信息不对称下的收入不平等与社会投资

Income inequality and investment under asymmetric information

不同群体内的收入不平等程度有较大的差别,对投资的影响路径和影响效果也不尽相同,因此用总体收入不平等指标来探究收入不平等和投资的关系很可能会得出不一致的结论.建立了信息不对称下的投资决策模型,根据模型结论区分了高收入和低收入两类人群并构建了两类人群内部各自的收入不平等程度和低收入人群人口比例这三个变量,研究了这三种收入不平等变量通过金融市场信息不对称、储蓄和消费等渠道对地区投资的直接效应和空间效应.然后在基于空间计量模型的经验分析中用不同倍数的贫困标准收入值来划分两类人群,以25个省级区域在2010-2016年间的双年度面板数据为样本进行了检验.结果显示,在不同倍数的贫困标准收入划分下,低收入家庭内部收入不平等对总投资没有显著影响;高收入家庭内部收入不平等对投资的直接效应大多都显著为负、间接效应和总效应也都显著为负;低收入家庭比例对投资的直接效应大多显著为负,间接效应不显著,总效应也为负只是显著性较差.该回归结果在不同的空间权重矩阵和不同的收入不平等程度的计算指标下都保持一致,具有较强的稳健性.研究结果表明降低高收入家庭内部收入不平等和低收入家庭比例是促进社会投资的有效途径.

Different groups show different degrees of income inequality which have different effect on investment.It is possible to get inconsistent result between income inequality and investment when using the income inequality of whole group.By building an investment-decision model under information asymmetry,this paper distinguishes two groups with low income and high income,and studies how the three income inequality variables which are the income inequality of each group and the population percentage of low-income group influence the equilibrium investment through the channel of asymmetric information,saving and consumption,and what is the direct effect and indirect spatial effect.Then in the empiric analysis with the panel data of 25 provinces and year 2010,2012,2014 and 2016,this paper uses 1 to 9 times poverty standard income to distinguish the high-and low-income groups,and calculate the three income inequality variables,then estimate the direct effect and indirect effect of income inequality on investment with spatial regression.The result shows that under different multiples of poverty standard income,low-income families’ income inequality has no significant effect on investment;most of the direct effects of high-income families’ income inequality on investment are significantly negative,the indirect effects and the total effects are negative too;most of the direct effects of low-income families ’ population percentage on investment are significantly negative,the indirect effects are not significant,the total effect is negative but with poor statistical significance.This result is robust under different weighting matrix and different income inequality measurement methods.Reducing the high-income families’ income inequality and low-income families’ population percentage is good method to promote investment.