金融素养、互联网金融与家庭消费——基于2019年CHFS的实证研究

Financial Literacy,Internet Finance and Household Consumption:An Empirical Study Based on CHFS 2019

本文基于2019年中国家庭金融调查数据(CHFS),采用简单OLS估计和工具变量法,考察金融素养对中国居民家庭消费的影响,并进一步建立中介效应模型探究金融素养对家庭消费的作用机制。研究发现,金融素养能显著提高居民家庭消费总支出,并显著改善优化家庭消费结构,互联网金融在金融素养提高家庭消费总支出、优化消费结构的过程中均起到部分中介作用。异质性检验发现,金融素养对农村家庭和中西部地区家庭消费总支出和消费结构优化的促进效果更明显。鉴于此,本文建议积极推进金融知识教育,加强信息基础设施建设,借助金融科技等手段实现消费再升级。

Based on the 2019 China Household Finance Survey(CHFS)data,this paper adopts OLS estimation and instrumental variable method to examine the impact of financial literacy on household consumption in China,and further establishes a mediation model to explore the mechanism of how financial literacy affects household consumption.The study finds that Financial literacy can significantly increase household total consumption expenditure;Financial literacy can significantly improve the optimization of household consumption structure;Internet finance plays a partial mediating role in the process of financial literacy improving household total consumption expenditure and optimization of consumption structure;The promoting effects of financial literacy on total consumption expenditure and consumption structure are more pronounced for rural households and households in central and western regions.Therefore,it is suggested to actively promote financial knowledge education,strengthen information infrastructure construction,and achieve consumption upgrade again by means of financial technology.