金融杠杆对收入不平等的影响--基于40个国家的实证分析  

Study on the Impact of Financial Leverage on Income Inequality

作　　者：寇强 卢爱珍[1] KOU Qiang;LU Aizhen(School of Finance,Xinjiang University of Finance&Economics,Urumqi 830012,China)

机构地区：[1]新疆财经大学金融学院,新疆乌鲁木齐830012

出　　处：《郑州航空工业管理学院学报》2021年第4期66-75,共10页Journal of Zhengzhou University of Aeronautics

基　　金：新疆财经大学研究生校级课题(XJUFE2020K001)。

摘　　要：随着金融杠杆水平的不断上升,其可能存在的社会福利效应越来越受到关注。本文选择金融杠杆与收入不平等为研究对象,阐述了金融杠杆对收入不平等的作用机制,主要包括劳动收入份额与金融资源可得性两个方面。基于此,构建双向固定效应模型实证探究金融杠杆对收入不平等的影响,结果表明金融杠杆会加剧一国收入不平等,而且是通过提高高收入群体收入份额、降低低收入群体收入份额的机制实现的。因而本文提出了关注金融杠杆的收入分配效应、强化金融监管力度和加快普惠金融发展三个政策建议,以便缓解金融杠杆上升对收入不平等的扩大作用。With the continuous rise of financial leverage,its possible social welfare effect has attracted more and more attention.Therefore,this paper chooses financial leverage and income inequality as the research object,elaborates the mechanism of financial leverage on income inequality,which mainly includes two aspects:labor income share and financial resource availability.Based on this,a two-way fixed effect model is constructed to empirically explore the impact of financial leverage on income inequality.The results show that financial leverage will aggravate income inequality in a country,and it is realized through the mechanism of increasing the income share of high income groups and decreasing the income share of low income groups.Therefore,this paper puts forward three policy suggestions:pay attention to the income distribution effect of financial leverage,strengthen financial supervision and promote the development of inclusive finance,so as to alleviate the widening effect of financial leverage on income inequality.

关 键 词：金融杠杆 收入不平等 劳动收入 金融资源可得性 

分 类 号：F830[经济管理—金融学]