数字普惠金融发展能促进家庭消费水平吗——基于CHFS数据的实证研究

Can the Development of Digital Inclusive Finance Promote Household Consumption--Empirical Research Based on CHFS data

基于2015、2017和2019年中国家庭金融调查(CHFS)数据,实证评估了数字普惠金融对家庭消费行为的影响。研究发现:数字普惠金融显著地提升了家庭消费水平,在考虑内生性等问题后基准结论依然稳健。一方面,数字普惠金融可以通过提高低消费水平家庭的人均消费,增加家庭在食品、家庭设备、交通和其他方面的支出来提升家庭消费;另一方面,数字普惠金融还能通过提高金融素养、缓解流动性约束和提升支付便捷性等渠道来实现家庭消费水平的改善,且这三个机制约解释了基准效应的68.9%。数字普惠金融正向消费效应的主要受益群体为农村和中西部地区家庭。进一步分析却发现,数字普惠金融发展提高了青年人群过度消费的概率。

Using the data of China Household Finance Survey(CHFS)in 2015,2017 and 2019,this paper empirically evaluates the impact of DIF on household consumption behavior.Results show that DIF significantly promotes the household consumption level.After considering endogeneity and other issues,the benchmark results remain robust.On the one hand,DIF can improve household consumption by increasing the per capita consumption of low-level households and increasing household expenditure on food,household equipment,transportation and other aspects;On the other hand,it can also improve household consumption by alleviating liquidity constraints,improving financial literacy and improving payment convenience,and these three mechanisms explain about 68.9% of the benchmark effect.In addition,the main beneficiaries of the positive consumption effect of DIF are households with middle-aged or young householders,high school or above household heads,form rural,central or western areas.Further analysis show that the development of DIF is a double-edged sword,because it improves the probability of excessive consumption of young people.