金融业与实体经济行业间工资差距对中国经济增长的影响研究

Impact of Wage Gap between Financial Industry and Real Economy Industry on China’s Economic Growth

基于2003—2018年31个省份的面板数据,分析金融业与实体经济行业间工资差距对中国经济增长的影响。研究发现:现阶段中国金融业与实体经济行业间的工资差距已越过其“最优水平”,从而在总体上抑制了经济增长。这主要是因为金融业与实体经济行业间工资差距引起的人力资本虹吸效应相比金融服务效应更占主导作用。进一步分析发现:经济落后的西部地区以及人力资本相对缺乏和对金融业有更高偏好地区的经济增长更易受到金融业与实体经济行业间工资差距的负面影响。因此,将金融业与实体经济行业间工资差距缩小到其最优水平,可以引导更多的优秀人力资本“脱虚回实”,有助于摆脱近年来中国经济增速下行趋势。

Based on the panel data of 31 provinces from 2003 to 2018,this paper examines the impact of the wage gap between the financial industry and the real economy industry on China’s economic growth.The study has found that the wage gap between the financial industry and the real economy industry has exceeded the“optimal level”at the present stage,which makes the wage gap restrain China’s economic growth on the whole.This is because that the human capital siphoning effect caused by the wage gap between the financial industry and the real economy industry is more dominant than the financial service effect.Further analysis has found that the wage gap between the financial industry and the real economy industry is more likely to curb the economy in areas with backward western region,the relative lack of human capital,and higher preferences for the financial industry.Therefore,narrowing the wage gap between the financial industry and the real economy industry to its optimal level can guide more outstanding human capital to“return to reality”and get rid of the downward trend in China’s economic growth in recent years.