金融发展对农村居民消费的影响及作用机制研究

Study on the Influence and Mechanism of Financial Development on Rural Residents'Consumption

基于2005—2019年中国省级面板数据,探究金融发展对农村居民消费的影响效应及作用机制。实证结果表明:农村居民消费水平整体上呈上升趋势,但区域发展不均衡,整体上呈现出“东部—中部—西部”梯度递减的分布特征;金融发展对农村居民消费具有正向效应,但消费层次受影响程度存在差异,呈现出“生存型消费支出>享受型消费支出>发展型消费支出”的消费层次异质性特征。影响机制研究显示:金融发展对人力资本和人均收入产生了正向效应,进而带动农村居民消费增长;进一步研究发现:人力资本和收入水平的差异会导致金融发展对农村居民消费的影响程度发生显著变化。提出完善农村金融发展体系、提高农村居民文化素质以及增加农村居民收入等政策建议,以更好地促进农村居民消费增长。

Based on China's provincial panel data from 2005 to 2019,this paper studies impact and mechanism of financial development on rural residents'consumption.The results show that consumption level of rural residents in China is on the rise as a whole,but regional development is not balanced,and the overall trend is characterized by a decreasing gradient in the eastern,central and western regions.Financial development has a positive effect on the consumption of rural residents,but there are differences in the degree of impact on the consumption level,showing the heterogeneity of the consumption level of“survival consumption expenditure>enjoy consumption expenditure>development consumption expenditure”.The influence mechanism study shows that financial development has a positive effect on human capital and per capita income,and then drives consumption growth of rural residents.Further research shows that there are significant differences in the impact of financial development on rural residents'consumption under different levels of human capital and income.The paper proposes to perfect rural financial development system,improve cultural quality of rural residents,and to increase income level of rural residents in order to better promote rural residents'consumption growth.