| China is entering a dual-cycle pattern based on expanding domestic demand,and in this transition period,new growth drivers are needed to promote the optimization and upgrading of household consumption.With the development of Internet technology,Internet insurance as a new insurance format has also developed rapidly in recent years.And because the use of Internet insurance is inseparable from residents’ daily life,under the new normal of economic development,Internet insurance can be used as an excellent tool to affect residents’ consumption.Therefore,it is of great significance to study whether Internet insurance has an impact on household consumption and the transmission path of Internet insurance to residents’ consumption,which is of great significance for the correct use of Internet insurance to further promote the optimization and upgrading of household consumption and integrate into the new economic development pattern.Firstly,this paper analyzes the theoretical analysis and current situation of relevant concepts and contents,selects monthly time series data from 2008 to June2022,re-establishes the Internet insurance index by entropy method on the basis of Peking University Internet Insurance Development Index,and studies the impact of Internet insurance on household consumption in three effect paths: improving consumption structure and increasing total consumption,expanding consumption tendencies and increasing consumption stability.Taking the improvement of consumption structure and increasing total consumption as the two explanatory variables reflecting consumption upgrading,and the expansion of consumption tendency and increasing consumption stability as the mediating effects,the short-term and long-term impacts of Internet insurance on household consumption upgrading were analyzed.Through the establishment of VAR model and impulse response function analysis,it can be seen that the development of Internet insurance can promote consumption upgrading in the short term,and through regression analysis,it can be seen that Internet insurance can also promote consumption upgrading in the long term.It can be seen from the intermediary effect that the degree of change in the consumption results reflected by Internet insurance affects consumption through different paths,but it reflects that Internet insurance has a positive effect on promoting residents’ consumption upgrading: Internet insurance can promote consumption upgrading in the short term by reducing residents’ liquidity constraints,and the mediating effect of liquidity constraints is judged by taking residents’ consumption tendency as the intermediary variable,and it is found that residents’ consumption tendency has a significant effect on improving consumption structure and increasing total consumption.The insurance protection provided by Internet insurance in the short term increases the disposable funds of residents,and at the same time relaxes the liquidity constraints of consumers;Internet insurance can promote consumption upgrading in the long term by increasing the stability of residents’ consumption,with residents’ permanent income as the intermediary variable to judge the intermediary effect of consumption stability,and find that residents’ consumption tendency has a significant role in improving consumption structure and increasing total consumption,this role is mainly reflected in the long term,through the Internet platform,Internet insurance will be traditional financial products to innovate and extend,and in terms of income,Internet insurance is generally higher than the interest profit of traditional financial products.It has achieved the substitution role of traditional wealth management product savings,increased the wealth effect of consumers and their own expected income,improved the stability of consumption,and promoted consumption upgrading. |
