| For a long time,economic growth has been a hot issue of constant concern at home and abroad.However,now is an important transition period for my country from highspeed economic development to high-quality development.Therefore,studying the upgrading of consumption structure has become a hot spot in recent economics.Firstly,this paper starts with exploring the measurement of household consumption structure upgrading.The income elasticity of demand for eight categories of consumption and service expenditures based on the 2017 China Household Finance Survey(CHFS)data is given by the Extended Linear Expenditure Model(ELES).According to the order of the income elasticity of demand,the consumption structure upgrading index of each family is calculated by using the structural hierarchy coefficient method.Then,the paper adopts the common factor analysis method constructing the financial literacy index.According to the two-way effect of household debt on the upgrading of household consumption structure,this paper innovatively divides household debt into two categories: housing debt and other debts.In the empirical process of exploring the influencing factors of the specific household consumption structure,the household consumption structure upgrading index is used as the explained variable,and financial literacy,household debt,the proportion of securities assets and Internet finance are used as the explanatory variables.Finally,the household consumption structure upgrading indices of the quantiles are fitted separately.The empirical results show that:(1)The improvement of financial literacy does not always promote the upgrading of household consumption.(2)The increase in housing debt will indeed play a certain role in promoting the upgrading of the household consumption structure,but with the improvement of the household consumption structure upgrading index,the role of this promotion is also weakening.(3)In order to continue to promote the upgrading of the consumption structure,it is found in the continuous tracking research that new active points to promote the upgrading of the household consumption structure are the key. |
