| Resident consumption is an important part of social consumption and can contribute to the high-quality development of my country’s economy.As one of the troikas driving the economy,the contribution rate of consumption to GDP growth has generally increased in recent years,and the role of household consumption has become increasingly prominent.With the continuous improvement of the consumption level of urban and rural residents,my country is entering a new era of consumption.The emergence of digital finance provides convenient financial services for the majority of residents and activates the growth of real transactions and consumption of residents.The outbreak of the new crown epidemic in 2020 has accelerated the conversion of consumption from offline to online,and effectively promoted the transformation of residents’ consumption concepts and consumption habits.At present,my country is striving to build a new development pattern in which the domestic and international dual cycles promote each other.The release of domestic demand is an important strategic basis.Only by grasping the sustained growth of consumption and structural optimization can we better promote the progress of the "dual cycle".In order to explore the influence of digital finance on the consumption structure of residents,this article first sorts out the development context of consumption theory and classifies the consumption theory of residents.Secondly,analyze the development status of major businesses such as digital finance,mobile payment,online credit,and digital insurance,as well as the development status of residents’ consumption structure,combined with the theoretical part and status quo analysis,to identify the logical relationship between digital finance and my country’s residents’ consumption structure,and propose that digital finance affects my country The three transmission mechanisms of residents’ consumption structure are convenient payment mechanism,online credit mechanism and digital insurance mechanism.Afterwards,using the provincial annual panel data from 2013 to 2020,the individual fixed effects model is used to conduct an empirical study on the influence of digital finance on the consumption structure of residents.The results show that in the benchmark regression,the total digital finance index has a significant impact on the total per capita consumption expenditure of residents and the basic consumption expenditure of residents;in the analysis of urban and rural heterogeneity,digital finance has an impact on the development of enjoyment consumption by urban residents,the basic consumption expenditure of rural residents and the basic consumption expenditure of rural residents.Rural residents have a significant positive impact on the development of enjoyment consumption expenditure;in the heterogeneity of the digital financial structure,the coverage breadth has a significant impact on basic and development enjoyment consumption;in the mechanism verification,the convenience payment mechanism and the digital insurance mechanism meet the assumptions.On the whole,the development of digital finance has an impact on the consumption structure of urban and rural residents,but the impact on rural residents is more extensive and significant.Finally,based on the main conclusions,from the perspective of economic development,we put forward countermeasures and suggestions for leveraging digital finance to optimize the consumption structure of my country’s residents: strengthen financial infrastructure and financial product service innovation,improve credit reporting systems,strengthen risk supervision and digital financial legal system construction,and improve residents’ digital financial literacy. |
