Study On The Influence Of Internet Finance On Social Consumption Level

In recent years,with the rapid development of Internet information technology,China's Internet finance has shown a very strong trend of development.Emerging financial forms such as Internet third-party payment,Internet monetary fund,P2 P network lending,which have exerted a great influence on the market position of traditional finance and changed people's lifestyle.The low cost,low threshold,convenience and inclusive features of Internet finance have brought new changes to the traditional consumer market.For example,third-party payment makes payment safer and more convenient,and installment payment makes consumption smoother.Therefore,exploring the impact mechanism of Internet finance on social consumption level has great practical significance to boost domestic demand.The research context of this paper is the Current Situation-Mechanism-Empirical-Countermeasures.The research methods adopted include literature research,theoretical analysis,empirical research and comparative analysis.The empirical analysis of this paper uses panel data of 30 provinces.The Internet financial indicators come from the Internet financial development index.The development index of the four business models of third-party payment,Internet monetary fund,Internet insurance and Internet investment is adopted.First,the indistinct Internet investment is eliminated by stepwise regression analysis.Secondly,fixed-effect panel model was established with the remaining significant variables.Finally,virtual variables are introduced to divide the whole country into eastern,central and Western regions,and to explore whether the influence of Internet Finance on consumption level has regional differences.The empirical results show that third-party payment has a significant role in promoting consumption.Internet monetary fund and Internet insurance has a crowding-out effect on consumption in the short term,while Internet investment has no significant impact on consumption.Regionally,the development ofthird-party payment and Internet insurance is relatively balanced in the whole country,and there is no regional difference in the influence of consumption.The influence of Internet monetary fund on consumption level is regional,the consumption of eastern and western regions is less affected by Internet monetary fund,while the economic development speed of central regions is accelerating,the development of the Internet monetary fund is relatively strong,which has a greater influence on the level of consumption.