普惠金融、农业全要素生产率和城乡收入差距

Inclusive finance,agricultural total factor productivity and urban-rural income gap

本文采用2007-2018年我国31个省份的面板数据,测算我国各省份普惠金融发展水平,并从影响机制和空间溢出特性视角探讨普惠金融发展缩小城乡收入差距的效应。实证分析表明:普惠金融发展能够缩小城乡收入差距,且能够通过中介变量农业全要素生产率缩小城乡收入差距,进行了稳健性检验和内生性检验后结果仍然成立。进一步分析发现,普惠金融发展水平的四个子维度均能够缩小城乡收入差距,且金融渗透度对城乡收入差距的影响最大。空间计量模型显示,普惠金融发展对缩小城乡收入差距存在显著空间溢出效应,且本地普惠金融发展对于缩小邻近地区城乡收入差距水平的作用要大于缩小本地区城乡收入差距的作用。据此,要继续发挥普惠金融发展对农业全要素生产率的正向作用,并加快构建普惠金融体系,不断提升我国金融体系的普惠水平缩小城乡收入差距的效应。

Using panel data of 31 provinces from 2006 to 2018,the development level of inclusive finance in provinces is estimated,and the effect of inclusive finance development on narrowing the urban-rural income gap is discussed from the perspective of influence mechanism and spatial spillover characteristics. Empirical analysis shows that the development of inclusive finance can narrow the income gap between urban and rural areas.Further analysis found that the four sub-dimensions of the level of inclusive finance development can all reduce the urban-rural income gap,and financial penetration has the greatest impact on the urban-rural income gap.The spatial measurement model shows that the development of inclusive finance has a significant spatial spillover effect on narrowing the income gap between urban and rural areas,and the development of local inclusive finance has a greater effect on narrowing the income gap between urban and rural areas in neighboring areas than in the local area. Accordingly,it is necessary to continue to play the positive role of inclusive finance development on agricultural total factor productivity,accelerate the construction of an inclusive financial system,and continuously improve the inclusive level of the financial system to reduce the effect of urban-rural income gap.