金融开放影响劳动收入份额机制探究——基于跨国面板数据的实证检验

The Impact Mechanism of Financial Liberalization on Labor Income Share:An Empirical Test Based on the Cross-country Panel Data

一国扩大金融开放必定引致其劳动收入份额的变动,且受制于人口老龄化程度和人力资本水平的调节作用,但现有文献尚未从实证分析上识别金融开放程度与劳动收入份额之间的因果效应和影响机制。笔者以1970—2018年不平衡跨国面板有效数据,运用多期双重差分方法检验了金融开放程度与劳动收入份额之间的关系及其变化方向和变化程度。检验结果证实:一国金融开放程度与劳动收入份额呈现显著的负相关关系;在此影响过程中,人口老龄化和人力资本均具有正向调节效应,这导致金融开放对劳动收入份额的负向影响在不同收入水平的国家间呈现显著异质性;中介效应检验证实了金融开放程度提高通过改善资本生产率这一渠道降低劳动收入份额的立论。本研究运用实证检验的方法揭示了金融开放程度对劳动收入份额的影响及其机制,丰富了金融全球化进程与社会经济协调发展方面的学术研究,研究结论可以为相关部门制定金融开放政策和完善收入分配制度提供理论依据。

The promotion of financial liberalization will lead to changes of labor income share,and the influence is moderated by the degree of population aging and human capital level.However,current literature has not revealed the causal relationship and impact mechanism of financial liberalization on labor income share.Using 1970-2018 unbalanced cross-country panel valid data,the authors apply difference-in-differences with multiple time periods method to empirically test the relationship between financial liberalization and labor income share,and the direction and degree of impact are also tested.The results prove that:there is a significantly negative correlation between financial liberalization in a country and its labor income share;in this kind of relationship,population aging and human capital level both play positive moderating effects,leading to significant heterogeneity in the negative impact of financial liberalization on the labor income share among countries with different income levels;and mediating effect test proves that financial liberalization improves capital productivity,which dampens labor income share.This research empirically uncovers the impact and impact mechanism of financial liberalization on labor income share,enriching the existing literature about financial globalization and economical sustainable development.The conclusions of this research can provide theoretical references for relative government agencies to formulate financial liberalization policies and improve income distribution system.