【作者】 许国新；

【导师】 曾康霖；

【作者基本信息】 西南财经大学 ， 金融学， 2010， 博士

【摘要】 金融业不仅具有增长效应,又具有分配效应；不仅可以是劫贫济富、强化社会不平等的工具,也可以是创造商机、减缓贫困的途径。金融业在收入分配中如何发挥作用,需要结合不同的金融制度安排和金融发展状态进行评析。结合历次金融危机来看,其根源都在于收入和财富的不平等,而每一场危机有输家,必然会有赢家,泡沫的破灭和危机的产生并不一定意味着财富的消失,危机的过程是否是穷人为富人买单,必须结合金融业发展的整个过程来考察,金融业发展是否存在“利润私有化、风险社会化和危机全球化”的特殊性,需要我们全面研究金融业发展的不同阶段对于收入分配的效应。金融业发展与收入分配之间存在一种复杂的关系,是否具有规律,需要进行实证检验,然而不同的计量方法和数据选取决定了不同的结果,因而学术界对此尚未形成定论。本文旨在：立足国情,在理论上考证金融业发展不完美与收入不平等之间的关系；并联系我国金融改革历程,深入分析金融业发展对于城乡收入差距的传导路径,同时考察国有商业银行机构调整对于城乡收入差距的实际效应,论证金融制度安排对于收入不平等的政策效应,使得金融业对于收入分配的调节作用更具有现实意义；利用经验数据和计量模型,从截面和面板视角,综合考察我国特定阶段的金融业发展对于城乡收入差距的库兹涅茨效应,从而为金融在“先富带动后富”中发挥作用,提供理论依据和实践指导；最后得出相应政策建议。全文由理论基础、现实考察、效应评价和政策应对等四大部分组成,一共分为八章。关于金融业的分配效应,基于所掌握的有限资料,国内外学术界主要围绕三个方面进行研究：首先,金融活动自身能否创造价值和财富,或者为财富的创造活动提供怎样的条件；第二,金融业发展与收入分配不平等的传导机制是什么；第三,金融业发展对谁有利,其财富分配功能与社会阶层的变化是一种什么关系。本文将已有研究文献分为传统和现代两种,前者包含了金融与经济的辩证关系、金融抑制加剧收入不平等；后者包括五个方面：金融业发展与收入分配的倒U论、信贷约束加剧收入分配不平等、资本积累的涓流效应降低收入分配不平等、金融政策改革影响收入分配、金融危机影响收入分配。金融业具有收入分配功能,在不同的时间和空间、不同的组织形式上具有直接和间接的效应,其既可充当让一部分人先富起来的工具,在一定的发展阶段也能充当缩小收入差距的工具。在金融业发展完美的情况下,不同个体的财富分配会趋于一致且与初始财富无关。然而现实中,金融业发展是不完美的,对于不同初始财富的个体而言,存在不同的信贷门槛,决定其不同的收入水平和不同的财富分配,社会不可避免的存在不同阶层。长期不平等是否必然,需要考察涓流效应,而其是信贷市场与财富分配的共同作用的结果。在信贷歧视严重下,这种效应失效,存在两极分化趋势。同时,从宏观国家视角,论证我国金融业二元化发展对于收入分配差距的传导路径,并结合美国次贷危机,分析金融危机对收入分配的影响,最终为实际效应的考察奠定理论基础。在我国,不同群体之间的金融参与差异主要表现在城乡居民之间,考察金融业发展与不同群体之间的收入分配差距,必然需要联系城乡差距,第4章基于我国经济金融发展的现实路径,目的在于揭示金融业发展的二元性对于收入分配城乡二元的一般规律和特殊表象。最终论证这样一种逻辑：我国金融业二元化发展——信贷配给——信贷逆流——资本收益和劳动工资——城乡收入差距。然而,一国金融制度安排的变迁,会引起金融机构和工具的变化,从而对经济发展和收入分配产生一定影响。第5章利用我国1998年国有商业银行机构调整事件,在论证国有商业银行改革是外生政策效应结果的基础上,考察国有商业银行机构调整对于城乡收入差距以及农民收入的效应,以及评估农业发展银行与农村信用合作社的“补丁效应”,论证“金融制度改革——金融业二元发展——收入分配差距”的逻辑关系。最后建议积极推进新型农村金融机构的发展,构建农村资金“回流机制”,缓和城乡收入差距。随着金融业的发展,对应不同区域的城乡收入差距是否形成倒U轨迹?为此,第6章通过对2007年我国2549个县域经济金融数据构建截面数据,进行实证分析发现：金融业发展与城乡收入差距存在库兹涅茨效应,即随着金融业发展在不同地区的进一步深化,城乡收入差距会呈现先上升后下降的倒U趋势。同时,给定金融宽度水平相同的地区,现代部门占经济总量的比例越大,城乡收入差距就越大,扩展的库兹涅茨效应存在,但是给定相同金融深度却不一定成立。然而,在同时考虑时间和空间的基础上,这种效应是否也存在呢?第七章的研究选取我国30个省市自治区1997-2008年的数据,构建面板数据模型论证：以金融效率和金融宽度指标衡量的金融业发展,对城乡收入差距存在库兹涅茨效应;而金融规模指标则不具有此效应。说明随着金融效率的提高,以及金融服务的受众广度的提升,城乡收入差距会呈现先上升后下降的趋势,而仅靠金融规模的发展,则不存在这种效应。然而在金融规模和金融宽度为度量指标的模型中,经济发展与城乡收入差距之间存在库兹涅茨效应,在金融效率为度量指标的模型中则不成立。通过分析,得到三点启示：辩证看待金融业发展与收入分配不平等,金融制度改革的不平衡不利于城乡收入差距缩小,区域金融业不平衡发展不利收入分配公平化。金融要调节城乡收入、实现共同富裕,首先,需要逐步缩小金融二元性,一方面在群体上,金融业发展兼顾效率与公平原则；另一方面在区域上,平衡区域金融业发展。其次,创造平等融资环境,关键在于产权均等、市场自由和金融创新。第三,有序消除城乡差异,消除二元经济,统筹城乡规划,改革农村土地制度。最后要构建金融业与收入分配的良性循环机制,也离不开收入分配政策改革。创新点：1.金融的基本功能是调剂资金余缺,应当关注研究资金融通效率,但不能忽略了资金流动方向对不同群体形成的财富分配效应,进而忽略金融对于社会公平的影响。本文强调金融不仅是交易机制,更具有分配和再分配功能,从而提倡以兼顾效率与公平并重的金融发展观。2.金融对收入不平等的传导机理,不仅包括金融的资源调配功能,更加注重个体的行为选择,即：初始财富决定金融行为选择,决定投资行为,影响收入分配再到财富积累,以致影响社会阶层的流动,其中典型的分析是利用信贷配给理论刻画信贷歧视与中产阶层塌陷的关系。同时将“金融——分配”框架拓展为：金融改革——信贷歧视——信贷逆流——资本收益和劳动工资——城乡收入差距,从而使得金融与收入分配的理论研究更具有政策含义。3.利用中国银行业监督管理委员会公布的中国农村金融服务情况,以2549个县域的经济金融情况为样本,将不同区域的金融业发展程度进行排序,考察城乡收入差距的运行轨迹。同时利用面板数据构建非线性模型来考察两者关系,为库兹涅茨效应的合理存在提供对比论证。引入国有商业银行机构调整这一外生变量,目的是明确金融机构调整对于城乡收入差距的实际传导路径和政策效应。不足：1.金融业发展对于收入分配的作用是否具有必然性,同时政府的财政税收和社会保障等功能是否会模糊这种作用,文章并没有将其统一纳入理论模型,而实证模型却在一定程度上弥补这种不足,但是限于数据的可得性,实证模型考察范围有限,同时不同模型的变量无法保持一致。2.金融业发展只涉及金融宽度和金融深度等宏观指标,并未将证券、保险、货币市场和金融衍生产品等工具结合起来,由于缺乏家庭金融活动的样本数据,无法构建微观计量模型,考察不同家庭金融参与度与其收入分配的实际效应。3.中国的改革开放过程错综复杂,其之于收入分配的影响更是难以捉摸,比如国有企业转制、房地产市场的发展和垄断企业股改上市等,都在不停的.造就财富神话,而这些重大事件都与金融业发展有深刻关系,文章没有涉及这些影响国计民生的财富分配事件,因而有待深入研究。更多还原

【Abstract】 The financial industry not only has the growth effect, but also has the distributional effect. It’s not only the tool of wealth redistribution and social inequality reinforcement, but also the tool to create business opportunities and reduce poverty. How does financial industry play a role in the distribution of income? For the purpose, we need to combine different institutional arrangement and financial development status. Combined with all previous financial crises, the sources lie in the inequality of income and wealth. But every crisis has losers and certainly winners. The bubble and crisis doesn’t necessarily mean the disappearance of wealth. In the crisis, whether it is the poor paying the bills for the rich, which has to be assessed integrated with the whole process of financial development. Whether the development of financial industry has the features—specificity of profit privatization, risk socialization and loss globalization; we need to comprehensively study the income distribution effect in different stages of financial development. It should be verified whether there is a complex relationship between financial development and income distribution. But different measurement methods and data select determine the different results, so there is no unified academic conclusion.The gist of the article is to study the relationship between imperfect financial market and income inequality based on national conditions. This article analyses the transmission mechanism of the financial development on rural-urban income gap and studies the actual effect of cutting and merging departments of state-owned banks on rural-urban income gap. It tries to demonstrate that the policy effect of the financial institutional arrangement on rural-urban income gap in order to realize the regulating effect of financial institutional arrangement on income distribution. We find that there is a kuznets effect in the particular stage of China of financial development on rural-urban income gap and give the policy proposal at last. This article is made up of four parts, such as theoretical basis, impact evaluation, empirical analysis and policy recommendations.Domestic and international academic researchers study this item around three areas:First, the financial activities themselves can create value and wealth, or can create what conditions for wealth creation activities. Second, what is the transmission mechanism of financial development on income inequality? Third, financial development will benefit whom, and what is the relationship between distribution function of wealth and the changes in social class. This paper divided the literature into two types of traditional and modern researches. The former includes the inequality between finance and economics and financial repression exacerbated income inequality. The latter includes five aspects, such as financial development and income distribution of the inverted-U theory, credit constraints increased inequality of income distribution, trickle effect of capital accumulation reduce inequality of income distribution, monetary policy reforms affect income distribution, the impact of financial crisis on income distribution.The financial industry has income distribution function, which includes direct and indirect forms of effect in different times and spaces, different organizations. Financial sector not only let some people get rich, to a certain stage of development can also narrow the income gap. In the perfect financial market, the initial wealth does not affect the long run wealth of different agents. But in fact, the financial market is imperfect, the difference of the agents’ initial wealth may lead to different threshold of credit, which determines someone can borrow and the others cannot. As the borrowers make a high profit by investing in project, they can gain more income and wealth than the others, the class structure is an inevitable feature of the society. Whether or not the inequality is persistent, should we study the mechanism of trickle-down, which is decided by credit market and wealth distribution. The mechanism of trickle-down may be unavailable when credit discrimination exists, then it can bring about polarization in income distribution. In all, we should strength the redistribution policies and implement the pro-poor financial policies. Meanwhile, Based on the analysis in micro-theory, we should argue how the dual development of China’s financial industry effects the income distribution gap in a macro perspective. Combined with the current U.S. sub-prime crisis, we should analyze how the financial crisis effects income distribution. Ultimately, we find the theoretical basis for analyzing actual effect.In our country, the differences between different groups of financial participation mainly exist in urban and rural residents. So, if we want to study the mechanism between finance and income gap of different groups, we need to contact the rural-urban gap. The purpose of the fourth chapter is to reveal the general laws and special appearances of financial dualism on urban and rural income distribution, which is based on the reality of China’s path of economic and financial development. Ultimate prove such logic:the dual development of China’s financial industry-Credit rationing-Credit countercurrent-capital gains and labor wages-income gap between urban and rural areas.The changes of state finance system arrangements will bring out the changes of financial institutions and instruments, and then to impact the economic development and income distribution. According to the Chinese state-owned banks reform in 1998, we try to verify the reform of state-owned banks is the results of demonstration effect of exogenous policy. This chapter studies the impact of state-owned banking institutions recombination on the urban and rural income gap and the income of peasants, and assess the "patch effect" of agricultural development banks and rural credit cooperative banks, and then verified the logic relationship of "financial system reform—dual development of the financial industry—income gap". Finally, we propose to promote the development of new rural financial institutions, construct the back mechanism of rural funds, and narrow the income gap between urban and rural areas.The sixth chapter empirically analyzes the relationship between financial development and rural-urban income gap based on the 2549 counties’ data in China in 2007. We find that there exists Kuznets effect between financial development and urban-rural income inequality. It is that the urban-rural income gap changes in a simulated inverted-U shape curve as the financial development is deepening in different regions. Meanwhile, based on the same degree of financial breadth in the areas, the increase of the proportion of modern sectors in the total economic output may increase the rural-urban income gap. So the extended Kuznets effect exists. However, we are not sure if it exists when financial development is measured in financial depth. The seventh chapter empirically analyzes the Kuznets effect of financial development on rural-urban income gap based on the 30 provinces’ data in China from 1997—2008. The financial development is compared by indicators of financial efficiency and financial width, because the indicators of financial scale don’t have this effect. It is different from the former studies that the chosen sample interval has certain representativeness. With the improvement of financial efficiency and breadth of financial services audiences, the rural-urban income gap shows the increased in first and then decreased trend. But it doesn’t exist only by the development of the financial scale. There is Kuznets effect of economical development on the rural-urban income gap in the model with indicators as financial scale and financial width, but the effect doesn’t exist in the model with indicators as financial efficiency.We can get three conclusions from the analysis:(1) We should dialectically look on inequality of financial development and income distribution. (2) Imbalances of the financial system reform is not conducive to narrowing the rural-urban income gap. (3) Imbalances of regional development of financial industry is not conducive to fairing the income distribution. If the goal is to narrow the rural-urban income gap and achieve the common prosperity at last, it is better to take following advices. Firstly, it needs to gradually reduce the financial duality, balance the efficiency and equity of financial development on the groups on the one hand, and balance the regional development of financial industry on the other hand. Secondly, it is necessary to create the equal financing environment, and the key of that is to persist in innovation in property rights equaling, market freedom and financial innovation. Thirdly, it is essential to eliminate rural-urban differences and the dual economy orderly, and to prompt the overall planning of urban and rural construction and reform rural land system. Finally, it is requirement for reforming the income distribution policy in order to construct the virtuous circle mechanism of finance and income distribution.The main innovations in this thesis:1. The basic function of finance is to adjust capital surplus and deficiency. But the single study of financial intermediation efficiency, ignoring the wealth distribution effect of direction of capital flows to different groups, results in overlooking the role of finance in social justice. This article emphasizes that financial transaction is not only a mechanism, but also distribution and redistribution function, thus rethinking financial efficiency will help to advocate the view of unbiased financial perspective.2. The transmission mechanism of finance on income inequality, which not only has financial resource allocation function, but also emphases on the individual behavior choice. That is to say, initial wealth decides financial behavior and investment behavior, which affects income distribution and wealth accumulation, and then the flow of social class. The typical analysis is using credit rationing theory to depict the relationship between the credit discrimination and middle class collapse. And the framework of "finance-distribution" is expanded to: financial reform-credit discrimination-credit countercurrent-capital gains and labor wages-income gap between urban and rural areas, making the theoretical studies of finance and income distribution has more policy implications.3. Based on the Chinese rural financial services situation announced by China Banking Regulatory Commission and the sample of 2549 counties’ financial situation, the different level of financial development is sorted to examine the trajectory of rural-urban income gap. At the same time, a nonlinear model based on the panel data was constructed to examine the relationship between financial development and income gap, and then provide comparative study for the prudence of Kuznets effect. The introduction of the exogenous variable of state-owned banking institutions recombination is purposed to confirm the actual pathway and policy effect between the financial institution reform and rural-urban mcome gap.Shortcomings of this thesis:Firstly, there are many factors which affect income distribution gap, so the theoretical and empirical model is limited in the article. Secondly, there are still some limitations in the breadth of indexes and range of the investigated samples. Thirdly, because of complex facts in the process of reform and opening up, the research in this article does not include the special issues, which also decide income gap in fact.更多还原