A Study On The Impact Of Public Expenditure On The Consumption Level Of Residents From The Perspective Of Human Capital

In recent years,China's economy presents a new normal stage characteristics:slowdown,structural adjustment and driving force change.Exports and investment have been subject to external demand,domestic resources and environmental constraints.In this context,China's urgent need to expand domestic demand,improve the level of consumption of residents to ensure sustained and healthy economic development.The consumption problem has been the field of sustainable development of macro economic factors can not be ignored,many scholars from government spending,price level,interest rates and other objective perspective to explore the relationship between the two,and the factor of the people did not get the full attention.This paper attempts to join the human capital as a factor,to a new perspective to re explore the impact of public expenditure on the consumption level of Chinese residents.The specific arrangement is as follows: the first chapter first expounds the research background,puts forward the research questions,then combs the existing literature at home and abroad,introduces the research ideas and methods;The second chapter introduces the basic theory,the third chapter establishes the theoretical analysis framework,based on the consumption function theory,derives a new multivariate analysis framework theory model,obtains the interaction mechanism between public expenditure,human capital and consumption level.The fourth chapter establishes measurement model,based on the panel data of cities at prefecture level and above,makes empirical test and discusses the results.The fifth chapter puts forward relevant policy recommendations.The study found that: First,the increase in public spending and human capital accumulation is the improvement of residents' consumption level has obvious promoting effect;Second,the accumulation of human capital was beneficial to the improvement of the residents' consumption level,the health of human capital accumulation pull effect on the level of consumption is stronger;Third,the human capital partial mediation effect significantly,and the mediation effect of educational human capital is more apparent.Suggests that public spending is through the accumulation of human capital,especially the residents' level of education,will affect residents' consumption level.Fourth,in different parts of the residents' consumption level of public spending and human capital accumulation ofresponse sensitivity is different,the western region is the most sensitive,the central region is the medium level,eastern city is the most sensitive.Thus put forward the policy Suggestions: First,to further increase spending on public health,improve the efficiency of public expenditure;Second,strengthen city in the west of the education investment,promote the realization of education equality.Third,to promote the city's urbanization in western China;Fourth,increase human capital investment,and encourage the diversification of human resources development.