【作者】 吴迪；

【导师】 徐淑芳；

【作者基本信息】 华南理工大学 ， 金融学， 2022， 硕士

【摘要】 随着数字技术在我国经济活动中的深度应用,数字金融作为当前拓展金融服务覆盖面和普惠性的重要工具,对居民日常生活的影响力与日俱增。现有文献广泛研究了数字金融对于居民消费水平的影响,相对而言关于消费结构的研究较少,考虑空间因素影响数字金融与居民消费关系的文献尤其屈指可数。基于数字金融与居民消费均存在空间联系的现实情况,本文选用空间杜宾模型研究数字金融对居民高层次消费结构的影响及可能存在的区域差异和城乡差异,并进一步检验数字金融影响高层次消费结构的作用机制。本文选用2013-2020年间中国31个省(直辖市、自治区)的相关数据,构建空间计量模型实证检验数字金融与居民高层次消费结构之间的关系;选取2014年至2019年间平均需求收入弹性大于1的四类消费占总消费支出的比重作为测度居民高层次消费结构的代理变量,使用北京大学数字普惠金融指数省级数据衡量数字金融发展水平,同时考虑其他因素对于居民高层次消费结构的可能影响。实证结果表明:(1)在全样本中,数字金融对居民高层次消费结构存在显著正向的直接效应与空间溢出。(2)区域差异检验结果表明,数字金融促进居民高层次消费结构的直接效应为正从东到西逐渐增强,而空间溢出效应则在东部为负,在中西部为正。(3)城乡差异检验结果表明,数字金融的发展对本地农村高层次消费结构的影响要大于城镇,且在农村地区存在正向空间溢出,而在城镇则表现为负的空间效应。(4)机制检验结果表明,数字金融可以通过提高居民收入水平、增强居民风险管理能力和缓解居民流动性约束改善整体高层次消费结构。最后,本文从引导数字金融在区域、城乡之间协调发展,发挥数字金融的积极经济效应,健全数字金融监管体系等方面,提出数字金融助力我国消费升级的相关政策建议。更多还原

【Abstract】 In pace with the application of digital technology in economic activities in China,digital finance,as an important tool for expanding the coverage and inclusiveness of financial services,has an increasing influence on residents’ daily lives.Existing literature has extensively explored the impact of digital finance on the level of household consumption expenditure.Relatively speaking,there are few studies on consumption structure.The literature that considers whether spatial factor would affect the relationship between digital finance and household consumption is particularly rare.Based on the reality that there is spatial autocorrelation in digital finance and residents’ high-level consumption structure,this paper selects Spatial Durbin Model a to study the impact of digital finance on residents’ consumption upgrading and the possible regional and urban-rural differences,then further test the mechanisms.This paper selects panel data from 31 provinces(including municipalities and autonomous regions)in China from 2013 to 2020,and constructs a spatial econometric model to empirically test the relationship between digital finance and residents’ high-level consumption structure.Then this paper selects the proportion of those consumption items with an average demand income elasticity greater than one in the total consumption expenditure during 2014 and 2019 as a substitute variable for the high-level consumption structure of the residents in each province;the provincial data of the Peking University Digital Financial Inclusion Index is used to measure the level of digital finance;it also considers the possible impact of other factors on the high-level consumption structure.The empirical results show that:(1)Digital finance has significant positive direct effects and spatial spillovers on residents’ high-level consumption structure in the full sample.(2)The results of regional sub-sample regression show that the direct effect of digital finance in improving consumption structure gradually enhances from east to west,while the spatial spillover effect is negative in the east but positive in the middle and western regions.(3)Urban and rural differences test results show that the development of digital finance has a greater impact on local rural high-level consumption structure than urban residents,and there is a positive spatial spillover in rural areas,but a negative spatial effect in urban.(4)Digital finance can improve the consumption structure of local residents by increasing residents’ income level,improving risk management ability and easing liquidity constraints.Finally,from the perspective of promoting the balanced development of regional and urban-rural areas,giving full play to positive economic effects and improving supervision system of digital finance,this paper puts forward relevant policy suggestions to help Chinese residents upgrade their consumption structure.更多还原