数字普惠金融发展对低收入家庭消费水平的影响研究
Study on the Impact of Digital Inclusive Finance Development on the Consumption Level of Low-Income Households

本文基于中国家庭金融调查(CHFS) 2015、2017和2019年3年的面板数据，在微观层面，本文探讨了数字普惠金融发展对低收入家庭消费水平的影响，并对其作用渠道与作用机制进行了实证检验。研究发现，数字普惠金融发展显著提升了低收入家庭消费水平，这一结论在进行了稳健性检验以及内生性处理后同样成立。同时，数字普惠金融发展指标的三个维度——覆盖广度、使用深度和数字化水平，分别从高到低依次显著提升低收入家庭的消费水平。异质性分析结果表明，数字普惠金融对低收入家庭消费的促进作用分别存在城乡和地区差异，农村家庭消费水平的影响要显著高于城镇家庭；东部地区金融普惠发展水平要高于中西部地区，但中部地区家庭消费促进作用最高，其次是西部地区。作用机制表明，数字普惠金融发展通过提高低收入家庭收入水平影响家庭消费行为。
Utilizing panel data from the China Household Finance Survey (CHFS) for the years 2015, 2017, and 2019, this paper explores the impact of digital inclusive finance development on the consumption level of low-income households at the micro level. The study conducts empirical tests on the channels and mechanisms of this impact. The findings reveal that the development of digital inclusive finance significantly increases the consumption level of low-income households, a conclusion that remains robust after conducting robustness tests and addressing endogeneity issues. Furthermore, the three dimensions of the digital inclusive finance development indicator—coverage breadth, usage depth, and digitalization level—significantly enhance the consumption level of low-income households in descending order. Heterogeneity analysis indicates that the promotional effect of digital inclusive finance on the consumption of low-income households varies by urban-rural and regional differences, with the impact on rural households being significantly higher than that on urban households. Although the level of financial inclusion development is higher in the eastern region compared to the central and western regions, the promotional effect on household consumption is the highest in the central region, followed by the western region. The mechanism of action suggests that the development of digital inclusive finance influences household consumption behavior by increasing the income level of low-income families.