金融结构影响消费者福利的效应与机制研究——兼论最优金融结构理论  

The Effect and Mechanism of the Impact of Financial Structure on Consumer Welfare: A Discussion on the Optimal Financial Structure Theory

作　　者：谢贤君 王晓芳[1] 孙博文[2] Xie Xianjun;Wang Xiaofang;Sun Bowen(School of Finance and Economics,Xi'an Jiaotong University;Guanghua School of Management,Peking University)

机构地区：[1]西安交通大学经济与金融学院,710061 [2]北京大学光华管理学院,100871

出　　处：《经济评论》2019年第6期48-66,共19页Economic Review

基　　金：教育部哲学社会科学研究重大课题攻关项目“人民币国际化推进策略研究”(项目编号:18JZD035)的阶段性成果

摘　　要：金融体系改革与社会民生是我国经济社会转型时期所面临的两大重要议题,金融结构关系金融体系改革,而消费者福利水平关乎社会民生。为揭示金融结构对消费者福利影响的效应和路径,以深刻反映最优金融结构理论的基本内涵和拓展内涵,本文运用2000-2015年省际面板数据,实证分析金融结构对消费者福利效应的影响。结果发现,市场主导型金融体系显著提升消费型、均等型及结构型福利效应水平,金融结构影响消费型福利是通过促使金融结构与产业间结构或产业内部结构相适应、与人力资本积累相匹配的中介效应实现的;金融结构影响均等型和结构型福利是通过促使金融结构与产业内部结构相适应、与人力资本积累相匹配的中介效应实现的。而且对于不同类型的福利,金融结构与产业结构相适应、与人力资本积累相匹配的调节强度不同。此外,处在不同区间的金融结构,对消费型、均等型及结构型福利效应具有显著的非线性门槛特征。The reform of financial system and the people's livelihood are two important issues in the period of economic and social transformation.The financial structure is related to the reform of the financial system,while the consumer welfare is related to the people's livelihood.In order to reveal the effect and influential path of financial structure on consumer welfare and discuss the theory of optimal financial structure,this paper uses the provincial panel data from 2000 to 2015 to analyze the impact of financial structure on consumer welfare.The results show that the marketbased financial system significantly increases the consumption-type welfare,equal-type welfare and structural-type welfare.The financial structure affects different types of welfare through intermediary effects,which significantly promotes the financial structure to match the intra-or inter-structure of industry as well as to match the accumulation of human capital.Moreover,for different types of welfare,the financial structure adjusts differently to match the industrial structure and the accumulation of human capital.In addition,the financial structure in different sections has significant nonlinear threshold characteristics for the three types of welfare.

关 键 词：金融结构 消费型福利 均等型福利 结构型福利 

分 类 号：F83[经济管理—金融学]