家庭金融资产与农村内部收入不平等:一个倒U形关系

Household Financial Assets and Inequality of Rural Internal Income:an Inverted U-shaped Relation

在农民收入不断提升、绝对贫困现象全面消除的背景下,农村居民之间收入不平等问题相对凸显。本文基于2017年中国家庭金融调查微观数据,以再中心化影响函数回归方法 (RIF)实证探索了家庭金融资产对农村内部收入不平等的影响。研究发现:家庭金融资产比重与农村内部收入不平等存在先扩大后缩小的倒U形关系,当前我国农村处于倒U形曲线的左侧,尚未到达拐点;非西部地区倒U形曲线的临界点高于西部地区;持有风险金融资产的农户收入不平等程度更低。因此,农村金融政策不仅要致力于降低农户获取金融资源的门槛,让更多农村家庭跨过倒U形曲线的拐点,还须呈现区域性特征;此外,应重视提高农户的金融知识、风险偏好与风险投资能力。

Under the background of increasing farmers’ income and basically eliminating absolute poverty,the problem of income inequality among rural residents is relatively prominent.Based on the micro data of the China Household Finance Survey of 2017,this paper empirically explores the impact of "household financial assets" on "rural internal income inequality" at the micro level by means of Re-centralized Response Function Regression(RIF).It is found that:there is an inverted U-shaped relationship between the share of household financial assets and rural intra-income inequality,which first widens and then narrows,and currently China’s rural areas are on the left side of the inverted Ushaped curve and have not yet reached the inflection point;The critical point of the inverted U-shaped curve is higher in non-western regions than in western regions;income inequality is lower for farm households holding risky financial assets.Therefore,rural financial policies must not only aim to lower the barriers to access to financial resources for rural households and allow more rural households to cross the inflection point of the inverted U-shaped curve,but must also take on a regional character.In addition,emphasis should be placed on improving the financial knowledge,risk appetite and risk investment capacity of farmers.