居民负债与绿色消费——以新能源汽车为例

Household liabilities and green consumption:The case of new energy vehicles

从居民负债水平这一金融因素出发,研究其对新能源汽车消费的影响,并且通过对选取的31个省份2015—2018年面板数据加以实证检验;研究过程中,为克服居民负债水平的内生性问题,选择住宅商品房价格作为其工具变量进行回归。结果表明,居民负债率对于新能源汽车消费具有显著推动作用,且财政补贴与负债存在交互效应,即高负债地区财政补贴的激励效应更弱,在补贴力度大的地区负债的推动作用也会被抑制。因此在补贴退坡的背景之下,为稳步促进新能源汽车消费需求释放、推动绿色消费,政府应当合理引导汽车消费金融行业并以政策促进新能源汽车信贷的发展,企业应当着眼于高杠杆水平城市、开发潜在的消费市场。

Starting from household liabilities,this paper studies their impact on consumption of new energy vehicles,and conducts empirical tests through the panel data of 31 provinces from 2015 to 2018.During the research,in order to overcome the endogeneity of the household liabilities,this paper selects house prices as the instrumental variables for regression.The results show that the household liability leverage ratio has a significant driving effect on the consumption of new energy vehicles,there is an interactive effect between fiscal subsidies and liabilities(namely,a weaker incentive effect of fiscal subsidies in high-debt regions),and the promotive role of the leverage in areas with vast subsidies will also be curbed.Therefore,in the context of subsidy decline,in order to steadily promote the release of consumer demand for new energy vehicles and boost green consumption,the government should reasonably guide automotive consumer finance and promote the development of new energy vehicle credit in accordance with policies.Enterprises should focus on cities of high levels of leverage and develop potential consumer markets.