| In recent years,China's export-oriented and investment-oriented economy has accelerated the development trend of insufficient domestic consumption demand,which has become the shackle of the total domestic demand,resulting in overcapacity and has become a major obstacle to promote sustainable development of economy.In order to solve the problem of insufficient consumption demand,our government proposed in the 13 th Five-Year Plan outline that we should grasp the changing trend of residents' consumption structure and understand the need of upgrading residents' consumption structure.Undoubtedly,promoting the upgrading of consumption structure has become an important measure to expand domestic demand and change the mode of economic development.The upgrading of consumption structure will inevitably be accompanied by the flow of resources from some consumption levels to other consumption levels,so as to realize the reallocation of resources among consumption levels.The core function of finance is the allocation of resources and financing.Its nature and function determine the importance of financial development to the upgrading of consumption structure.With the continuous improvement of China's financial system,the relationship between finance and household consumption has become increasingly close,which plays a vital role in establishing a long-term mechanism to expand household consumption demand.Therefore,under the background of slowing down of China's economic growth,it is of great significance for China's economic development to study the relationship between financial development and upgrading of residents' consumption structure and explore measures to promote consumption upgrading.The research on the relationship between financial development and consumption growth is one of the important branches in the field of financial development and economic growth.With the deepening of the theoretical relationship between financial development and economic development,scholars have reached a consensus on the correlation between financial development and economic growth.Some scholars began to demonstrate the causal relationship between finance and economy from the perspective of consumption,which has also produced a large number of documents on the relationship between financial development and consumption.In the existing literature,the research on financial development and consumption growth is relatively rich,but the literature on financial development and consumption structure is less,and only from the financial scale expansion to examine the relationship between financial development and consumption structure,the perspective is relatively single.In addition,many scholars in the classification of consumer goods at the high and low levels of consumer institutions,based on the function of consumer goods to subjectively classify,which lack of empirical basis.Therefore,based on the research results at home and abroad,this paper studies the relationship between financial development and the upgrading of consumption structure of urban residents from three aspects: financial scale expansion,structural optimization and efficiency improvement.In theory,this paper first defines the connotation of financial development from three perspectives of financial scale,structure and efficiency,and introduces the related concepts of household consumption upgrading.It puts forward the indicators used to measure financial scale,financial structure and financial efficiency.Then,according to the consumption theory and financial development theory,it deduces the five major functions of financial development on the upgrading of household consumption structure.System.Secondly,it introduces in detail the current situation of urban residents' consumption level and the evolution process of consumption structure,as well as the current situation of China's financial development.Finally,combining the mechanism of financial development on the upgrading of consumption structure and the characteristics of urban residents' consumption structure in China,four hypotheses are put forward in this paper.In the empirical process,this paper selects the panel data of 30 provinces(districts and cities)from 1997 to 2017,and uses the data of seven categories of per capita consumption expenditure of urban residents of the Statistical Bureau,excluding residential expenditure and calculating the proportion of other seven categories of consumption expenditure in total expenditure.This paper examines the seven categories of consumption expenditure structure of urban residents and the upgrading of consumption structure,and through the corresponding charts and descriptive statistical analysis of the actual situation of China's consumption structure and financial development.In terms of measurement method,this paper establishes the static effect model and determines the measurement method of fixed effect model through F-test and Husman test.In order to eliminate the influence of time factor on the explained variables,the two-way fixed effect model is used to regress the seven types of consumption expenditure as the explained variables and the explained variables respectively.According to the financial scale,structure and efficiency,all kinds of consumption expenditure are eliminated.The influence difference of expenditure should be reclassified.The results are as follows: expenditure on food,clothing,household goods and services,miscellaneous goods and services are classified as basic consumption expenditure,while expenditure on health care,education,culture and entertainment,transportation and communication are classified as development consumption expenditure.In order to quantify the upgrading degree of consumption structure,this paper takes the ratio of development-oriented consumption expenditure to total consumption expenditure as the consumption upgrading rate to measure the consumption upgrading degree,and takes the consumption upgrading rate as the explanatory variable and the scale of financial development as the regression test,including the overall test,the robustness analysis and the regional difference test.According to the results of empirical analysis,the following conclusions are drawn: 1.At the national level,the expansion of financial scale and structural optimization can promote consumption upgrading,but financial efficiency can inhibit consumption upgrading.2.At the regional level,the expansion of financial scale and the optimization of financial structure have significant promoting effects on the upgrading of residents' consumption in the eastern,central and Western regions,and the degree of influence is in turn eastern,central and Western regions.On the contrary,the improvement of financial efficiency inhibits the upgrading of household consumption in the three regions,and the degree of impact is in turn the western,Eastern and central regions.Finally,according to the empirical results and combined with the existing problems of consumption and financial development in China,the paper puts forward policy recommendations to promote the upgrading of consumption of urban residents from four perspectives: optimizing credit structure,increasing income of urban residents,improving social security system and improving consumption environment.The possible innovations of this paper are as follows: 1.This paper intends to adopt three balances of financial scale,efficiency and structure.Quantitative indicators to examine the impact of financial development on the upgrading of consumption structure broaden the perspective of research in related fields.2.This paper intends to make an empirical analysis of financial development and expenditure structure of various consumer goods,and then divide the seven major consumption categories into basic and developmental consumption according to the empirical results,which will increase the empirical basis for the division of consumption levels. |
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