Quantitative Study Of The Impact Of Residents' Household Income Structure On Consumption

Based on China's Household Income Survey data(CHIP),this paper studies the impact of the differences in income structure between urban and rural residents on consumption levels.First,analyze the research results of domestic and foreign scholars in the field of resident income structure effects,and point out the imperfections;second,based on relevant theories and econometric models,explain the rationality of the behavior life cycle hypothesis and the theory of residents' "psychological account";finally this paper studies the income structure effects of residents through micro-empirical and multiple perspectives,and uses this to explain the underlying economic mechanism.First,most scholars based on existing researches on income structure effects only qualitatively compare the marginal consumption tendencies of income from different sources;they only analyze the overall urban and rural residents,without considering the deviation of income strata from related measurement results;the static perspective analyzes the income structure effect without considering the existence of time trends,which makes the composition of residents' income constantly changing.In view of this,this paper uses F-test to quantitatively study the significance of the difference in the value of different income coefficients in the corresponding linear regression;through R2 decomposition to compare the importance of the average unit of income from different sources to consumption;the dynamics of non-linear equations are used to explain the change in the marginal impact of income on consumption when a certain type of income changes.The following conclusions were reached: the marginal promotion of consumption by the net income of property of various income groups in urban and rural areas is greater than the marginal promotion of consumption by other sources of income;the sensitivity of the differences in the values of the four types of source income coefficients in the corresponding linear regression equations shows that the significant differences in the marginal effects of income from different sources on consumption are not applicable to each income class;for urban residents,in the low-income group,the average importance of one unit of property net income to consumption is only lower than the average importance of one unit of operating net income to consumption;for other income groups,the average one unit of income from other sources is important to consumption.The degree is less than the average importance of consumption per unit of property net income;for each rural income group,the average degree of consumption per unit of income from other sources is less important than the average degree of consumption per unit of property net income;analyze the evolutionary trend of the marginal impact of various incomes of different income strata in urban and rural areas on consumption,and it shows that the change in residents' consumption propensity is not only caused by changes in the total wealth in various "psychological accounts",but also various "psychological accounts".Inherent attributes also have a certain degree of influence on the expenditure ratio of this type of income.Second,based on the complexity of the consumption structure and the fact that certain types of expenditures in the eight categories of consumption of urban and rural residents may have excessive zero values,the measurement methods of merge regression and R2 decomposition were used to analyze the marginal promotion degree and average influence degree of income fromdifferent sources on the eight categories of consumption.The following conclusions are reached:urban and rural residents tend to prefer income from a certain source for specific consumption,and in other words,differences in the income structure of residents not only cause differences in total consumption,but also may lead to differences in the internal structure of consumption;urban and rural residents do not tend to use net operating income for food,tobacco and alcohol expenditures;they are accustomed to spending more of their wage income on clothing,daily necessities and services,transportation and communications and other supplies and services;tend to use a larger proportion of net income from property for housing,education,cultural and entertainment expenditures;transfer more of net income to health care expenditures;urban residents prefer to use net operating income for transportation and communications expenditures;and rural residents are used to more of the net income from property is spent on transportation and communications.Third,to further study the income structure effect of residents,through relevant measurement methods and based on stable income is more susceptible to the influence of household heads and household characteristics,the total disposable income of urban and rural households is divided into permanent and temporary income,and passed OLS linear regression,merge regression,and F-test to analyze whether the degree of income stability has a certain degree of impact on residents' consumption decisions.The following conclusions are drawn: the difference in income coefficient values between urban and rural residents in the corresponding robust OLS regression equation is not obvious,indicating that the two incomes are not sensitive to the difference in the degree of marginal promotion of total consumption;in terms of health expenditure,the stability of urban and rural residents' income has had varying degrees of impact on these consumption expenditure decisions.In terms of clothing expenditure,urban and rural residents prefer to pay more for such consumption in the "psychological account" of stable income;for living and health care expenditure,urban and rural residents are more inclined to pay for these goods in the "unstable income" psychological account Or service.In terms of expenditure on food,tobacco,daily necessities and services,transportation and communications,education,culture,entertainment and other supplies and services,urban residents did not treat these types of consumption differently because of the difference in the proportion of these two types of income in the total income.It is only affected by total income;in terms of spending on daily necessities,services,education,culture and entertainment,the spending preferences of rural residents on these consumptions are not substantially affected by the degree of income stability,which is the same as that of urban residents;for rural residents 'expenditure on food,tobacco,transportation,communications,and other supplies and services,the degree of income stability has a certain degree of impact on these consumption spending decisions,rural residents prefer to pay for these goods or services in a “psychological account” of stable income,which is different from the spending preference behavior of urban residents.