数字普惠金融赋能居民消费--基于信贷约束的视角

Can Digital Inclusive Finance Promote Household Consumption--Based on the Perspective of Credit Constraints

文章将2013年、2015年、2017年中国家庭金融调查(CHFS)数据与中国数字普惠金融指数进行匹配,基于微观视角探讨数字普惠金融对居民消费的影响,并利用中介效应模型,检验以信贷约束作为中介变量的传导作用。研究发现,数字普惠金融能通过缓解家庭信贷约束来促进居民消费增长,并通过内生性检验和稳健性检验。

The paper matches the index of Digital Financial Inclusion with the data of China Household Finance Survey(CHFS)in 2013,2015 and 2017.From a micro perspective,this paper explores the relationship between digital financial inclusion and household consumption,and uses the mediating effect model to test the transmission effect of credit constraint which is an intermediary variant.The results show that digital financial inclusion can promote household consumption by easing household credit constraints.After endogeneity test and robustness test,the conclusion of this paper is still valid.Therefore,under the economic background of COVID-19 and trade war,the conclusion of this paper provides policy references and suggestions for the government to think about how to promote domestic consumption and build a new pattern of domestic circular development.