【摘要】 随着各类稳经济、提信心政策的不断落地，通过活跃资本市场来促进消费引发公众热议。那么，发挥好资本市场的作用真的可以恢复和扩大消费吗?利用中国家庭金融调查数据(CHFS)构建双重差分模型进行实证检验后发现，股票市场参与会显著提升家庭消费支出，且对生存型消费和享受型消费均有正向影响。机制分析表明，股票市场参与会通过提高居民金融素养和增加消费信贷两个渠道实现其对家庭消费水平的促进作用。因此，鼓励各类资金入市、提升股票市场活跃度，释放股票市场“潜在购买力”是促消费的必要之举。更多还原

【Abstract】 With the continuous implementation of various policies to stabilize the economy and improve confidence, promoting consumption through the active capital market has aroused heated public discussions. So, can we really restore and expand consumption by giving full play to the role of the capital market? Through using the data of China Household Finance Survey(CHFS) to construct a difference-in-difference model for empirical testing, it is found that stock market participation will significantly increase household consumption expenditure, and have a positive impact on survival consumption and enjoyment consumption. The mechanism analysis shows that stock market participation will achieve its role in promoting household consumption through two channels: improving residents’ financial literacy and increasing consumer credit. Therefore, it is necessary to encourage all kinds of funds to enter the market, enhance the activity of the stock market, and release the “potential purchasing power” of the stock market.更多还原