非金融企业影子银行化与内部收入不平等  

Shadow Banking of Non-Financial Enterprises and Internal Income Inequality

作　　者：钟华明 肖月 ZHONG Hua-ming;XIAO Yue

机构地区：[1]广东外语外贸大学金融学院,广州510420 [2]华南师范大学经济与管理学院

出　　处：《现代金融研究》2025年第3期100-112,共13页Journal of modern finance

基　　金：国家社会科学基金重大项目“制度型开放与全球经济治理制度创新研究”(20&ZD061);教育部创新团队发展计划滚动支持项目“中国参与全球经济治理机制与战略选择”(IRT_17R26)的资助。

摘　　要：本文选取中国2007-2021年A股非金融类上市公司为研究样本,实证分析非金融企业影子银行化对企业内部收入不平等的影响及作用机制。实证结果表明,非金融企业影子银行化对企业内部收入不平等有显著正向影响,即非金融企业影子银行化的扩大会加剧企业内部收入不平等。机制分析表明,非金融企业影子银行化通过金融收益和劳动收入份额分配机制加深企业内部收入不平等程度。异质性分析表明,非金融企业影子银行化对企业内部收入不平等的显著正向影响效果主要体现在非东部企业和非高新技术企业。This paper selects A-share non-financial listed companies in China from 2007 to 2021 as the research sample to empirically analyze the impact and mechanism of shadow banking activities of non-financial enterprises on corporate internal income inequality.The empirical results show that shadow banking activities of non-financial enterprises have a significant positive impact on internal income inequality,meaning that the expansion of shadow banking activities exacerbates income inequality within firms.Mechanism analysis reveals that shadow banking activities deepen internal income inequality through financial income and labor income share distribution mechanisms.Heterogeneity analysis indicates that the significant positive effect of shadow banking activities on internal income inequality is primarily observed in non-eastern enterprises and non-high-tech enterprises.

关 键 词：非金融企业影子银行化 内部收入不平等 金融收益 劳动收入份额 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]