金融抑制对劳动收入份额的影响研究

发布时间：2018-06-19 19:08

本文选题：金融抑制 + 经济发展水平　；参考：《浙江财经大学》2014年硕士论文

【摘要】：改革开放三十多年来,中国经济保持着高速增长态势,“中国奇迹”令世人瞩目。但在这一奇迹背后,贫富差距不断拉大的事实让我国经济发展的成果面临着严峻的挑战。收入分配的失衡,尤其是初次收入分配的失衡问题,已越来越不利于我国经济的持续发展和社会的稳定。初次分配当中劳动收入份额自90年代中期以来持续下降的现象,使得研究劳动收入份额下降问题成为学术界讨论的热点话题。国内外学者已从多个角度解释劳动收入份额下降问题,归纳起来主要有三个方面：技术进步、经济结构调整以及全球化。但随着经济货币化、经济金融化的发展,金融与社会已紧密相连,而我国目前还存在金融抑制的典型特征,因此研究劳动收入份额问题,需要考虑金融抑制的制度性约束。所以,本文从金融抑制这一现象出发,研究金融抑制对劳动收入份额的影响。本文认为,金融抑制的存在,是造成近年来我国劳动收入份额下降的主要原因,技术进步、经济结构调整和全球化都不足以解释劳动收入份额的全部。本文从宏观和微观两个角度构建了金融抑制影响劳动收入份额的影响机制,实证环节本文从全国和省级两个层面验证金融抑制是否影响劳动收入份额下降。在理论分析部分：笔者从宏观与微观两个角度解释金融抑制对劳动收入份额的影响。宏观的视角是,借助要素投入比解释金融抑制导致劳动收入份额下降。由于金融抑制的存在,使得要素价格发生变化,会诱使厂商使用相对价格更低的要素,产生资本偏向型技术进步,从而使得劳动收入份额下降；微观的角度是,借助融资约束解释金融抑制导致劳动收入份额下降。认为在金融抑制的制度下,国有大中银行主导的金融体制带有很强的信贷偏向,中小(私营)企业面临严重的信贷约束,使得中小(私营)企业不得不进行内源融资,同时构建金融抑制影响劳动收入份额的理论模型,得到面临融资约束的中小(私营)企业的劳动收入份额明显要比国有企业要低。在实证部分：本文首先采用主成分分析法构建核心解释变量金融抑制综合指数FRI；通过VAR模型对全国时间序列数据分析得到FRI的系数是0.04,从定量上来看,即金融抑制程度加深1%,会造成劳动收入份额下降4%；在运用省级面板数据再检验过程中,采用广义最小二乘法(FGLS)估计得到FRI的系数是0.0307,表明在省级层面,金融抑制程度加深1%,会造成劳动收入份额下降3.07%,比全国得出的4%略低。在已有研究的基础上本文主要有以下创新：第一、从金融抑制的视角研究劳动收入份额的下降问题,并提出解决劳动收入份额下降问题的新的政策建议。主流研究劳动收入份额的文献大多从技术进步、经济结构转型、全球化等角度解释劳动收入份额下降问题,要么没有考虑金融因素、要么只是将金融因素作为辅助变量；现在已有一些国内外学者开始研究金融因素对劳动收入份额影响,但研究中国问题的学者还没有从压抑的制度性约束——金融抑制角度来研究我国的劳动收入份额变动问题。根据笔者的前文分析,提出解决劳动收入份额下降问题的新的思路——完善金融体系,进行金融市场化改革。第二、在文献回顾的基础上,构建金融抑制影响劳动收入份额的理论机制；运用全国时间序列数据对金融抑制和劳动收入份额的关系进行研究,并通过省级面板数据进行再验证,使得研究结果更具有可信性。
[Abstract]:After thirty years of reform and opening up, China's economy has maintained a rapid growth trend, and the "Chinese miracle" has attracted worldwide attention. But behind this miracle, the fact that the gap between the rich and the poor has been widening has made the achievements of the economic development of our country face a severe challenge. The imbalance of income distribution, especially the imbalance of the initial income distribution, has become more and more disadvantageous. The share of labor income has declined continuously since the middle of the 90s, which has been a hot topic in the academic circles. The domestic and foreign scholars have explained the decline in the share of labor income from many angles. There are three aspects: technological progress, economic structure adjustment and globalization. However, with the economic monetization, economic and financial development, finance and society are closely connected, and there are still typical characteristics of financial restraint in our country. Therefore, the study of the share of labor income needs to consider the institutional constraints of financial restraint. Therefore, this paper is from gold In this paper, we study the effect of financial restraining on the share of labor income. This paper holds that the existence of financial restraining is the main cause of the decline in the share of labor income in China in recent years. The technological progress, economic structure adjustment and globalization are not enough to explain the total of the share of labor income. This article is from the two corners of the macro and microcosmic angles. The influence mechanism of financial restraining influence on the share of labor income is constructed. The empirical link is to verify whether the financial inhibition affects the decrease of labor income share from the two levels of the national and provincial levels. In the theoretical analysis part, the author explains the influence of financial restraint on the share of labor and income from the macro and micro two angles. The factor input ratio explains the decrease of the share of labor income. Because of the existence of the financial restraint, the change of the factor price will induce the manufacturer to use the relative lower price factors and produce the capital biased technological progress, which makes the share of the labor income descend; the micro angle is to explain the finance with the aid of the financing constraints. Under the system of financial suppression, the financial system dominated by the state-owned large and middle banks has a strong credit bias, and the small and medium (private) enterprises are faced with serious credit constraints, making the small and medium (private) enterprises have to carry out endogenous financing and build the theory that financial restraint affects the share of labor income. The model, the small (private) enterprises facing financing constraints are obviously lower than the state-owned enterprises. In the empirical part, this paper firstly uses the principal component analysis method to construct the core explanatory variable financial inhibition comprehensive index FRI, and the coefficient of the FRI is 0.04 from the quantitative analysis of the national time sequence data through the VAR model, from the quantitative analysis. As a result, the degree of financial inhibition deepens by 1%, which will result in a 4% decline in the share of labor income. In the process of using the provincial panel data reinspection, the generalized least square method (FGLS) is used to estimate the coefficient of FRI by 0.0307, indicating that the degree of financial restraining is 1% at the provincial level, which will result in a 3.07% decline in the share of labor income, which is 4% more than that of the country. On the basis of the existing research, this paper mainly has the following innovations: firstly, from the perspective of financial restraining, it studies the decline of the share of labor income, and puts forward new policy proposals to solve the problem of the decline in the share of labor income. To explain the decline in the share of labor income, or not to consider financial factors, or just to use financial factors as auxiliary variables; now some domestic and foreign scholars have begun to study the impact of financial factors on the share of labor income, but the scholars who study China have not yet from the institutional constraints of suppression financial restraint. Research on the change of the share of labor income in China. According to the author's previous analysis, this paper puts forward a new idea to solve the problem of the decline in the share of labor income - perfecting the financial system and carrying out the reform of the financial market. Second, on the basis of the review of the literature, the theoretical mechanism of the financial restraining influence on the share of working income is constructed; and the national time is used. The sequence data studies the relationship between financial suppression and the share of labor income, and revalidation through the provincial panel data, making the results more credible.
【学位授予单位】：浙江财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832;F126.2

【参考文献】