Research On The Influence Mechanism Of Factor Market Distortion On The Consumer Demand Of Our Country

With the continuous development of China's social economy,the distortion of factor market and the shortage of consumer demand both have become the common concern of the government and academia.China has always been faced with the phenomenon of insufficient consumption of residents,which has brought many social and economic problems,including unfavorable to the pull of domestic demand.At the same time,along with the rapid economic growth,there has been a phenomenon of distortion of factor market in China,which is not conducive to the transformation of China's economic structure and the promotion of consumer demand.This article selects the labor,capital and land three elements of market,from the two aspects of theory and practice to study the three elements of market distortions affect consumer demand path.Different from other scholars using isolated samples for research,this paper uses spatial econometric model in empirical research to analyze the spatial correlation of the impact mechanism between the factor market distortion and consumer demand.It can further study the market element distortion and the consumer to provide academic support.The research process and conclusions of this paper are as follows:First of all,this paper theoretically analyzes the various factors of market distortion on China's consumer demand impact mechanism.As for the distortion of the labor market,it mainly affects residents' consumption demand by affecting their income level,income distribution gap and employment.As for the distortion of capital market(including the relative price distortion of capital-labor force),it mainly affects residents'consumption demand by affecting their income level,income distribution gap and employment.As for the distortion of land market,it mainly affects residents'consumption demand by affecting residents' income distribution gap.Secondly,the market distortions of labor and capital are calculated by using the transcendental logarithmic function in this paper.This paper uses the ratio of land transfer fee income to fiscal revenue to measure the degree of land market distortion in different regions.In this paper,relevant panel data from 2000 to 2016 are used for calculation.The results show that the price distortion of the labor market is positively distorted in terms of the overall mean value of the whole country.However,the degree of positive distortion of the price in China's labor market is constantly decreasing,and the distortion of the labor market is constantly improving.The calculation results of capital market distortion show that the price distortion of the capital market is negatively distorted and the capital price is seriously underestimated.From the perspective of the national average,the degree of price distortion in the capital market tends to rise first and then decline,reaching the maximum in 2008 and 2010,and then weaken.The results of land market distortion measurement show that the degree of China's land market distortion is relatively serious.From the perspective of the national average,the degree of in the land market distortion tends to rise first and then decline,which is the lowest in 2000 and the highest in 2010.The degree of land distortion in China is still relatively serious,but it shows a weakening trend after 2013.Then,this paper uses spatial econometrics,mediating effect test,systematic GMM and other empirical method to test the impact of factor market distortion on consumer demand in theory.The empirical test shows that the labor market distortion can suppress the consumption demand of urban residents in this region by reducing the disposable income of urban residents,and at the same time,it can suppress the consumption demand of urban residents in regions with similar geographical distance or similar economic development level.The distortion of the labor market can restrain the consumption demand of rural residents in this region by reducing the net income of rural residents,and at the same time,it can restrain the consumption demand of rural residents in areas with close geographical distance or similar economic development level.The distortion of the labor market can restrain the increase of the overall consumption demand by reducing the share of labor income and widening the income gap between urban and rural areas,and it can restrain the consumption demand of residents in areas with close geographical distance.In addition,this mechanism also inhibits the consumption demand of urban residents and rural residents.It is true that labor market distortion can suppress the increase of consumption demand of urban residents in this region by reducing the number of employees.This influence mechanism also exists in the spillover effect.It is true that labor market distortion can weaken the consumption demand of rural residents by restraining employment.This mechanism also exists in the spillover effect.As far as the distortion of capital market is concerned,it can restrain the consumption level of urban residents in this region by reducing the disposable income of urban residents,and at the same time suppress the consumption demand of urban residents in regions with close geographical distance or similar economic development level.The distortion of capital market can restrain the consumption demand of rural residents in this region by reducing the net income of rural residents and the consumption demand of rural residents in areas with close geographical distance or similar economic development level.The capital-labor relative price distortion can promote the overall consumption demand of local residents by increasing the share of labor income,and this mechanism is also established in the spillover effect.Moreover,this mechanism can also promote the consumption demand of urban residents and rural residents.It is true that the relative price distortion of capital-labor forces can weaken the overall consumption demand of local residents by restraining employment.This influence mechanism still holds true in the spillover effect.For the consumption demand of urban residents,the relative price distortion of capital-labor force can indeed weaken the consumption demand of urban residents in this region by restraining employment,and this influence mechanism is still valid in the spillover effect.For rural residents' consumption demand,capital and labor's relative price distortions can inhibit the employment to rural residents' consumption demand in our region.In the meanwhile,the relative price distortion of capital-labor forces can suppress the consumption demand of rural residents in areas with similar economic development level by restraining employment.As for the distortion of land market,it can restrain the increase of the overall consumption demand of local residents by reducing the share of labor income and expanding the urban-rural income gap.At the same time,it can restrain the overall consumption demand of residents in geographically close areas by reducing the share of labor income.The distortion of land market can restrain the increase of urban residents' consumption demand by reducing the share of labor income and widening the urban-rural income gap.Land market distortion can suppress the increase of rural residents' consumption demand by reducing the share of labor income and widening the urban-rural income gap,and the land market distortion in this region restrains the consumption demand of rural residents in areas with similar economic development level.Lastly,this paper puts forward some policy suggestionson the basis of theoretical and empirical research.And this paper elaborates the research deficiencies and prospects.