信贷投向、中小银行成长与城乡收入差距——基于省际面板数据的实证研究

Flow of Credit, Development of Small and Medium-Sized Banks and Urban-Rural Income Gap: An Empirical Study Based on Provincial Panel Data

通过构建省际面板数据分析了金融发展对收入差距的影响,实证分析结果显示,我国金融发展中的结构性因素对城乡收入差距的影响显著。表现为:(1)整体上,金融发展与城乡收入差距之间存在"倒U型"关系,但并没有找到在三大区域内存在"倒U型"关系的证据,且经济发展水平越高的地区金融发展拉大城乡收入差距的力量越小;(2)投向城市的信贷对城乡收入差距的拉大作用显著,而在农村金融机构配置资金效率较高的东部地区,投向农村的信贷显著地降低了城乡收入差距;(3)四大国有银行信贷规模的增加拉大了城乡收入差距,而中小银行的成长对城乡收入差距的扩大具有抑制作用,特别是在存在大量农村劳动力输出的中部地区更为明显。

This paper tries to analyze the impact of financial development on the income gap based on the inter-provincial panel data. The results of the empirical analysis show that the structural factors in China＇s financial development have significant impact on the urban-rural income gap. The findings are as follows： （1） there is an inverted U-shaped relationship between the financial develop- ment and the urban-rural gap in general, but the evidence for the inverted U-shaped relationship can- not be found within the three bigger regions; and the financial development in the regions with high- er level of economic development has smaller power to widen the gap. （2） The credit flowing to the city can play a significant role in widening the urban-rural income gap; while in the eastern region with higher efficiency of fund allocation in rural financial institutions, the credit flowing to rural areas has significantly narrowed the urban-rural gap. （3） The increase of the credit size of the four major state-owned banks has widened the urban-rural income gap, while the development of small and medium-sized banks can play a role in restraining the widening urban-rural income gap, especially in the central region where a large number of rural labors is outgoing.