An Empirical Analysis Of The Impact Of Internet Finance On Residents' Consumption Structure

As China's development enters the new normal,the consumption structure of the residents is also facing shocks and changes in the process of economic transformation.At this stage,new growth drivers need to be sought to optimize the consumer structure.Internet finance as an emerging financial model has flourished in recent years.In addition,as the application scenarios of Internet finance are closely related to residents' life and have penetrated into all aspects of residents' life,it may become an excellent tool for optimizing the consumption structure of residents under the new normal.Under this circumstance,it is of great significance to study how Internet finance and its different modes have an impact on the consumption structure of residents and how to effectively use Internet finance to optimize the consumption structure of residents.This paper proposes that Internet finance has an impact on residents' consumption structure mainly by improving the consumption tendency,stabilizing the consumption structure and increasing the configurable funds.First,with efficient payment methods and the existence of “psychological accounts”,Internet finance can increase the consumption tendency of residents and has an impact on the consumption structure of residents.Second,Internet finance can stabilize the consumption of residents by reducing uncertainty and ensuring expected consumption.Third,Internet finance can improve the asset allocation capacity of residents,and optimize the consumption structure by reducing liquidity constraints and increasing investment returns,thereby increasing disposable funds.Based on this,this paper uses the Internet financial development index proposed by the Institute of Digital Finance of Peking University to construct a regression model based on Maslow's hierarchy of needs,and analyzes the impact of different Internet financial models on residents' consumption structure.On this basis,it verifies the effect of Internet finance on the consumption structure of residents,such as the effect of increasing consumption tendency,strengthening security effect and reducing liquidity constraint effect.The study finds that different modes of Internet finance have different influences on residents' consumption structure.The influence of Internet payment on residents' consumption structure is mainly concentrated on survival consumption;Internet money funds stabilize consumption structure by stabilizing survival consumption;Internet insurance has no significant impact on the consumption structure of residents;Internet loan can significantly promote the upgrading of residents' consumption structure;However,the impact of Internet investment on the consumption structure of residents is not significant.At the same time,Internet finance has the effect of increasing consumption tendency,strengthening the guarantee effect and reducing the liquidity constraint effect.Among them,the effect of increasing consumption tendency is mainly concentrated on survival consumption,and the size of the effect is Internet payment,Internet money fund,Internet insurance,Internet investment,Internet loan;Different modes of Internet finance all have the strengthening guarantee effect,among which the strengthening guarantee effect of Internet monetary fund is the largest,followed by Internet payment,Internet investment,Internet loan and Internet insurance.Under the premise of liquidity constraint,only Internet loan can promote the upgrading of residents' structure by reducing liquidity constraint effect.Finally,according to the research conclusions,policy Suggestions are put forward from the perspectives of consumers,Internet financial enterprises and the state to guide consumers to effectively consume,encourage the innovative development of Internet financial enterprises and supervise the compliance development of Internet financial industry.