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流动性约束、互联网金融与中国家庭消费
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TitleLiquidity Constraints, Internet Finance and China Household Consumption  
作者尹志超 潘北啸 倪金兰  
AuthorYin zhichao, Pan beixiao and Ni jinlan  
作者单位首都经济贸易大学;美国内布拉斯加大学 
OrganizationCapital University of Economics and Business; University of Nebraska at Omaha; Nanjing Audit University 
作者Emailyzc@cueb.edu.cn;jni@mail.unomaha.edu;panbeixiao@126.com 
中文关键词流动性约束 互联网金融 普惠金融 家庭消费 
Key WordsLiquidity Constraints; Internet Finance; Financial Inclusion; Household Consumption 
内容提要运用中国家庭金融调查(CHFS)数据,通过两阶段最小二乘法(2SLS),本文研究发现流动性约束显著降低家庭消费水平。当家庭拥有互联网金融时,流动性约束对家庭消费的降低作用能够得到有效减缓,即互联网金融显著缓解流动性约束对消费的负向效应。进一步研究发现,互联网金融使家庭受到流动性约束概率显著降低,缓解家庭流动性约束问题。对申请住房贷款、汽车贷款和信用卡受到约束的家庭来说,互联网金融能够有效缓解这部分流动性约束,直接促进消费。消费结构来看,除了家庭医疗保健消费以外,互联网金融均有效缓解流动性约束对家庭其余7类消费的负向作用。本文的研究表明,流动性约束对家庭消费的抑制作用很大,但是互联网金融能够显著缓解流动性约束对家庭消费的影响。因此,普及包括第三方支付工具在内的互联网支付工具,发展互联网金融可以成为未来缓解我国家庭流动性约束,刺激消费的重要参考。 
AbstractBased on China Household Finance Survey (CHFS) data, through two-stage least square (2SLS) regression analysis, this paper finds that liquidity constraints extremely reduce household consumption. When households have Internet finance, the negative effect of liquidity constraints on consumption can be alleviated effectively. That is to say, Internet finance has eased negative impact of liquidity constraints on consumption significantly. Further studies find that Internet finance has reduced the probability of household being liquidity constrained significantly and alleviated the problem of liquidity constraints. To households who are constrained to apply for housing loans, auto loans or credit cards, internet finance is able to alleviate their liquidity constraints problem effectively, and promote their consumption directly. According to consumption structure, internet finance can effectively ease the negative impact of liquidity constraints on remaining 7 types of household consumption except health care. This paper shows that liquidity constraint has a great inhibitory effect on household consumption, but internet finance can ease this impact effectively. Therefore, popularizing Internet payment tools which include third party payment tools, developing internet finance can become an important reference to alleviate household liquidity constraints and stimulate consumption in the future. 
文章编号WP1329 
登载时间2019-01-25 
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