金融科技对居民消费水平的动态影响

——基于VAR向量自回归模型的实证研究

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中图分类号：F275；F126.1 文献标识码：A doi：10.3969/j.issn.1672-2272.202512011

The Dynamic Impact of Fintech on Resident Consumption Level ： AnEmpirical StudyBased on the VAR Model

LiJunjie （School of Economics，Shanghai University，Shanghai 2O1899，China）

Abstract：As an integrated product of finance and technology，FinTech has become a key force driving the transformation of financial services，and its impact on household consumption has also attracted widespread atention.Taking Shanghai，a core region of Fintech development，as the research subject， this study constructs a multidimensional Fintech development index based on quarterly data from Shanghai spanning 2Ol4 to 2O24，covering the number of enterprises，patent counts，and financing levels.Using a VAR vector autoregression model，it empirically examines the impact of Fintech on residents’consumption levels. The findings are as follows： ① Fintech has a significant positive impact on household consumption levels，exhibiting dynamic characteristics of short-term fluctuations and long-term stabilization. ② Industrial Fintech enterprises demonstrate more significant short-term effects in promoting consumption，while technology-focused enterprises exhibit stronger long-term sustained impacts. ③ The stimulating effect of Fintech on urban residents consumption is stronger than that on rural residents，indicating urban-rural heterogeneity. ④ Fintech significantly promotes discretionary consumption but has a weaker impact on necessary consumption，thereby contributing to the upgrading of consumption structures. This research provides insights for Shanghai to optimize the layout of its Fintech industry，leverage Fintech advantages to promote consumption upgrading，and narrow consumption disparities.

Keywords：financial technology；resident consumption level；consumption structure

0 引言

金融科技是金融与科技创新深度融合的产物。（剩余11559字）