Research On The Impact Of Digital Inclusive Finance On Household Consumptio

Along with the development of financial technology,digital inclusive finance uses digital information technology to provide diversified and personalized financial products and services to all social strata,including Internet insurance,Internet credit and investment finance,etc.With the advantage of Internet data,digital inclusive finance covers the public who are difficult to be reached by traditional finance.The low-cost and convenient features of digital inclusive finance are not only conducive to the development of inclusive financial inclusion,but also conducive to stimulating the vitality of the consumer market and expanding domestic demand.The report of the20 th Party Congress proposes to strengthen the fundamental role of consumption in economic development,thus the development of digital inclusive finance has become the focus of work in the epoch of digital economy.In order to further bring into play the positive guiding role of digital inclusive finance on consumption,it is crucial to explore its impact path.This paper first uses liquidity constraint theory,precautionary savings theory,and psychological account theory as the theoretical basis,and uses the cross-sectional data of China’s provincial digital inclusive finance index and China Household Finance Survey 2015,2017,and 2019 released by the Digital Finance Research Center of Peking University to examine the association between digital inclusive finance and residents’ consumption using OLS regression and conduct urban-rural and regional heterogeneity analysis.Secondly,focusing on Internet insurance business,Internet credit business and social capital,the specific paths of digital inclusive finance affecting residents’ consumption are further explored,and the different impact mechanisms are tested separately through the moderating effect model.The empirical results show that(1)the development of digital inclusive finance can significantly increase residents’ consumption;(2)the mechanism study demonstrate that the development of Internet insurance,Internet credit and social capital all help to strengthen the driving effect of digital inclusive finance on residents’ consumption;(3)the analysis of urban-rural heterogeneity shows that the moderating effect of Internet insurance and Internet credit is more significant in urban households,while the moderating effect of social capital is more significant in rural The analysis of regional heterogeneity shows that the moderating effects of Internet insurance,Internet credit and social capital are all significant in the western region,while the moderating effects of Internet insurance and Internet credit are positive and the moderating effects of social capital are negative in the central region,and none of them is significant in the eastern region.Finally,based on the findings of the empirical study,this paper proposes to improve the market environment of Internet insurance,establish the risk rule mechanism of Internet credit,develop social organizations appropriately,and broaden social networks.Starting from the two major businesses of digital inclusive finance,Internet insurance and Internet credit,this paper introduces the concept of social capital and empirically analyzes the moderating effect of these elements in the way digital inclusive finance affects consumption,providing a new perspective for studying the impact of digital inclusive finance on residents’ consumption from the perspective of business and social capital.At the same time,the study of mechanism heterogeneity in urban and rural areas and regions provides innovative ideas to narrow the differences in the impact of digital inclusive finance in urban and rural areas and different regions.