基于异质性资产回报率的中国财富不平等研究  

A Study of Wealth Inequality in China Based on Idiosyncratic Return on Assets

作　　者：郭杰[1] 陶凌峰 GUO Jie;TAO Lingfeng(School of Economics,Renmin University of China;Agricultural Bank of China)

机构地区：[1]中国人民大学经济学院,100872 [2]中国农业银行总行,100005

出　　处：《经济研究》2022年第4期154-171,共18页Economic Research Journal

摘　　要：财富不平等对于我国经济发展和社会稳定具有重大影响。本文构建包含预防性储蓄、生命周期、代际传递、个体异质性资产回报率和城乡差异的不完全市场模型,定量评估不同因素对财富不平等的相对影响及一系列初次分配和再分配政策的有效性。研究发现:(1)异质性资产回报率是财富不平等和顶层财富集中的核心影响因素,城乡资产回报率差异是城乡财富差距的关键成因。(2)对高财富家庭的财产和资本利得征税能够有效抑制不平等和顶层财富集中,但福利损失大;调节劳动收入能够改善财富分布但是对顶层财富集中的影响小;提高社会保障水平会加剧财富不平等。(3)初次分配结构对财富分布和再分配政策有效性具有重要影响。本文的研究结论对于如何治理我国财富不平等、实现共同富裕具有重要的参考价值。Wealth inequality has an important impact on economic development and social stability.The wealth distribution in China features two prominent characteristics.(1) Top wealth concentration:the richest 1% of the total population occupies about one-third of the total wealth.(2) Urban wealth concentration:urban residents accounting for about 60% of the total population own nearly 90% of the total wealth.Focusing on the top wealth concentration and the large urban-rural wealth gap,this paper intends to explore how to deal with the wealth inequality in China.Based on the empirical evidence and Chinese reality,this paper constructs an incomplete-market model incorporating precautionary saving,life-cycle structure,intergenerational bequest transmission,idiosyncratic return on assets and the urban-rural gap in terms of income and asset-return gaps.Based on the benchmark model,we quantitatively assess the main influencing factors of wealth inequality and the effect of a set of policies on wealth redistribution in China.The model in detail characterizes the urban-rural gap,realistic household income dynamics,and income tax and social security systems.Calibrated based on micro data,the model fits the wealth distribution of China well and is able to match the characteristics of top wealth concentration,urban-rural wealth gap,and low correlation between household wealth and income levels.Based on the counterfactual analysis by analyzing different elements from the benchmark model and comparing the changes of wealth distribution,we find that idiosyncratic return on assets is the most important influencing factor of wealth inequality in China and the core element leading to top wealth concentration.It is difficult to generate sufficient top wealth concentration in the absence of idiosyncratic return on assets.Income-related factors mainly affect the middle-and high-wealth households but can hardly explain the top wealth concentration.The gap of return on assets between urban and rural households is the main cause of the wealth i

关 键 词：财富不平等 顶层财富集中 异质性资产回报率 再分配政策 共同富裕 

分 类 号：F124.7[经济管理—世界经济]