机会不平等影响居民消费的机制与效应——基于CFPS数据的经验研究

Mechanisms and Effects of Inequality of Opportunity on Household Consumption:An Empirical Study Based on CFPS

本文利用中国家庭追踪调查(CFPS)2010—2018年5轮调查数据测度我国机会不平等程度,研究机会不平等对居民消费的影响效应和作用机制。结果表明,机会不平等程度的上升将显著抑制居民家庭消费支出;机制分析表明,机会不平等主要通过社会资本、流动性约束和经济地位渴求影响居民消费。扩展研究发现,机会不平等主要挤出了居民普通消费支出,且这一抑制作用对农村户籍、受教育程度低和体制外的家庭更强;而民生性财政支出和数字普惠金融可以消减机会不平等对居民家庭消费的抑制作用。本文研究结论从机会不平等视角为全面促进居民消费、构建新发展格局和实现共同富裕与共享发展提供了理论和经验证据。

Constructing the new development paradigm requires comprehensive enhancement of household consumption,and reducing inequality of opportunity is not only an inherent requirement for social fairness but also an important path to achieving common prosperity.Based on this view,our paper utilizes data from the China Family Panel Stud-ies(CFPS)conducted between 2010 and 2018 to measure the level inequality of opportunity in China and empirically investigates its effects and mechanisms on household consumption.The results indicate that the increase in inequality of opportunity significantly suppresses household consumption expenditure.The mechanism analysis reveals that inequality of opportunity primarily affects household consumption through social capital,liquidity constraints and aspirations for economic status.Furthermore,the study finds that inequality of opportunity mainly squeezes out ordinary household consumption.This inhibitory effect is stronger for households with rural household registration,lower educational attainment,and those outside the public sector.However,it can be mitigated by public welfare fiscal expenditures and digital financial inclusion.From the perspective of opportunity inequality,the findings of this study provide theoretical and empirical evidence for promoting household consumption comprehensively,constructing the new development paradigm,and achieving common prosperity.