银行信贷与行业收入差距关系研究——基于我国上市公司行业数据的实证分析

Research on the Relationship Between Bank Credit and Industry Income Gap——An Empirical Analysis Based on Industry Data of Listed Companies in China

实现共同富裕是社会主义的本质要求,当前我国却面临着收入差距过大的挑战,缩小收入差距成为亟待解决的问题。本文选取2001—2017年我国A股上市公司为研究样本,运用动态面板数据模型,实证研究了银行信贷对行业收入差距的影响,研究发现:贷款规模与行业收入显著正相关,得到信贷资源多的行业收入水平高,获取信贷资源少的行业收入水平低,Shapley分解结果表明银行对信贷资源的配置扩大了行业收入差距;中介效应检验则表明,企业投资是银行信贷影响行业收入差距的渠道。研究结论对于调整银行信贷配置策略、缩小行业收入差距有一定的现实意义。

Achieving common prosperity is the essential requirement of socialism,but currently China is facing the challenge of excessive income disparity, and narrowing the income gap has become an urgent problem to be solved. This paper selects China’s A-share listed companies from 2001 to 2017 as the research sample and empirically investigates the impact of bank credit on industry income gap using dynamic panel data model. It finds that: loan size is significantly and positively correlated with industry income,industries with more access to credit resources have high income levels and industries with less access to credit resources have low income levels, Shapley decomposition results indicate that banks’ allocation of credit resources widens the industry income gap;the mediating effect test shows that corporate investment is the channel through which bank credit affects the industry income gap. The findings have some practical implications for adjusting banks’ credit allocation strategies and narrowing the industry income gap.