交易效率、专业化分工与金融业内部收入差距——基于新兴古典经济学的分析框架

Transaction Efficiency,Specialized Division of Labor and Income Gap in Financial Industry——An Analysis Framework Based on New Classical Economics

通过引入交易效率和专业化分工,本文在新兴古典经济学的视角下构建了金融业内部的分工模型,揭示了交易效率影响金融业内部收入的机制。在此基础上,以2012~2017年中国41家上市金融企业的数据进行实证检验,结果显示:金融业交易效率对收入具有显著的促进作用。考虑交易效率与企业规模的交互作用后,在金融业的银行、证券部门中企业规模抑制了交易效率对收入的提升作用,但这种抑制作用在保险部门中并不显著。从多个角度进行稳健性检验后,这些结论依然成立。因此,强调交易效率的重要性,努力改善金融业的交易环境,合理调控企业规模,是缩小金融业内部收入差距的根本途径。

By introducing transaction efficiency and specialized division of labor,this paper constructs a division model within the financial industry from the perspective of new classical economics,and reveals the mechanism of transaction efficiency affecting the internal revenue of the financial industry.On this basis,the empirical test of 41 listed financial enterprises in China from 2012 to 2017 shows that the transaction efficiency of the financial industry has a significant role in promoting income.Considering the interaction between transaction efficiency and firm size,firm size inhibits the effect of transaction efficiency on income promotion in the banking and securities sectors of the financial industry,but this effect is not significant in the insurance sector.These conclusions are still valid through the robustness test from multiple perspectives.Therefore,emphasizing the importance of transaction efficiency,striving to improve the trading environment of the financial industry,and rationally regulating the size of enterprises are the fundamental ways to narrow the income gap within the financial industry.