电商短期信贷息费优惠、降价与促消费:“分期免息”能带来好处吗?  

E-Commerce Short Term Credit Interest Rate Discounts,Price Reductions,and Consumption Promotion:Can“Installment Interest Free”Bring Benefits?

作　　者：张昊[1] ZHANG Hao(National Academy of Economic Strategy,Chinese Academy of Social Sciences,Beijing 100006,China)

机构地区：[1]中国社会科学院财经战略研究院,北京100006

出　　处：《商业经济与管理》2024年第6期5-17,共13页Journal of Business Economics

基　　金：国家社会科学基金一般项目“发挥居民消费推动传统产业转型升级的基础性作用研究”(20BJY101);浙江省2023年哲学社会科学规划课题“数字经济助推国内统一大市场形成机制及路径研究”(23NDJC122YB)。

摘　　要：中国电商平台与消费信贷服务深度融合,使入驻厂商能够灵活地发起息费优惠,并将其作为一种促销手段与降价行为相联动。以京东商城2022年包括“白条”息费优惠、价格、销量、用户评论等多维度信息的电视机产品月度数据构建动态面板回归模型进行实证分析,结果表明电商短期消费信贷的息费优惠确实可以促进消费者购买,但商家在提供息费优惠时,相应产品的价格会被相对抬高。不过,结合现实市场利率与估计结果匡算息费优惠措施的综合效果,发现即使考虑价格相对上涨,消费者仍然能够以较低的代价获得分期付款服务,而商家代替消费者支付相应息费所得到的促销效果与直接给予等额降价基本相当。上述结论反映出电商短期消费信贷的优惠在促进居民消费中的积极作用。The deep integration of Chinese e-commerce shopping platforms and consumer credit services enables manufacturers to flexibly initiate interest and fee discounts and use them for promotion.A dynamic panel data model is constructed for empirical analysis using a TV category dataset on JD.com of the year 2022,which includes multi-dimensional information such as“JD Baitiao”interest and fee discount conditions,prices,sales,and user comments.The results indicate that interest and fee discounts of short term consumer credit can indeed generate promotional effects.When interest and fee discounts are offered,product prices will relatively rise.However,combining the actual market interest rates with estimated results to calculate the comprehensive effect of interest and fee discount,it is found that this approach can generally enable consumers to obtain installment payment services at a lower cost even when the rise of price is taken into account,and it can also enable merchants to obtain a promotional effect that is roughly equivalent to directly giving equal price reductions by paying corresponding interest and fees on behalf of consumers.This conclusion reflects the positive role of e-commerce short term consumer credit interest and fee discounts in promoting household consumption.

关 键 词：电商 短期消费信贷 居民消费 息费优惠 产品促销 

分 类 号：F724.2[经济管理—产业经济] F063.2