居民收入增长推进金融结构市场化机制探讨

Research on the Mechanism of How Household Income Growth Promotes Financial Structure Marketization

本文利用2001～2011年中国31个省、自治区、直辖市面板数据，通过建立面板向量自回归模型．对居民收入增长对金融结构的动态影响进行测度。研究结果表明，居民收入增长对金融结构市场化具有显著影响．确实是影响金融结构变化的重要因素之一；居民收入增长对金融结构变动具有长期作用，这一作用具有时滞性，且逐步衰减。在不同的经济环境下，居民根据自身收入水平对消费和投融资具有不同的需求，居民对消费和投融资的选择导致了金融结构的变动。在实践层面上，要根据居民收入的现状和趋势．设计符合居民需要的金融产品与金融服务；要把金融结构作为独立的金融政策因素或目标来考虑；要调整金融结构，使收入分配改革落到实处。

The authors apply vector autoregression to provincial-level panel data in 31 provinces, autonomous regions and municipalities directly under the central government in China over year 2001 to 2011 to study the dynamic relationship between household income growth and financial structure. The results show that： household income growth has definitely positive effects on financial structure and is one of the important forces to influence financial structure; the impact of household income growth on financial structure has the feature of long-term, time-lag and gradually decaying. In different economic environment, households with different income will have different requirement of consumption and investment and financing; the selection of consumption and investment and financing leads to changes in financial structure. In the practical level, we should design the financial product and service according to the current situation and trend of household income, take financial structure as the independent factor of financial policy and target and adjust financial structure to fully carry out income distribution reform.