数字化工具对内循环堵点的疏通效应——基于消费券纾困商户的实证研究

Dredging Effects of Digitalized Tools on Domestic Circulation Blockage——Evidence from Bailing Out Merchants by Coupons

本文使用大型支付平台的高频交易数据,首次研究了数字消费券对餐饮、零售商户经营的影响。结果表明,数字消费券显著提高了餐饮(零售)商户营业额、交易量,且这种影响具有一定持续性;数字消费券对不同规模餐饮(零售)商户的营业额、交易量均有提升作用,但对大型商户的影响更为突出;数字消费券在提高消费者对食品、手机等商品消费的同时,并未挤占其对其他零售商品的消费。本文丰富和补充了数字消费券经济效应的相关研究。

We use high-frequency transaction data of a large platform to empirically study impacts of the digital voucher on operations of restaurants and retailers. We find that the policy has significantly increased revenues and transactions of catering(retail) merchants with a certain continuity. The policy benefits catering(retail) merchants of different sizes, but more for large-scale merchants. The coupons increase consumers’ spending on some commodities, such as food, cellphones, and do not crowd out the expenditure on other retail commodities. Our findings enrich and complement related studies on economic effects of the digital coupon.