收入对移动支付影响家庭消费的调节效应

The Moderating Effect of Income on the Impact of Mobile Payment on Household Consumption

摘要: 文章基于中国家庭金融调查(CHFS)微观数据，构建包括移动支付与收入交互项的实证模型，验证收入对移动支付影响家庭消费的调节效应。通过区分总消费、生存型与发展型消费，并按收入水平分组开展异质性分析。研究表明，收入对移动支付影响总消费、生存型消费存在显著负向调节，移动支付提振消费的效果随收入提升逐步弱化，低收入群体借助移动支付释放刚需消费的红利最为突出。该调节效应存在消费结构异质性，对发展型消费影响不显著。另外，对于低收入群体，移动支付对其生存型和发展型消费的提升作用皆远高于收入的影响。针对不同家庭收入层级，移动支付对生存型消费的组别影响差距最明显；而对发展型消费的组别影响差距显著收窄。因此，进一步完善和发展移动支付普惠服务，可有效提升整体社会福利，尤其有利于广大低收入家庭生活质量的提高，并在整个社会层面助力内需增长。

Abstract: This paper constructs an empirical model including the interaction term between mobile payment and income to verify the moderating effect of income on the impact of mobile payment on household consumption with data of CHFS. By distinguishing between total consumption, subsistence consumption, and development consumption, we conducted heterogeneity analysis by income levels. The research shows that income has a significant negative moderating effect on the impact of mobile payment on total consumption and subsistence consumption. The effect of mobile payment in boosting consumption gradually weakens as income increases. The low-income group benefits the most from the use of mobile payment in lifting basic consumption. This moderating effect exhibits heterogeneity in consumption structure and has no significant impact on development consumption. Additionally, for low-income groups, the enhancement effect of mobile payment on subsistence and development consumption is much higher than that of income. For different family income levels, the group impact of mobile payment on subsistence consumption is the most significant, while the group impact on development consumption gradually narrows. Therefore, further improving and developing inclusive financial services like mobile payment can effectively enhance overall social welfare, especially improving the quality of life of low-income families and contributing to the growth of domestic demand.