数字经济发展与居民收入流动性  

Digital Economy and Household Income Mobility

作　　者：宋全云 章辉 吴雨 SONG Quanyun;ZHANG Hui;WU Yu(School of Finance,Southwestern University of Finance and Economics;Shanghai Exchange Group Co.,LTD.(Shanghai Public Resources Trading Center);College of Finance,Nanjing Agricultural University)

机构地区：[1]西南财经大学金融学院,四川成都611130 [2]上海交易集团有限公司(上海市公共资源交易中心),上海200062 [3]南京农业大学金融学院,江苏南京210095

出　　处：《金融研究》2024年第11期113-131,共19页Journal of Financial Research

基　　金：教育部人文社会科学研究青年基金项目(22YJC790106);四川省自然科学基金青年基金项目(2023NSFSC1059);中央高校基本科研业务费专项资金(JBK2406006);南京农业大学中央高校基本科研业务费人文社会科学研究基金(SKCX2024013)。

摘　　要：数字经济发展能否促进共同富裕,关键在于其能否增加弱势地区或群体由贫变富的机会、缓解阶层固化。本文将城市层面的数字经济指标与2013—2019年中国家庭金融调查数据相结合,分析数字经济时代中国居民收入流动性的演变特征,并考察数字经济发展对居民收入流动性的影响。研究发现,2013—2019年间,中国居民收入流动性先降后升,中等收入群体向上流动情况的改善是中国居民收入流动性提升的主要动力来源。实证分析表明,数字经济发展显著提高了居民收入流动性,在考虑内生性问题和稳健性检验后结果依旧显著。机制分析发现,数字经济发展主要通过就业促进效应和金融资产投资效应提升居民收入流动性。分组检验表明,在城镇地区、高人力资本和较高收入家庭中,数字经济发展对居民收入流动性的促进作用更明显,意味着数字经济发展驱动的居民收入流动性提升尚未实现包容性增长。As an important driving force of China's economic growth,the digital economy is profoundly reshaping the financial behavior of residents,which will trigger changes in the income level and income structure of households.Whether the digital economy can promote common prosperity depends on whether its ability to increase the opportunities for disadvantaged areas or groups to escape from poverty and alleviate the consolidation of classes.In this context,it is of great significance to clarify the evolution of Chinese households'income mobility and explore the impact of digital economy development on households'income mobility and its potential mechanisms.Based on this,this paper uses the multi-dimensional digital economy development index and the China Household Finance Survey(CHFS)data from 2013 to 2019,to analyze the evolution characteristics of Chinese households'income mobility,and investigates the impact of digital economy development on households'income mobility from a micro-level perspective.Descriptive analysis that from 2013 to 2019,the income mobility of Chinese households declined first and then increased,and the middle-income group was the main driving force for the increase of the income mobility of Chinese households.Empirical analysis shows that the development of digital economy can significantly promote the improvement of household income mobility.However,the enhancement effect of digital economy development on households'income mobility is more significant among households residing in urban areas,those with higher human capital and higher income.This indicates that the gap in income mobility of households with different characteristics in China may be further widened,and the inclusive benefits of the digital economy development on the improvement of income mobility has not yet been reflected.The mechanism analysis shows that promoting employment participation and financial asset investment are key channels through which digital economic development promotes the improvement of.Moreover,the employment

关 键 词：数字经济发展 收入流动性 就业效应 金融投资效应 

分 类 号：F126.1[经济管理—世界经济]