The Influence Of Credit Constraints On The Rural Household Consumption Structure

In October 2016,Xi Jinping,general secretary of the party on the point of view in the sixth Plenary Session of the 18th CPC Central Committee,we must put the driving force of economic growth on innovation driven and expanding domestic demand.The key point of expanding domestic demand is consumer demand,but China is still facing the current situation of consumption.For a long time,China's economic development has also brought a significant increase in the income of residents.However,the continuous improvement of the residents' income has not brought the synchronous growth of the residents' consumption level.Especially in rural areas,the consumption rate is still low.Domestic scholars have done extensive research and Research on the causes of the lack of consumer demand in rural areas and the rural consumer market downturn.Among them,some scholars based on the theory of precautionary savings and liquidity constraints,that credit constraints will have a greater impact on the consumption of rural households.For the consumption of rural households,not only to pay attention to the total consumption expenditure,but also pay attention to the rationalization of its consumption structure.This paper will focus on the issue of rural household consumption structure,to explore how credit constraints affect the consumption structure of rural households and the size and direction of the impact.Around the above problems,the paper summarizes the relevant literature,on the basis of credit constraints on the consumption structure of rural households of the mechanism are analyzed,then the comprehensive use of macro and micro data analysis of credit constraints and the current situation of consumption structure of rural households in China,the Chinese statistical yearbook 1980-2015 rural consumer related data.On the trend of the consumption structure of rural households in China since the reform and opening up the overall descriptive analysis,and use the micro data China household financial survey in 2013(sample covering 29 provinces,262 counties,1048 village committees,the total sample of 28141 households,of which the number of samples for 8095 households of farmers.According to the research needs of this paper,2726 valid samples are selected to analyze the difference of consumption structure between rural households and households without credit constraints.Finally,using the method of least squares(OLS)and Tobit model,the empirical analysis of the impact of credit constraints on rural household consumption structure,the conclusions are as follows:First,on the whole,credit constraints on rural household consumption expenditure are inhibited,credit constrained households per capita consumption expenditure decreased;second,credit constraint has a negative impact on the upgrading and optimization of the consumption structure of rural families;third,the consumption structure of rural families in the low income credit constraint is not significant.Have a significant negative impact on the consumption structure of middle and upper income families.Based on the above conclusions,this paper put forward suggestions as follows:first,to further reform and improve the financial service system in rural areas,rural household credit constraints;second,innovative credit products and services,to meet consumer demand for different types of rural households.