A Study On The Impact Of Consumer Finance On The Consumption Of Urban Residents In China

Consumer finance is a variety of financial products and services provided by financial institutions to meet the demand of consumers.A series of national policy dividends and the continuous transformation and upgrading of the consumption form and quality of residents have laid a solid foundation for the rapid development of consumer finance in China.Active development of consumer finance,on the one hand,helps to vigorously promote the expansion and development of consumer markets,improve the level of consumption of residents.On the other hand,it can bring about the upgrading of consumption structure,thus further promoting economic growth and realizing the transformation of the mode of economic development.Under the new normal situation of China's economic development,the problem of overcapacity is an important obstacle to restrict China's overall economic transformation.It is imperative for China's economic growth mode to transform from investment-export-driven to consumption-driven.Therefore,it is of great significance to study the mechanism of consumer finance on the consumption of Chinese residents in order to promote the establishment of a long-term mechanism of consumer demand and accelerate the transformation of the mode of economic development.According to the classification of the functions of consumer finance by foreign scholars,this paper measures consumer finance from four angles:payment instruments,risk management tools,consumer credit and financial assets,and studies the impact of consumer finance on the consumption of urban residents in China.Firstly,this paper makes a theoretical analysis of the internal mechanism of consumer finance affecting the consumption behavior of Chinese residents,and then uses the panel data of 31 provinces in China from 2004 to 2017 to build a model to empirically study the impact of different functions of consumer finance on the consumption behavior of Chinese urban residents from the two levels of the improvement of consumption level and the upgrading of consumption structure.Considering the unbalanced development among regions in China,this paper divides the sample data into three regions:eastern,central and Western regions,and carries out empirical analysis respectively.The conclusion of this paper is that consumer finance has a positive impact on the increase of urban residents' consumption expenditure and the upgrading of consumption structure,but the ability of this positive impact has not been fully released.At the same time,there are regional differences in this kind of influence.The development of consumer finance in eastern region is the most perfect,and the influence of consumer finance on consumption is stronger.The influence of consumer finance on urban residents' consumption behavior in central and western regions is weaker,which is mainly reflected by the function of consumer credit.On the basis of the conclusion,this paper finally puts forward some countermeasures and suggestions to promote the comprehensive development of China's consumer finance and the improvement of the quality of urban residents' consumption.