数字普惠金融发展对居民消费结构升级的影响研究

Research on the Impact of the Development of Digital Inclusive Finance on the Upgrade of Residents’Consumption Structure

随着数字产业化的推进,数字普惠金融发展正成为推动现代消费的重要元素之一。本文基于我国2011—2018年居民消费支出和北京大学数字金融研究中心发布的数字普惠金融指数数据,采用双向固定效应模型和中介效应模型研究数字普惠金融发展对居民消费结构升级的影响及作用机制。研究发现:数字普惠金融的发展所带来的普惠效应有利于促进居民提高发展与享受型消费占比,实现消费结构升级;不同维度的数字普惠金融发展水平对居民消费结构升级的影响存在差异,数字普惠金融的覆盖广度和使用深度都能促进消费结构升级,但使用深度的促进作用更显著;数字普惠金融发展通过影响金融可及性促进农村居民消费升级的中介效应占比41.7%,而对于城镇居民来说直接效应比间接效应显著。

With the development of digital industrialization,digital inclusive finance is becoming an important element in the promotion of modern consumption.This paper uses 2011-2018 provincial panel data of China to explore the impact of financial development on the consumption structure upgrades by constructing a two-way fixed-effect model.It also uses the latest measurement results of the Peking University Digital Financial Inclusion Index of China to present the level of digital inclusive finance development,a more contemporary element in modern consumers,to explore the impact of financial development on the consumption structure and its mechanism.This study found that firstly the effect brought by the development of digital inclusive finance has improved financial accessibility,thereby promoting both the development and enjoyment of product consumption for consumers.Secondly,the development of digital inclusive finance in different dimensions has different effects on consumption upgrades,the coverage and depth of digital inclusive finance both have significantly promoted consumption upgrades,but the depth of use has a greater effect.Thirdly,digital financial inclusion by way of influencing financial accessibility to promote an increase in consumption for rural residents accounted for 41.7%of the mediation effect,while for urban residents,the direct effects were far more significant than the mediation effect.