金融结构是否缓解了城乡收入差距?——基于产业结构变迁的视角

Has the Financial Structure Alleviated the Income Gap Between Urban and Rural Areas?--From the perspective of industrial structure change

基于产业结构变迁的视角,研究金融结构影响城乡收入差距的传导机制.通过对金融结构与城乡收入差距关系的系统性梳理,结合中国实际情况,提出了待检验的系列假说.并利用1999-2018年全国省级层面的面板数据展开实证分析.理论分析表明,金融结构对城乡居民产生差异性的影响机制,从而可以直接缩小城乡收入差距.金融结构亦可以促进差异化的资本积累与技术进步,通过促进产业结构合理化与高度化水平,间接作用于城乡收入差距.实证结果显示,直接融资比例的上升对城乡收入差距的缩小具有直接效应;直接融资比例的上升亦可以通过促进产业结构合理化水平与产业结构高度化水平的提高,缩小城乡收入差距.因此,开放金融市场,增加金融服务实体经济的能力,有利于缩小城乡收入差距.

Based on the perspective of industrial structure change,this paper attempts to study the transmission mechanism of financial structure affecting urban-rural income gap.Based on the systematic analysis of the relationship between financial structure and urbanrural income gap and the actual situation in China,a series of hypotheses to be tested are put forward.And use 1999-2016 national provincial level panel data to conduct empirical analysis.The theoretical analysis shows that the financial structure of urban and rural residents have different impact mechanism,which can directly reduce the income gap bet ween urban and rural areas.Financial structure can also promote the capital accumulation and technological progress of differentiation,and indirectly affect the income gap between urban and rural areas by promoting the rationalization and upgrading level of industrial structure.The empirical results show that the increase of the proportion of direct financing has a direct effect on the reduction of the income gap between urban and rural areas;the increase of the proportion of direct financing can also reduce the income gap between urban and rural areas by promoting the rationalization level of industrial structure and the upgrading level of industrial structure.Therefore,opening the financial market and increasing the ability of financial services to the real economy are conducive to narrowing the income gap between urban and rural areas.