金融发展与收入分配：理论及中国的经验研究

发布时间：2018-05-21 19:32

本文选题：金融发展 + 收入不平等　；参考：《南开大学》2013年博士论文

【摘要】：改革开放三十多年来,中国经济取得了举世瞩目的成就。然而,在经济持续增长、人均收入稳步提升的同时,居民收入差距不断扩大,劳动收入份额快速下降,成为影响长期增长和社会稳定的隐忧。古语云：“不患寡而患不均”。如何让经济增长成果惠及更多人呢?这已成为社会各界关注的焦点。金融是整个经济的命脉,对经济增长具有显著的促进作用。金融也是一种分配机制,对资源和财富具有分配和再分配功能。本研究旨在厘清金融发展与收入分配之间的关系,从理论和实证角度综合考察金融发展对中国收入分配的影响。如果说金融的快速发展是收入分配变化的重要因素之一,那么理解这一机制产生的原因、形成过程并对金融发展的影响进行量化研究,无疑会增加人们对影响收入分配的金融因素的认识,也有利于全面评价金融在经济发展中的作用。全文一共分为八章：第1章提出论文所要研究的问题,第2章综述相关文献资料。第3章对金融发展影响收入分配的作用机制进行理论分析,第4章分别测算金融发展、收入不平等、劳动收入份额等主要变量为后续的经验研究提供基础数据。第5-6章利用省级面板数据实证分析金融发展与居民收入分配的关系,第7章探讨金融发展对要素收入分配的影响。第8章为结论以及制定相应的政策安排。对于金融发展与收入分配这一主题的研究,学术界的探索多于共识。论文在现有文献的基础上,结合中国的金融发展状态、金融制度安排,分别从微观和宏观两个层面分析金融发展对中国收入分配的影响路径。微观层面来说,不同个体的初始财富不同,面对不同的信贷约束和金融服务获得,金融发展影响个体的投资决策、个体的职业选择及资本积累的涓滴效应进而作用于财富分配；宏观层面来说,金融发展通过劳动力市场影响工资收入差距,同时金融抑制、金融非均衡发展等因素会扩大收入差距。概言之,我国金融发展是不完善的,其未必能够缩小收入分配不平等。在理论分析的基础上,运用线性面板模型实证研究金融发展对居民收入分配的影响。结果表明,金融发展与收入不平等显著正相关,是中国居民收入分配状况恶化的重要原因之一。金融业竞争程度或信贷资金分配市场化程度越高,基尼系数值越大。若仅以线性模型的分析结果得出结论,可能会缺失重要的发现,论文对金融发展与居民收入分配之间可能存在的非线性关系进行拓展研究。首先,金融发展与居民收入分配的库兹涅茨效应得到证实：伴随金融发展水平的提高,收入不平等呈现先上升后下降的倒U型趋势。然而,从整体上看,中国金融发展还处于较低水平,大部分省份尚未跨越拐点,仍然位于倒U型曲线的上行区间,收入不平等还将进一步扩大。其次,基于门槛回归模型的分析发现,金融发展的分配效应与经济发展水平密切相关,不同区制下金融发展的影响呈现非单调的“双门槛特征”,其正向效应随着经济发展逐渐加强,之后又趋于减弱。收入分配具有两个维度：规模性收入分配(居民收入分配)与功能性收入分配(要素收入分配)。论文进一步探讨金融发展对要素收入分配的影响,发现其对劳动收入份额呈现显著的负向效应,这从金融发展视角解读了中国劳动收入份额持续下降的现象。鉴于基尼系数与劳动收入份额反方向变动,论文的发现也为不断扩大的居民收入差距提供了更深层次的解释。根据研究结论,论文针对如何发挥金融体系改善收入分配的功能,提出相应的政策建议：优化金融制度安排,增加金融服务可得性,推动金融业竞争,逐步推进利率市场化进程,建设功能良好的资本市场,完善政策性金融体系,同时,应该重视金融与其他经济变量的互补匹配关系。
[Abstract]:Since the reform and opening up for more than thirty years, China's economy has made remarkable achievements. However, while the economy continues to grow and the per capita income has steadily increased, the income gap of the residents is expanding, and the share of labor income has declined rapidly, which has become a hidden worry for long-term growth and social stability. It has become the focus of all circles of society. Finance is the lifeblood of the whole economy. It has a significant role in promoting economic growth. Finance is also a distribution mechanism to allocate and redistribute resources and wealth. This study aims to clarify the relationship between financial development and income distribution. If the rapid development of finance is one of the important factors of the change of income distribution, the reasons for the understanding of the mechanism, the process of formation and the impact on the financial development are quantified, and there is no doubt that the financial cause that affects the distribution of income will not be doubtful. The understanding of element also helps to comprehensively evaluate the role of Finance in economic development.
The full text is divided into eight chapters: the first chapter puts forward the problems to be studied in the thesis, the second chapter summarizes the related literature. The third chapter analyzes the mechanism of the impact of financial development on income distribution, and the fourth chapter calculates the main variables, such as financial development, income inequality, and the share of labor income, to provide basic data for the follow-up study. The 5-6 chapter uses the provincial panel data to analyze the relationship between financial development and the distribution of residents' income, and the seventh chapter discusses the impact of financial development on the distribution of factor income. The eighth chapter is the conclusion and the formulation of the corresponding policy arrangements.
The research on the subject of financial development and income distribution is more than consensus. On the basis of the existing literature, the paper analyzes the influence path of financial development on China's income distribution from two levels of micro and macro, on the basis of the current state of the financial development and the financial system arrangement. At the micro level, the individual is different. The initial wealth is different. Facing different credit constraints and financial services, financial development affects individual investment decisions, individual career choices and the trickle of capital accumulation effect on wealth distribution; at the macro level, financial development affects the wage income gap through labor market, financial restraint and financial inequality. Balance development and other factors will widen the income gap. In a word, China's financial development is not perfect, and it may not be able to narrow the inequality of income distribution.
On the basis of theoretical analysis, this paper empirically studies the impact of financial development on the distribution of residents' income by using the linear panel model. The results show that the financial development is positively related to income inequality, and is one of the important reasons for the deterioration of the income distribution in China. The higher the degree of financial competition or the marketization of credit funds, the more the financial development is, Gini The greater the value of the system. If only the results of the linear model can be concluded, the important discovery may be missing. The paper extends the study on the possible nonlinear relationship between financial development and the distribution of residents' income. First, the Kuznets effect of financial development and the distribution of residents' income is confirmed: with the level of financial development, the level of financial development is confirmed. As a whole, China's financial development is still at a low level, but most of the provinces have not crossed the inflection point, still in the upside area of the inverted U curve, and the income inequality will be further expanded. Secondly, the analysis of the threshold regression model found that financial development is based on the analysis of the threshold regression model. The effect of distribution is closely related to the level of economic development. The impact of financial development under different districts presents a non monotonous "double threshold feature", and its positive effect is gradually strengthened with economic development, and then tends to weaken.
The income distribution has two dimensions: the scale of income distribution (the distribution of residents' income) and the distribution of functional income (factor income distribution). The paper further explores the influence of financial development on the distribution of factor income, and finds that it has a significant negative effect on the share of labor income, which interprets the share of China's labor income from the perspective of financial development. In view of the reversal of the Gini coefficient and the reverse of the labor income share, the findings of the paper provide a deeper explanation for the widening income gap.
According to the research conclusion, the paper puts forward the corresponding policy suggestions on how to improve the function of the financial system to improve the income distribution: optimizing the financial system arrangement, increasing the availability of financial services, promoting the competition of the financial industry, progressively promoting the process of the interest rate marketization, building a well functioning capital market and perfecting the policy based financial system, at the same time, Attention should be paid to the complementary matching relationship between finance and other economic variables.
【学位授予单位】：南开大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F124.7;F832

【参考文献】