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在已有的实证研究中,金融发展水平指标的选取存在一定的缺陷,并得出了存在明显分歧的结论。本文利用我国1986—2005年的时间序列数据,从规模扩张、效率提升和结构完善等3个方面,采用格兰杰因果检验、协整回归对金融发展与中国收入分配的关系进行实证检验。研究表明:1986—2005年间,金融规模的扩张、经济增长扩大了全国居民收入基尼系数和城乡收入比率,而金融效率的提高、教育水平的提升则缩小了城乡收入比率。本研究及其政策含义,对我国的金融改革与发展具有重要的启示意义。
In the existing empirical research, there are some defects in the selection of indicators of the level of financial development, and draw the conclusion that there are obvious differences. In this paper, we use Granger causality test and cointegration regression to test the relationship between financial development and China¡¯s income distribution from three aspects of scale expansion, efficiency improvement and structural improvement, using the time series data from 1986 to 2005 in our country. The research shows that from 1986 to 2005, the expansion of financial scale and economic growth have expanded the national income Gini coefficient and urban-rural income ratio. The improvement of financial efficiency and the improvement of educational level have narrowed the urban-rural income ratio. This research and its policy implications have important implications for China’s financial reform and development.