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| 文章编号：1672-3104(2020)02-0009-12 |
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数字金融、信贷约束与家庭消费 |
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谢家智1,2，吴静茹1 |
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（1. 西南大学经济管理学院，重庆，400715；
2. 西南大学智能金融与平台经济研究学院，重庆，400715） |
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| 摘 要： 数字金融的蓬勃发展缓解了传统金融中的信贷结构失衡问题，深刻影响着家庭消费行为，为破解消费低迷难题创造了契机。基于2013年的中国家庭金融追踪调查数据(CHFS)，构建代际交替模型和利用中介效应检验方法，研究了数字金融对家庭消费的影响机制；为了克服数字金融的内生性问题,选取工具变量进行两阶段最小二乘法估计。结果表明：数字金融方便快捷、交易成本低、普惠可得，缓解了家庭信贷约束，进而激励了家庭消费；异质性研究也发现，数字金融对低收入家庭和农村家庭消费的激励作用更明显。研究提供了数字金融影响家庭消费的微观机制，并为引导数字金融促进家庭消费、实现内需拉动的经济增长提供政策建议。 |
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| 关键词： 数字金融；信贷约束；家庭消费；中介效应 |
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Digital finance, credit constraints, and household consumption |
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XIE Jiazhi1,2, WU Jingru1 |
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（1. School of Economics and Management, Southwest University, Chongqing 400715, China;
2. Institute of Intelligent Finance and Platform Economic, Southwest University, Chongqing 400715, China） |
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| Abstract: The vigorous development of digital finance has relieved the imbalance of credit structure in traditional finance, which has greatly affected household consumption behavior, and created an opportunity to dissolve the problem of consumer downturn. Based on the 2013 China Family Finance Tracking Survey Data (CHFS), this paper frames an intergenerational alternating model and uses a mediating effect test to study the impact of digital finance on household consumption. To overcome the endogeneity of digital finance, the two-stage least squares (2SLS) estimation is carried out by using the instrumental variables. The results show that digital finance is convenient and fast, of low cost and easy accessibility, which relieves family credit constraints and stimulates household consumption. Heterogeneity of family characteristics also finds that digital finance has greater incentives for low-income households as well as rural households to consume more. The study provides a micro-mechanism that affects household consumption by digital finance, and provides policy advice for guiding digital finance to promote household consumption and economic growth driven by domestic demand. |
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Key words: digital finance; credit constraint; household consumption; mediating effect |
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