金融发展、投资扩张与劳动收入份额——基于中国省级数据的实证分析

Financial Development, Investment Expansion and Labor Income Share——An Empirical Analysis Based on Provincial Data of China

本文从理论上分析金融发展对劳动收入份额的影响,然后基于金融规模和金融结构两个层面进行实证检验,并从投资扩张的视角分析上述影响出现异质性的原因,得出的结论包括:东部地区“内生发展偏好”与“融资约束”共存导致金融发展不足,使金融发展对劳动收入份额的影响仅存在规模效应;西部地区金融过度发展导致“攫取效应”突显,不利于劳动收入份额提升;中部地区投资扩张模式已由内源向外源转变且金融深化程度适中,因而金融发展能提升劳动收入份额。适度“加杠杆”是发挥金融体系积极作用的基础,过度“加杠杆”则产生“攫取性”效应,因此推进金融发展应注重“共容性”体系构建,避免陷入“攫取性”发展陷阱。

This paper first analyzes the impact of financial development on labor income share in theory,and then makes an empirical test based on the two levels of financial scale and financial structure and discusses the reasons for heterogeneity effects from the perspective of investment expansion.The results of the paper are as follows:the coexistence of“endogenous development preference”and“financing constraint”in the eastern region has led to financial underdevelopment,so the impact of financial development on labor income share can only be felt on the scale;the overdevelopment of finance in the western region has caused the“grabbing effect”,which is not conducive to the increase of labor income share;the mode of investment expansion has been transformed from the endogenous to the exogenous,and the financial deepening is moderate in the central region,so the financial development has promoted the increase of labor income share.Moderate leverage is the basis for exerting a positive effect of the financial system,whereas the excessive leverage will produce a reverse effect.Therefore,it is of great importance to construct a system of“total compatibility”and avoid falling into the trap of“grabbing”when promoting the financial development.