An Empirical Analysis Of The Influence Of Internet Finance On The Consumption Of Urban And Rural Residents In China

In recent years,China's Internet finance,which is developing at a high speed,is constantly influencing and changing China's financial system,and it also affects people's mode of production and life style.With the rapid development of the Internet,the role of Internet finance has become increasingly significant.Internet finance impacts the traditional way of resident consumption.This paper adopts the research path of "literature review-theoretical analysis-empirical test analysis-conclusion proposal",analyzes the impact of Internet finance on the Chinese residents'consumption level and structure.This study can enrich the research of Internet finance and its influence on residents' consumption,so as to offer suggestions for the development of Internet finance.Based on the comprehensive index of Internet finance development and P2P online loan data released by Peking University,this paper uses linear regression and panel data model analysis methods to analyze the impact of Internet finance on the consumption level of all residents,urban residents and rural residents in China from different perspectives of internet finance development,and further analyzes the impact on the consumption structure of all residents.From the Internet financial comprehensive development index,the Internet payment index,the Internet monetary fund index and the Internet insurance index,these five dimensions of the Internet finance,we analyze the impact on the consumption level of the all residents,urban residents and rural residents.Using national and inter-provincial data,based on the national data,we analyze the impact of comprehensive development of Internet finance on consumer product categories in China's urban and rural areas;based on panel data of 18 provinces,we analyze the impact of Internet finance on residents' consumption level and regional differences.The main conclusions of the analysis are as follows:The development of Internet finance has promoted the consumption of urban residents and rural residents in China,and it has a great influence on the consumption level of rural residents;The influence coefficient of the Internet financial comprehensive development index on the consumption level of urban and rural residents is positive.That is to say,when the Internet financial comprehensive development index increases,the per capita consumption level of urban residents and rural residents will be increased.Otherwise,the per capita consumption level of urban residents and rural residents will be reduced;Internet finance improves the consumption of urban and rural residents in China by providing payment,asset allocation,insurance services and many other services;Internet finance changes the consumption structure of urban and rural residents in China by improving the level of tobacco,alcohol,clothing and food,clothes and food are the major expenditures for the daily lives of most urban and rural residents in China;The impact of Internet finance development on different provinces in China is different,from the estimated individual effect coefficients of different provinces,the effect size is basically consistent with the economic development level of the provinces;Due to the small scale of P2P network lending,P2P lending has no significant influence on the consumption level of urban and rural residents in China.