互联网消费金融对城镇居民消费需求的作用效果研究——基于流动性约束视角的分析  

Research on the Effect of Internet Consumer Finance on the Consumption Demand of Urban Residents--Analysis based on the perspective of liquidity constraints

作　　者：安静[1] AN Jing(Shunde Polytechnic,Foshan Guangdomg 528333,China)

机构地区：[1]顺德职业技术学院,广东佛山528333

出　　处：《科技和产业》2020年第12期40-47,236,共9页Science Technology and Industry

基　　金：教育部人文社会科学研究项目(17YJCZH001);广东省哲学社会科学规划项目(GD16CGL20)。

摘　　要：数字普惠金融的发展和互联网技术的广泛应用,改变了传统的消费信贷模式,形成了互联网消费金融这一新的业态。它通过创造新兴的消费金融产品来催生居民消费需求,以新供给创造新需求,再以新需求带动新增长,充分发挥消费对经济的基础性作用,从而助力供给侧改革。以流动性约束作为切入点,先系统分析了互联网消费金融对居民消费的影响机制,再基于2011-2018年面板数据,构建动态面板GMM模型,实证分析了互联网消费金融对居民消费需求的影响以及对不同收入群组的作用效果,结论表明:互联网消费金融缓解了流动性约束,促进了城镇居民各类消费支出增加,改善了城镇居民的消费结构,对居民生存型消费支出和发展享受型消费支出均有显著的正向作用,特别是对流动性供给不足、服务缺失的低收入群体的作用更为显著。With the development of digital inclusive finance and the widespread application of Internet technology, the traditional consumer credit model is also constantly innovating and is forming a new format of Internet consumer finance. It creates new consumer financial products to stimulate consumer demand in order to New supply creates new demand, and then drives new growth with new demand, giving full play to the basic role of consumption in the economy, thereby helping supply-side structural reform. The article uses liquidity constraints as an entry point, analyzes the impact mechanism of Internet consumer finance on household consumption, and then builds a dynamic panel GMM model based on 2011-2018 panel data to empirically analyze the impact of Internet consumer finance on household consumption demand and the effect on different income groups. The conclusions show that: Internet consumer finance eases the mobility constraints, promotes the increase of various types of consumption expenditures of urban residents, improves the consumption structure of urban residents, and supports the survival consumption expenditure and development enjoyment of residents. Consumption expenditure has a significant positive effect, especially for low-income groups with insufficient liquidity supply and lack of services.

关 键 词：互联网消费金融 城镇居民消费 流动性约束 动态GMM模型 

分 类 号：F832.4[经济管理—金融学]