数字金融驱动居民不同结构消费的效应研究

Research on the Effect of Digital Finance on Driving Residents’ Consumption of Different Structures

本文探究数字金融驱动居民不同结构消费的效果。研究发现,数字金融促进了居民不同结构的消费,其中对发展和享受型消费的影响最为明显,利于消费结构优化。数字金融通过缓解中小企业的融资约束,提高了居民从企业层面获取的劳动收入份额,刺激了与收入高度敏感的居民生存型消费;通过促进产业转型升级,为满足居民更高层次的消费需求提供供给保障,释放了居民发展和享受型消费。金融监管有助于企业内部及其外部金融市场中资源配置的更加合理化、规范化,正向调节了数字金融对融资约束和产业升级的影响,更加有利于居民不同结构消费的释放。

This paper explores the effect of digital finance on driving residents’ consumption of different structures. The results show that: first, the development of digital finance drives residents’ consumption of different structures. The influence on development and enjoyment consumption is the most obvious, which optimizes the consumption structure. Second, by alleviating the financing constraints of small and medium-sized enterprises, digital finance improves the share of labor income obtained by residents from the enterprise level, and stimulates residents’ survival consumption with highly sensitive?to income. By promoting industrial transformation and upgrading, it also provides supply guarantee for residents’ development and enjoyment consumption. Finally, financial supervision is conducive to a more rational and standardized allocation of resources in the internal enterprises and external financial markets, and positively moderates the impact of digital finance on financing constraints and industrial upgrading. It is more conducive to the release of residents’ consumption of different structures.