金融市场化、农村资金外流与城乡收入差距

Financial Marketization,Rural Capital Outflow,and Urban-Rural Income Disparity

重塑城乡关系、走城乡融合发展之路,是实现乡村振兴的必然要求。然而长期以来,农村居民面临严重的金融约束和生产资本缺口,不利于农户增收和脱贫,并导致城乡居民收入差距的持续扩大。本文利用1999年至2015年全国省级面板数据,研究了农村资金外流在金融市场化影响城乡收入差距中扮演的关键角色。结果表明,金融市场化的推进扩大了城乡居民的收入差距,而更重要的是,农村资金外流显著强化了金融市场化对城乡收入差距的影响。分组研究表明,农村资金外流的渠道效应在经济增速较快时期和非农产业占比较高省份更为显著,说明捕获更高投资机会是资金外流的主要原因。同时,本文也发现,农村资金外流这一重要影响机制主要集中在金融素养较低省份和基础设施资本存量较低省份,证实了农村金融素养的匮乏和城乡基础设施的差距是农村资金外流并扩大城乡收入差距的深层次原因。基于本文研究,政府应加强农村教育和基础设施的公共投资,加快推进普惠金融建设和农村信用担保体系建设,并给予农村金融机构优惠的财税政策,多角度鼓励和吸引资金回流农村服务“三农”。

To reshape the relationship between urban and rural areas and integrate urban-rural development is the key to rural vitalization.For a long time,the severe financial constraints and production capital shortfalls make it difficult for rural residents to increase their income and eliminate poverty,which leads to increasing income disparity between urban and rural residents.Utilizing provincial panel data from 1999 to 2015,we analyze the crucial role of rural capital outflow in the relationship between financial marketization and urban-rural income disparity.The results show that financial marketization widens the income gap between urban and rural residents,and more importantly,rural capital outflow significantly exacerbates this effect.Subsample results show that the channel effect of rural capital outflow is more pronounced in higher economic growth periods and larger non-agricultural industry share provinces,which indicates that the main motivation of capital outflow is to capture better investment opportunities.We also find that the channel effect of rural capital outflow is mainly concentrated in provinces with lower financial literacy and lower infrastructure capital stock,which verifies that the lack of financial literacy in rural areas and the urban-rural infrastructure gap are the underlying reasons of rural capital outflow widening urban-rural income disparity.Based on this study,the government should increase public investment in rural education and infrastructure,accelerate the construction of the inclusive financial system and the rural credit guarantee system,and give preferential fiscal and taxation policies to rural financial institutions to encourage and attract money back to the rural areas and serve the"three rural issues".