数字普惠金融与居民消费结构升级:作用机制与经验证据

Digital Inclusive Finance and the Upgrading of Household Consumption Structure:Mechanism and Empirical Evidence

新发展格局下,促进消费结构升级成为释放中国内需潜力进而促进经济高质量发展的主要着力点。将CFPS微观调查数据和数字普惠金融指数进行匹配,探讨数字普惠金融对居民消费结构升级的影响及作用机制。实证结果表明,数字普惠金融对居民消费结构升级具有积极促进作用,且数字普惠金融能够通过价格效应对居民消费结构升级产生影响。结构效应表明,数字普惠金融对居民消费结构升级的促进作用主要源于数字普惠金融覆盖广度和使用深度的提高,数字化程度作用较小。异质性分析发现,数字普惠金融能促进低消费阶层、中西部和乡村地区居民消费结构升级。机制分析表明,数字普惠金融通过提升居民收入和社会保障水平间接促进了居民消费结构升级。由此,以居民消费结构升级促进内需扩大,需要完善数字普惠金融生态体系,提升数字化程度,不断完善收入分配和社会保障体系。

Under the new development pattern,promoting the upgrading of consumption structure has become the main focus of releasing China’s domestic demand potential and promoting high-quality economic development.In this paper,CFPS micro-survey data and digital inclusive finance index are matched to explore the influence of digital inclusive finance on the upgrading of residents’consumption structure and its mechanism.The empirical results show that digital inclusive finance has a positive role in promoting the upgrading of residents’consumption structure,and digital inclusive finance can influence the upgrading of residents’consumption structure through price effects.The structural effect shows that the promotion effect of digital inclusive finance on the upgrading of residents’consumption structure mainly stems from the improvement of the coverage and the depth of use of digital inclusive finance,and the degree of digitalization plays a small role.Heterogeneity analysis shows that digital inclusive finance can promote the upgrading of consumption structure of residents in low-consumption class,central and western regions and rural areas.Mechanism analysis shows that digital inclusive finance indirectly promotes the upgrading of residents’consumption structure by increasing the income and social security level of residents.Therefore,to promote the expansion of domestic demand by upgrading residents’consumption structure,it is necessary to improve the ecological system of digital inclusive finance and the digitalization level,and constantly improve the income distribution and social security system.