A Study On The Impact Of Internet Finance On China’s Automobile Industry

The automobile industry is an important pillar industry for the development of the national economy.Automobile consumer credit is one of the important financing needs of residents.Internet finance can and should do a great job in the automobile industry.Domestic demand(including import trade)and foreign demand(export trade)are the two major components of China’s auto industry market demand.This thesis systematically studies the impact of Internet finance on China’s automobile consumption and import and export trade,which is helpful to reveal the important significance of Internet finance development to the development of China’s auto industry,as well as to better use Internet finance to promote the development of China’s auto industry.This thesis selects monthly data from January 2014 to March 2016 and uses the autoregressive distribution lag(ARDL)model to empirically study the impact of Internet finance on China’s automobile consumption and import and export trade,and based on the empirical analysis of the impact of Internet finance on high-end,mid-range and low-end car consumption,the path of the impact of Internet finance on auto consumption is analyzed.Internet finance is composed of third-party payment,P2 P online loans,big data finance and other financial models.This thesis also attempts to empirically study the impact of specific Internet financial model third-party payment on China’s automobile consumption and import and export trade,the differences in the impacts of different Internet financial models on the demand side of the automotive industry market were initially discussed.The empirical results show that,first,Internet finance has a significant promotion effect on China’s automobile consumption,but the promotion effect of Internet finance on automobile consumption of different grades is different.Internet finance has the largest promotion effect on China’s low-end car consumption,followed by high-end cars,which has the least effect on mid-range car consumption.Second,third-party payment has a significant promotion effect on China’s automobile consumption,but third-party payment only has a significant promotion effect on China’s low-end automobile consumption,and ithas no significant promotion effect on the consumption of high-end automobiles and mid-range automobiles.Third,Internet finance and third-party payment have a significant promotion effect on China’s auto export trade,but the balanced impact of third-party payment on China’s auto export trade is significantly less than Internet finance.Fourth,Internet finance has a significant promotion effect on China’s auto import trade,but third-party payment has no significant effect on China’s auto import trade.This is consistent with the conclusion that third-party payment has no significant impact on the consumption of high-end cars and mid-range cars in China.It also shows that the promotion of Internet finance on automobile import trade is mainly driven by other Internet financial models other than third-party payment.Finally,this thesis combined with the above research results,put forward corresponding policy recommendations for promoting Internet finance to serve the development of China’s auto industry more effectively.