金融多样性与财产性收入——基于增长和分配双重视角的审视  

Financial Diversity and Property Income: From the Double Perspectives of Growth and Distribution

作　　者：陈刚[1] 

机构地区：[1]西南政法大学经济学院,重庆401120

出　　处：《当代财经》2015年第3期44-55,共12页Contemporary Finance and Economics

基　　金：国家社会科学基金青年项目"居民财产性收入的促增与公平分配机制研究"(12CJL022)

摘　　要：金融多样性不仅决定了金融部门的效率,而且还界定了金融规模扩张的受益边际,因此,它对居民财产性收入的增长和分配具有重要影响。使用2005-2011年中国省际经验数据的研究发现,金融多样性的上升显著地促进了居民财产性收入的增长,并降低了财产性收入在高收入组和低收入组居民间分配的不平等。同时,金融多样性也是金融规模扩张影响居民财产性收入增长和分配的门槛条件,只有当金融多样性超过一定的门槛值之后,金融规模的扩张才可能显著地促进居民财产性收入的增长及平等分配。研究表明,金融结构的优化可能远比金融规模的扩张更为重要。因此,增加中国居民的财产性收入并促进财产性收入的平等分配,可能需要进一步消除金融市场上存在的一些歧视性准入壁垒,特别是针对非国有金融和民间金融的歧视性准入壁垒,以此构建一个机构种类多样的金融体系,并培育各类金融机构享有公平竞争机会的市场环境,以促进各类金融机构的充分竞争。The diversity of financial structure not only influences the efficiency of financial sector, but also defines the benefit margins of the expansion of financial scale. Therefore, it has a significant impact on the growth and distribution of household＇s property income. By making use of China＇s provincial empirical data during 2005-2011, this study finds out that the rising of financial diversity has significantly increased the household＇s property income, and decreased the inequality of its distri-bution between the high income and low income groups. Meanwhile, the financial diversity is also the threshold of financial development which influences the growth and distribution of property income. Only when the financial diversity exceeds a certain threshold value, can the expansion of financial scale significantly promote the growth of household＇s property income and the equality of its distribution. The results indicate that the optimation of financial structure is far more important than the expansion of financial scale. Thus, to increase the household＇s property income in China and to pro- mote its distribution equality may need to further remove some of the discriminatory access barriers existing in the financial markets, especially those against the non-state-owned finance or informal finance. Then a financial system with diverse institutions will be constructed thereby, and a market environment in which all kinds of financial institutions can enjoy fair competition will be fostered, so as to promote the full competition among the various financial institutions.

关 键 词：金融发展 金融结构 金融多样性 财产性收入 

分 类 号：F832[经济管理—金融学]