移动支付、经济内循环激励与家庭杠杆率  

Mobile Payment,Economic Internal Circulation Incentives,and Household Leverage

作　　者：冯艺苑 李建军[1,2] 彭俞超 Feng Yiyuan;Li Jianjun;Peng Yuchao(School of Finance,Central University of Finance and Economics,Beijing 100081,China)

机构地区：[1]中央财经大学金融学院,100081 [2]中央财经大学丝路金融研究中心,100081

出　　处：《南开经济研究》2024年第9期24-45,共22页Nankai Economic Studies

基　　金：国家社会科学基金重大项目(23ZDA116);国家自然科学基金(72273160)的资助。

摘　　要：移动支付通过鼓励家庭消费,便利居民信贷,促进家庭投资创业的方式驱动经济内循环,但也可能推高杠杆,甚至引发金融风险。移动支付激励经济内循环是否是家庭杠杆攀升的动因?移动支付刺激消费背后的机制是直接还是心理因素?这种影响对于不同收入家庭群体是否一致?本文利用中国家庭金融调查数据,探究了家庭移动支付行为和杠杆的关系。经验证据表明,移动支付提升融资便利,缓解“支付痛感”,刺激家庭消费,推动经济内循环,推高家庭杠杆。家庭财富偏好和维持基本消费均是推升杠杆的重要原因。本文政策启示在于,引导家庭合理消费,适度负债;金融机构在利用数字支付提振内需时应注意防范金融风险。Mobile payments drive the internal economic cycle by encouraging household consumption,facilitating credit access,and promoting household investment and entrepreneurship.However,mobile payments may also lead to increased leverage and potentially trigger financial risks.The question arises whether the stimulation of the internal economic cycle by mobile payments is a driving factor behind the rise in household leverage.Is the mechanism behind mobile payment-induced consumption primarily direct or psychological?Furthermore,does this effect vary across different income groups?Using data from the China Household Finance Survey,this study explores the relationship between household mobile payment behavior and leverage.Empirical evidence suggests that mobile payments enhance financing convenience,alleviate"payment pain",stimulate household consumption,drive the internal economic cycle,and increase household leverage.Preferences for household wealth and the need to maintain basic consumption are significant contributors to the rise in leverage.The policy implications of this study include guiding households towards rational consumption and moderate borrowing,while financial institutions should be cautious of financial risks when leveraging digital payments to boost domestic demand.

关 键 词：移动支付 经济内循环 家庭杠杆 支付痛感 

分 类 号：F724.6[经济管理—产业经济] F832.2