residents in the western regions.The coverage of digital inclusive finance plays a more significant role in promoting the consumption expenditure of rural residents in the central and eastern regions.The digital payment service has a significant promoting effect on the consumption of rural residents in the eastern region,but has no obvious promoting effect on the consumption of rural residents in the central and western regions.The digital credit service has a limited promotion effect on the consumption of rural residents in the three regions.Digital investment service has the most obvious promoting effect on rural residents’consumption expenditure in western China.The above findings have some implications for the development of digital inclusive finance in rural areas.