数字金融要素配置、技术进步偏向与收入分配效应

Allocation of Digital Finance Elements,Technological Progress Bias and Income Distribution Effects

数字金融通过改变资本要素和劳动力要素的配置,对技术进步偏向产生影响,并最终作用于收入分配格局。本文基于中国地级市层级面板数据,采用空间计量模型分析数字金融的发展对技术进步偏向的影响,为技术进步的资本偏向提供了新的解释,并从规模性收入分配和功能性收入分配两个维度分析其收入分配效应。研究发现:样本期内中国技术进步呈现资本偏向的特征,数字金融增强了技术进步的资本偏向。数字金融覆盖宽度、使用深度以及数字化程度均对技术进步的资本偏向有显著促进作用,其中覆盖宽度的边际效应最大。进一步分析发现数字金融对规模性收入分配和功能性收入分配有异质性影响:数字金融对技术进步的资本偏向增强效应是导致劳动收入份额下降的重要原因;数字金融对缩小城乡收入差距有显著作用。

The digital finance has an impact on technological progress bias by changing the allocation of capital and labor factors,and ultimately affects the income distribution pattern.Based on the panel data of prefecture level cities in China,this paper uses a spatial econometric model to analyze the impact of the development of digital finance on technological progress bias,provides a new explanation for the capital bias of technological progress,and analyzes its income distribution effect from the dimensions of scale income distribution and functional income distribution.The study found that,during the sample period,China's technological progress showed a capital bias,and digital finance enhanced the capital bias of technological progress.The breadth of digital finance coverage,the depth of its use and the degree of digitalization all significantly promoted the capital bias of technological progress,and the marginal utility of the breadth of coverage was the largest.Further analysis showed that digital finance had heterogeneous effects on the distribution of scale income and functional income:the capital bias enhancement effect of digital finance on technological progress was an important reason for the decrease in labor income share;Digital finance had a significant effect on narrowing the urban-rural income gap.