金融素养与居民家庭消费升级——来自中国家庭微观调查的经验证据

Financial Literacy and Household Consumption Upgrading——Empirical Evidence from Micro Surveys of Chinese Households

促进居民消费提质扩容是畅通国内大循环和有效应对“三重压力”的重要战略基点。本文采用中国家庭追踪调查(CFPS)微观数据考察了金融素养对居民消费结构升级的影响。研究发现:金融素养提升有效促进居民消费支出增加和结构升级,有助于降低消费结构中基础型消费而对发展型消费起到显著促进作用。基于异质性的分析表明,中等收入群体家庭素养提升更有助于促进家庭总体消费和发展型消费,通货膨胀认知消费促进效应主要集中在发展型消费领域,金融素养提升更有助于中老年家庭消费潜力释放和优化升级。金融素养主要通过缓解信贷约束、增强风险防范能力及提升投资收益等渠道对居民家庭消费支出和结构升级发挥作用,此外不同于一般认知能力,金融素养消费效应充分体现了金融知识属性和金融决策内涵。通过采用评分累加金融素养指标和剔除耐用品的消费指标,从样本中剔除拥有金融投资经验家庭及利用工具变量法克服模型内生性等做法,验证研究结果稳健可靠。本文研究为有针对性地提升居民金融素养、充分释放居民消费潜力和畅通国内大循环提供了有益启示。

Promoting the quality and expansion of residents'consumption is an important strategy for smoothing domestic circulation and effectively coping with the"triple pressure".This paper uses the micro data of China Family Panel Studies(CFPS)to investigate the impacts of financial literacy on the upgrading of residents'consumption structure.This study finds that the improvement of financial literacy effectively promotes the increase of resi-dents'consumption expenditure and structural upgrading.Financial literacy is beneficial to reducing the basic consumption and playing significant role in promoting developmentoriented consumption.The heterogeneity analysis shows that the improvement of household literacy of middle-income groups is more conducive to promoting the overall consumption and development-oriented consumption,the promotion effect of inflation literacy is focused on the development-oriented consumption,and the improvement of financial literacy is more conducive to the release and optimization of the consumption potential of middle-aged and elderly households.Financial literacy mainly affects household consumption and its upgrading through easing credit constraints,enhancing risk prevention ability and increasing investment income.In addition,different from general cognitive ability,the consumption effect of financial literacy fully reflects the attribute of financial knowledge and the connotation of financial decision-making.The research results were verified to be robust and reliable by using score cumulative indicator of financial literacy,consumption indicators excluding the durable goods,the samples excluding the families with financial investment experience,and using instrumental variable method to overcome the model endogeneity.This study provides beneficial enlightenment for targeted improvement of residents'financial literacy,full release of residents'consumption potential and smooth domestic circulation.