投资于人对居民消费的提振效应及机制研究

The Boosting Effect and Mechanism of Investing in People on Resident Consumption

姚海琼,许盼峰,刘超灵

2026 第 52 卷 第 08 期 页码 95-108

DOI: 10.16538/j.cnki.jfe.20260421.101

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摘要

消费不足是中国经济内需扩张的核心制约。在此背景下,政策导向正逐渐从投资于物转向投资于人。投资于人相关支出是否有效拉动了居民消费?为探究这一问题,文章在理论上分析了投资于人对居民消费的提振效应,并基于2011—2022年中国地级市面板数据构建双向固定效应模型进行了实证检验。研究发现,投资于人显著促进了居民消费增长。投资于人既通过释放预防性储蓄、缓解流动性约束直接拉动消费,也借助提升人力资本水平、增加可支配收入和增强创新能力等渠道间接发挥促进作用。异质性分析表明,投资于人对居民消费的提振效应在经济发展水平相对较低的地区更加显著。文章的研究结论为优化财政支出结构、通过人力资本投资释放消费潜力提供了经验证据,对推动经济增长向“消费驱动”转型具有重要的政策启示意义。

As the marginal benefits of traditional material capital investments decline, the 2025 “Govern- ment Work Report” and the 14th Five-Year Plan explicitly propose a strategic orientation towards investing in people. How to leverage fiscal resources to favor sectors such as education, healthcare, vocational skills training, and social security, thereby driving high-quality development, has become an urgent practical issue to explore. It is worth noting that there are significant disparities in the scale and structure of expenditure invested in people across different regions, with particularly prominent shortcomings in public services in underdeveloped areas. Against this backdrop, this paper focuses on the following core questions: Will governments investing in people effectively boost resident consumption? What is the underlying mechanism? Are there significant differences in the impact across different regions?

This paper uses panel data from China’s prefecture-level cities from 2011 to 2022 to construct a two-way fixed effects model for empirical testing. The benchmark regression results show that investing in people significantly promotes the growth of resident consumption, and the conclusion remains valid under various robustness checks. Mechanism testing confirms the existence of both direct and indirect paths. Heterogeneity analysis reveals that the consumption-boosting effect of investing in people is significantly stronger in low- and middle-income-intensive areas such as western regions, rural areas, and small and medium-sized cities than in developed regions, which is highly consistent with the expectations of the marginal propensity to consume theory.

This paper makes the following contributions: In terms of the research perspective, it breaks through the traditional framework of fiscal analysis that focuses on investing in physical assets and focuses on investing in people, an emerging type of expenditure; in terms of the theoretical mechanism, it organically combines the theories of inclusiveness and marginal propensity to consume with indirect paths such as human capital, income, and innovation; in terms of empirical evidence, through regional heterogeneity analysis, it reveals that investing in people can be precisely tailored to low- and middle-income-intensive areas, providing solid support for the optimization and transformation of fiscal expenditure structure from physical assets to people.

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数据公开

标题文件大小下载
2011-2022年中国270个地级市的居民人均消费支出 107.3 KB
2011-2022年中国270个地级市的人口密度、数字普惠金融程度、经济发展水平、财政支出规模、对外开放程度、城镇化率和产业结构 282.0 KB
2011-2022年中国270个地级市的投资于人支出、投资于人支出占地方财政总支出的比重 141.1 KB
2011-2022年中国270个地级市人力资本、城乡、东中西、大中小城市和消费结构异质性 329.1 KB
2011-2022年中国270个地级市人力资本效应、收入效应和创新效应 171.5 KB
2011-2022年中国270个地级市GDP相近城市的投资于人支出均值 107.6 KB
数据及程序代码 414.2 KB
图表 71.7 KB