Abstract: Based on the difference between Chinese urban and rural residents' consumption situation under Chinese urban-rural dual structure,we improved the model of Lettau-Ludvigson(2001) by adding credit card number as a new independent variable,and tested the elasticities of per capita household consumption expenditure on per capita income,stock market capitalization,price index of house for sell and credit card number in view of urban and rural respectively.We found obvious higher elasticities for rural residents than urban ones,and credit card number affect consumption second only to income.So we recommend that the difference between urban and rural residents’ consumption behaviors should be fully recognized,the importance of mining rural consumer market should be emphasized,and we should pay attention to the change of China's consumer attitudes and spending habits and promote the healthy development of the credit card industry in order to stimulate consumption growth.

摘要： 本文基于中国二元结构下城乡居民消费现状不同的基础，对Lettau 和Ludvigson（2001）提出的模型进行了改进，并加入信用卡数量作为自变量之一，实证检验了人均居民收入、股票流通市值、房价指数和信用卡数量对城镇和农村居民人均消费的影响弹性。结果表明农村居民消费函数的各项弹性均大于城镇居民；信用卡数量影响消费的弹性仅次于收入水平。据此，我们建议，要充分认识城镇居民和农村居民消费行为的差异，重视对农村消费市场的挖掘，并注意中国居民消费观念和消费习惯的改变，促进信用卡行业健康发展以刺激消费增长。