金融抑制与劳动收入份额关系研究

Financial Repression and Labour's Share of Income:Empirical Analysis in the Perspective of Development Strategy

文章在厘清文献逻辑的基础上,考察了金融抑制对劳动收入份额的影响。结果发现,金融抑制源自于赶超战略的配套制度残余与偏重国有部门的经济结构,其利率压制与信贷配给的特征形同于对资本密集型技术的隐形补贴,这使企业倾向于使用资本替代劳动进行生产,从而对劳动收入份额形成压制。基于宏观省级面板数据的实证研究显示,金融抑制指标与技术选择指数、国有经济比重显著正相关,且对劳动收入份额具有显著的负面影响。即便控制影响劳动收入份额的其他因素,该结论仍成立。这表明,为了扭转劳动收入份额持续下降的不利格局,深化经济体制改革、摒除金融市场的扭曲性政策势在必行。

This paper examines the impact of financial repression on the labour's share of income based on the clarification of the logic of existing literatures.The results show that China's financial repression policies stem from the institutional remnants of the "Catching-Up" strategy and an economic structure biased towards the state-owned sector,and its characteristics of the interest rate suppression and credit rationing pose as invisible subsidies for capital-intensive technology.Firms are motivated to substitute capital for labour in production,and the labour's share of income is suppressed.According to the provincial panel data,the financial repression indicator is significantly and positively correlated with the technology choice index and the weight of state-owned economy.It is also negatively correlated with the labour's share of income.Even after controlling for other related factors,the results remain robust.It means that,in order to restore a balanced factor of income distribution pattern,it is important to deepen the reform of economic institutions and to abolish the distortionary policies in the financial market.