The Influence Of The Consumer Credit On The Residents' Consumption

The 13 th Five-Year Plan of China puts forward “to give full play to the fundamental role of consumption in economic growth,and to focus on expanding the residents' consumption”,hoping to expand the resident consumption.It tries to promote the development of automobiles,real estate and other related industries,so as to achieve the healthy and stable development of the national economy.However,in recent years,the relatively low consumption rate and the continuously weak domestic demand are heavily influenced our economic growth;how to improve the standard of consumption efficiently,promote structural transformation,as well as guarantee the continuously and stable economic growth have become the focus nationwide.As a result,the study of the relationship between consumption credit and consuming behavior becomes even more important,it can not only examine the effectiveness of China's past consumer credit policies,but also provide data support and advice for current and future strategies.This paper studies the impact of consumer loans on residents' consumption from a micro perspective.During the study,the author distinguished and compared the different influence of formal consumer loans and informal consumer loans on household consumption,and studied the mechanism involved;one the other hand,he has also alleviate the endogeneity problem between them in a more reliable and robust way,and provides a reference example to explore the causal relationship between consumer credit and consumer demand.In addition,this paper has also studied the heterogenicity of the influence among people with different incomes,from different cities and education levels,conducting a detailed study in order to clarify the relationship between the two,and laying a foundation for further study.The effect of consumer credit on consumer behavior is tested in this study.whether it is the benchmark regression or instrumental variables test,It is found that obtaining consumer credit affects consumption behavior significantly.When we study the mechanism of consumer credit in both theoretical and empirical way,we can find that liquidity constraints will restrain consumption,and a regular consumption loan may reduce the possibility of liquidity constraints,it thus promote durable goods consumption in the area of the city,the consumption credit on the liquidity restriction mediating effect is not significant in rural areas;From the heterogeneity study of group regression,we can see that the obtaining of a regular consumption loan can increase the total consumption of low income,rural areas and lower educationhouseholds,at the same time,the credit resource use efficiency is not high,the most likely to face liquidity the restriction of population but less access to credit,the credit policy and financial system needs further development.Based on the conclusions in this research,some suggestions are made for further improvement of relevant policies.