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本文基于主成分法来测度中国金融抑制程度,同时利用2000-2012年的中国省际面板数据,分析金融抑制对劳动收入份额的影响。研究发现:总体上,金融抑制会显著地抑制劳动收入份额提升,但东部、中部与西部金融抑制对劳动收入份额影响存在区域性差异,东部地区影响效应显著低于中部地区,西部地区金融抑制对劳动收入份额未表现出明显的影响。此外,人力资本投资、开放程度与资本密集程度对劳动收入份额存在显著的负效应,产业结构调整与城镇化进程会有利于劳动收入份额的提升。为提高中国劳动收入份额,中央政府亟需完善金融制度,加快金融市场化进程,推进产业结构调整,深化改革开放来提升中国劳动收入份额。
This paper measures the degree of financial repression in China based on the principal component method. At the same time, it uses the data of China's provincial inter-provincial panels from 2000 to 2012 to analyze the impact of financial repression on labor's share of income. The study finds that, overall, financial repression significantly inhibits the increase of labor income share, but there is a regional difference in the impact of financial repression on labor income share in eastern, central and western regions. The impact of the eastern region is significantly lower than that in the central region, while the financial repression in the western region Labor income share did not show obvious effect. In addition, there is a significant negative effect on the share of labor income due to the investment, opening up and capital intensity of human capital, and the adjustment of industrial structure and the process of urbanization will benefit the increase of labor income share. In order to raise its share of labor income in China, the central government urgently needs to improve its financial system, speed up the process of financial marketization, promote the readjustment of industrial structure, and deepen the reform and opening up so as to raise the share of labor income in China.