Based on extended C - M theory pattern, the paper establishes a state space model taking consumption loan as state variable to study the dynamic impact of consumption loan upon resident’ s consumption expenditure. The research shows that since the first quarter of 2003, the sensitivity coefficient of personal consumption loan con-tinues to increase in China, and reached 0. 067 at the first quarter of 2015. But in comparison with disposable income, the impact of personal consumption loan upon consumption expenditure is still weak and vulnerable to monetary policy, and the driving force of monetary policy has an asymmetrical effect. In order to promote the healthy development of China’s consumer credit business, governments should improve the relevant legislation to stabilize the expectation of consumer credit development, strengthen supervision to prevent consumer credit risk, and strengthen credit infrastructure.%基于扩展的 C - M 理论模型，建立以消费信贷敏感性系数为状态变量的状态空间模型，研究消费信贷对居民消费支出的动态影响。研究表明，自2003年1季度以来，我国个人消费信贷敏感性系数不断提高，至2015年1季度，消费信贷敏感性系数已达0.067。与可支配收入比较，消费信贷对消费支出的影响仍偏低，而且消费信贷对消费支出的影响易受到货币政策的冲击且货币政策的冲击具有非对称效应。应通过完善立法、稳定消费信贷发展预期，强化监管、防范消费信贷风险，加强信用基础设施建设等措施，促进我国个人消费信贷业务的健康发展。
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