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数字经济、家庭资产配置与消费升级 被引量:3

Digital Economy,Financial Asset Allocation and Consumption Upgrading
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摘要 数字经济是驱动国民经济稳定增长与消费结构持续升级的关键力量。将数字经济与金融资产因素引入Kongsanmut包含非位似偏好特征的效用函数,探讨数字经济发展对家庭消费升级的影响机理,并采用中国家庭金融调查(CHFS)2013-2019年的四轮追踪数据,实证检验数字经济发展对家庭消费升级的影响及机制。研究发现:数字经济发展显著驱动了家庭消费升级,对消费层次较高的家庭影响尤其明显,该结论在一系列稳健性检验后仍然成立;机制检验表明,数字经济通过影响家庭资产配置特别是促进无风险金融资产持有驱动了消费升级;异质性分析表明,城市家庭、拥有自有住房家庭、户主已婚家庭、户主具有党员身份家庭、户主年龄在37岁及以上家庭、“胡焕庸线”东南侧家庭以及东部家庭,其数字经济的驱动效应更强。因此,应加大网络基础设施投资力度,因地制宜实施动态化、差异化的数字经济发展战略,加快完善社会保障体系,健全资本市场运作机制,推进数字经济与实体经济的深度融合。 The digital economy is a key force driving the stable growth of the national economy and the continuous upgrading of consumption structure.This paper introduces the factors of digital economy and financial assets into the utility function of Kongsanmut featured with non-homothetic preference,and discusses the impact mechanism of digital economy development on household consumption upgrading.Then,using four rounds of tracking data from the China Household Finance Survey(CHFS)from 2013 to 2019,this study empirically tests the impact and mechanism of digital economy development on household consumption upgrading.It is found that the development of the digital economy has significantly driven the upgrading of household consumption,especially for households with higher consumption levels.For every 1%increase in the development level of the digital economy,the proportion of household service-oriented consumption will increase year-on-year.This conclusion is stll valid after a series of robustness tests.Mechanism testing shows that the digital economy drives consumption upgrading by influencing household asset allocation,especially promoting risk-free financial asset holdings.Heterogeneity analysis shows that the driving effect of the digital economy is stronger in urban households,households with self-owned housing,households with married householder,householder with CPC membership,householder aged 37 and above,households on the southeast side of the"Hu Huanyong Line",and households in the east of China.Therefore,it is necessary to increase investment in network infrastructure,implement a dynamic and differentiated digital economy strategy according to local conditions,accelerate the improvement of the social security system,improve the operating mechanism of the capital market,and promote the deep integration of the digital economy and the real economy.
作者 夏帅 疏爽 谭黎阳 XIA Shuai;SHU Shuang;TAN Li-yang(School of Economics,Nankai University,Tianjin 300071;School of Finance and Business,Shanghai Normal University,Shanghai 200030,China)
出处 《广东财经大学学报》 CSSCI 北大核心 2023年第6期4-20,共17页 Journal of Guangdong University of Finance & Economics
基金 国家社会科学基金重大项目(22&ZD129)。
关键词 数字经济 家庭资产配置 消费结构 家庭消费升级 中国家庭金融调查(CHFS) digital economy household asset allocation consumption structure household consumption upgrading China Household Finance Survey(CHFS)
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