Study On The Influence Of Shanxi Digital Inclusive Finance On The Consumption Of Urban Residents

In recent years,it is an important strategy to promote consumption and expand domestic demand to achieve economic growth,but the consumption expenditure in Shanxi Province has been in the middle of the domestic rankings,the growth rate of consumption is too slow and some lack of force,and the urban residents are the main force of consumption,the growth of consumption expenditure of urban residents in Shanxi Province will play an important role in the total consumption expenditure and economic growth of Shanxi Province.As an innovative financial development field,digital financial inclusion aims to provide all social groups with appropriate and affordable financial products and services,expand the scope of traditional financial services,enable more vulnerable groups who have been excluded from the financial system to obtain the financial products and services they need,increase real income,and ease liquidity constraints.Reduce the uncertainty of the future,so as to improve the consumption willingness of residents,and then promote the current consumption of residents.Based on this,this paper believes that the study of the impact of digital inclusive finance on the consumption of urban residents in Shanxi Province has important theoretical and practical significance for improving the consumption willingness of urban residents in Shanxi Province,promoting consumption growth and developing economy.This paper aims to deeply analyze the impact and mechanism of digital inclusive finance on urban residents’ consumption in Shanxi Province.Firstly,the existing literature is analyzed and sorted out.Based on this,the theoretical mechanism of digital inclusive finance affecting urban residents’ consumption in Shanxi Province is condensed.Secondly,it describes and analyzes the development status of digital inclusive finance and urban consumption in Shanxi Province,and analyzes the relationship between them.Finally,after various considerations,the consumption data of 11 prefecture-level cities in Shanxi Province during the eight years from 2014 to2021 are taken as research samples.With the help of fixed effect model,the digital inclusive finance index is taken as explanatory variable,and the inclusive finance index of the Digital Finance Research Center of Peking University is specifically adopted.At the same time,the influence mechanism of payment,insurance and credit is considered.Taking the per capita consumption expenditure of urban residents in Shanxi Province as the explained variable,stata16.0 was used to empirically test the samples and analyze the results.The research shows that:(1)From the current correlation results,when the digital inclusive finance index of Shanxi Province increases,the total consumption of urban residents in the province will also increase simultaneously,and there is a positive correlation between the two.(2)From the benchmark regression results,it is concluded that digital inclusive finance can promote the consumption of urban residents in Shanxi Province.(3)Heterogeneity analysis shows that compared with large and medium-sized cities in Shanxi Province,digital inclusive finance develops better in small cities.(4)From the mechanism test analysis,it can be concluded that digital payment and insurance play an important role in improving the consumption level of urban residents in Shanxi Province through digital inclusive finance,while the promotion of consumer credit mechanism is not significant.According to the research results,this paper puts forward the following three suggestions:(1)strengthen the digital finance publicity,improve the acceptability of urban residents,and promote the coordinated development of digital inclusive finance in prefecture-level cities in Shanxi Province;(2)Strengthen the control of digital consumer finance,improve the trust of urban residents,and promote the role of consumer credit mechanism;(3)Strengthen the innovation of digital financial products,increase the choice opportunities for urban residents,and promote the consumption of urban residents in Shanxi Province from the supply side.