信用卡使用提升了居民家庭消费支出吗?  

Does the Usage of Credit Card Promote Households’Consumption?

作　　者：吴锟[1] 吴卫星[2] 王沈南 WU Kun;WU Weixing;WANG Shennan(Beijing Wuzi University,Beijing,China;University of International Business and Economics,Beijing,China)

机构地区：[1]北京物资学院经济学院,101149 [2]对外经济贸易大学应用金融研究中心,100029

出　　处：《经济学动态》2020年第7期28-46,共19页Economic Perspectives

基　　金：国家社会科学基金重大项目“中国消费金融的发展、风险与监管研究”(16ZDA033);教育部人文社会科学研究青年基金项目“去杠杆背景下家庭过度负债的识别、后果及其影响因素研究”(18YJC790181);北京市教育委员会科研计划项目“北京地区普惠金融发展现状及其福利效应研究”(SM201910037006)资助。

摘　　要：本文选取2010年和2011年清华大学中国金融研究中心的中国城镇家庭微观调查数据,从多个角度构建代理变量,利用倾向得分匹配分析方法(PSM)和工具变量法(IV)实证分析了信用卡使用对居民家庭消费支出的影响及其作用机制。研究发现:信用卡使用会显著提升居民家庭的消费支出,这一结论在CHFS2015调查样本中依然成立;信用卡使用主要通过缓解居民家庭的流动性约束来发挥"消费刺激"作用,同时也存在节约购物成本、提升居民持卡边际消费倾向的机制。异质性影响方面,信用卡使用对衣服、家庭设备用品、交通和通讯、文化娱乐等消费具有显著的正向影响,而对食品支出、居住支出、自付医疗保健等影响相对有限。此外,进一步研究发现,金融素养水平越高的家庭,每月刷信用卡消费占全部消费的比重越高,刷卡购物节省越多,信用卡延期还款的可能性越小。上述结论表明,信用卡使用在总体上对居民消费具有结构性的促进作用,但需要注意不当使用行为所导致的过度借贷风险。全面提升居民的金融素养显得格外重要,其对于信用卡普及、提高居民消费福利、减少非理性刷卡行为具有很大影响。Using the data of"Chinese Survey of Consumer Finance and the Investor Education"from China Center for Financial Research of Tsinghua University in 2010 and 2011,building proxy variables from multiple perspectives,and employing propensity score matching(PSM)and instrumental variable method(IV),this paper empirically analyzes the influence of the usage of credit card on households’consumption and its mechanism.The empirical results show that the usage of credit card significantly increases households’consumption expenditure,and the conclusion is still valid using the data of CHFS2015.The usage of credit card plays a role of"consumption stimulus"mainly by easing the liquidity constraint.Meanwhile,credit affects consumption through the mechanisms of saving the cost of consumption and raising the residents’marginal propensity to consume.In terms of heterogeneous impacts,the usage of credit card has a significant positive impact on the consumption of clothes,facilities,transportation and communication,culture and entertainment,etc.,while it has a relatively limited impact on the consumption of food,housing expenditure,out-of-pocket medical care expenses,etc.In addition,further research finds that the higher households’financial literacy is,the higher proportion of monthly consumption and the more expenditure saved by credit card and the lower possibility of payment default can be found.The above conclusions comprehensively indicate that the usage of credit card has a compositional promotion effect on household consumption in general,however we should pay attention to excessive borrowing risks caused by improper use.It is particularly important to comprehensively improve residents’financial literacy,which has a positive impact on the popularization of credit card,the improvement of residents’consumption welfare,and the reduction of irrational swiping behavior.

关 键 词：消费信贷 信用卡 消费支出 流动性约束 金融素养 

分 类 号：F126.1[经济管理—世界经济] F832.2