From the perspective of demand-side credit constraints,this paper constructs an"extended short-sighted consumption model"and analyzes the impact mechanism of subjective liquidity constraints on household consumption expenditure.Based on the survey data of Chinese Household Finance(CHFS),this paper uses logit and Probit methods to empirically test the mechanism.The results show that:Firstly The subjective liquidity constraint has a significant impact on the reduction of household consumption expenditure by reducing the scale of household formal credit and informal credit.Secondly In the process of subjective liquidity constraints affecting household con-sumption expenditure,financial literacy plays an important moderating role.The more assets a household has,the better its financial literacy can ease the restraint of subjective liquidity constraints on household consumption ex-penditure.However,in the low-asset group,the situation of households did not improve due to the improvement of financial literacy.Thirdly In addition,household subjective mobility constraints also significantly increase the sensi-tivity of household consumption expenditure to changes in household income,and reduce the ability of households to smooth consumption.Therefore,in the current process of"expanding consumption and stabilizing growth",the in-come distribution system should be optimized to increase the income of low-asset households,while actively promo-ting the popularization of financial education,and increasing the information disclosure of formal financial institu-tions such as banks,so as to promote consumption expenditure by easing the subjective liquidity constraints faced by households.
万方数据