An Empirical Study On The Impact Of Household Financial Investment Behavior On Urban And Rural Residents’ Consumption Expenditure

For a long time,China’s consumption has been weak,especially in recent years due to the dual impact of COVID-19 and the increasingly complex international situation,forcing China to adjust the export-driven economic development model,expanding domestic demand and promoting consumption upgrade has become a practical need of China’s economic development.People’s ability and willingness to consume are closely related to their assets and wealth,along with our country residents generally improve the level of household wealth,household assets structure is no longer confined to cash and deposit,but gradually to by a variety of financial instruments,such as stock,bond,fund portfolio of paradigm shift,the shift to a certain degree of ease households credit constraints,and advantageous to realize the value of household wealth value,We will expand the sources of household property income.Based on this,this paper,with the help of the 2016 Chinese Household Tracking Survey data(CFPS),through theoretical analysis and empirical research phase structure method,deeply explores the specific ways and action path of household financial investment behavior on the consumption expenditure of urban and rural residents.The main conclusions of the study include:Firstly,the family financial investment behavior on there were significantly positive role in promoting urban and rural residents’ consumption expenditure,and the effect of different types of consumer spending with the vision,developing and improving consumer spending be affected by the family financial investment behavior is the largest,thus it can be seen,the family financial investment behavior is beneficial to optimize the family consumption structure of urban and rural residents,promoting China’s household consumption upgrading.Secondly,the impact of household financial investment behavior on residents’ consumption expenditure shows obvious group heterogeneity.According to the household registration type,region and income,the results show that the financial investment behavior of urban households,eastern households and middle and high income households has more significant impact on consumer expenditure.Thirdly,family business insurance purchasing behavior in the family financial investment behavior impact on consumer spending plays a partial intermediary role,family financial investment behavior can improve residents family business insurance purchase intention,and commercial insurance can to a certain extent reduce the precautionary saving family needs,thereby improving household consumption ability and the willingness to spend,to stimulate consumer spending.Based on the above research conclusions,in order to give full play to the promoting role of household financial investment behavior on household consumption expenditure,we should accelerate the innovation of financial instruments,meet the diversified needs of various household financial investment,strengthen the popularization of household financial knowledge,and improve the participation of household financial market.