An Empirical Research On The Impact Of Third Party Payment On Chinese Consumption

In recent years,with the promotion of Internet technology,third-party payment platforms have been developing rapidly.After innovation and upgrade,the third-party payment platform has provided residents with convenient channels and comprehensive services such as shopping,wealth management and credit.It has gradually penetrated into all areas of society,especially in the consumer sector.Compared with traditional payment tools,third-party payment has the advantages of paperless,convenient and efficient payment,which greatly reduces transaction costs and reduces the pain of payment.In addition,the installment payment function is to increase the pleasure of the user’s consumption process.Therefore,third-party payment may help China’s consumption and consumption upgrade.China is currently in the midst of falling leverage and trade wars,and the economy is facing downward pressure.Consumption is very important to drive the economy.At this stage,China’s consumption has problems such as low total level and unreasonable structure.Nowadays,China has put forward the economic policy of “supply-side structural reform”,which indicates that the domestic economic reform thinking has changed from demand-oriented to supply-oriented.Effective supply can only succeed if it is guided and upgraded by consumption.Therefore,the reform of consumption supply side has become the focus of domestic economic reform.The proportion of third-party payment in China’s non-cash payment industry has increased year by year,which provides a new direction for the reform of consumer supply side.In this context,the study of the relationship between third-party payment and China’s consumption has theoretical and practical significance for promoting domestic demand and stimulating consumption upgrade.In the first chapter of this paper,the first is to introduce the research background and significance;then the research content and ideas are elaborated,and finally the innovations and shortcomings of this paper are listed.The second chapter is the literature review and consumer basic theory.In short,there is little empirical research on the relationship between third-party payment and China’s consumption.The third chapter is to introduce the status quo of development.This chapter first describes the payment process,development process and development status of third-party payment,and then introduces the new characteristics of China’s consumption.The fourth chapter is the theoretical mechanism of action.The third-party payment platform mainly affects the consumption and consumption structure of residents through two channels: consumer demand and supply.The fourth chapter is the first part of the empirical research.This chapter aims at the study of the relationship between third-party payment and China’s consumption level,and establishes empirical models from macro and micro perspectives.The VAR model was established at the macro level;the Tobit and IVTobit models were built using the CHFS data at the micro level.The fifth chapter is the second part of the empirical research.This chapter further uses the CHFS data to empirically examine the effects of third-party payments on the household consumption structure.The sixth chapter presents conclusions and recommendations based on the previous empirical evidence.In this paper,the co-integration test results show that there is a long-term equilibrium relationship among the third-party payment development level,per capita consumption,and per capita income.The impulse response results show that when the third-party payment has a positive impact,per capita consumption In the initial stage,the effect is not obvious,and then rises and slowly declines after reaching the highest point in the second period.After the sixth period,it tends to be converges.The results of the variance decomposition show that the contribution rate of third-party payment development to per capita consumption is 11.7%.The results of the micro-research show that third-party payment has a significant positive impact on the total consumption level of the family,while suppressing the surviving consumer expenditure and promoting enjoyment consumption and developmental consumption.In addition,most of the control variables have a significant degree of significant impact on household consumption levels and consumption patterns.The innovation of this article:The first point is that the research object is innovative.From the existing literature,the research on the consumption of new payment is subject to the difficulty of data acquisition,and related research is sprouting.This paper studies the relationship between third-party payment and China’s consumption from the national and family level.First,it collects the third-party payment transaction size data as an indicator to measure the development level of third-party payment.Second,it uses the large sample data of CHFS,and the empirical results are more Representative.The second point is the innovation of index selection.Compared with previous research on household consumption,this paper introduces new indicators into the model.In terms of the dependent variable,this paper clearly divides the household consumption structure into three levels.The third point is that the research method is innovative.The VAR model was established in the macroscopic empirical part,and the methods of cointegration test and pulse analysis were used.In addition,the IVTobit model was constructed to solve the endogeneity problem.The shortcomings of this paper are as follows: First,this paper uses the transaction scale of third-party payment as an indicator to measure the development level of macro-third-party payment.It may not be representative and comprehensive.Second,in the micro-positive part,this paper only uses the 2013 CHFS data is used as cross-sectional data and cannot control time-effect factors.