经济波动、资本市场发展对收入分配差距影响研究
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摘要
本文基于面板模型分析了资本市场发展对收入分配差距的影响,并分析了经济波动在资本市场发展影响收入分配差距间的调节作用。面板实证检验结果表明:(1)经济波动和资本市场发展对收入分配差距不存在显著的直接影响,而收入水平和消费倾向对收入分配差距分别存在显著负向影响和正向影响;(2)以债券交易规模衡量的资本市场发展通过显著影响消费倾向间接影响收入分配差距,经济波动则通过显著影响收入间接影响收入分配差距;(3)以股票交易和基金交易衡量的资本市场发展对收入分配差距的间接影响,受到经济波动程度的调节。本文最后建议,金融市场化改革必须兼顾收入分配公平,政府亦需要通过规范金融市场以及稳定宏观经济运行来实现包括收入公平分配在内的高质量发展目标。
on the light of panel model, this paper analyzes the impact of market capitalization on the income distribution gap, and analyzes the adjustment effect of economic volatility between market capitalization and income distribution gap. The empirical results indicate that:(1) economic fluctuation and market capitalization have no directly significant impact on income distribution gap, while income and consumption propensity have significant positive and negative impacts respectively on income distribution gap;(2) market capitalization measured by bond trading scale indirectly affects the income distribution gap via significantly affecting consumption propensity, economic fluctuation indirectly affect the income distribution gap by significantly affecting income;(3) indirect impact on distribution gap impacted by market capitalization measured by stock trading and fund trading is regulated by the degree of economic volatility. The paper finally suggests that the reform of financial marketization must take into account the fairness of income distribution, and government,for achieving high-quality development goals including fair distribution of income, also needs to regulate finance markets and stabilizemacroeconomy.
on the light of panel model, this paper analyzes the impact of market capitalization on the income distribution gap, and analyzes the adjustment effect of economic volatility between market capitalization and income distribution gap. The empirical results indicate that:(1) economic fluctuation and market capitalization have no directly significant impact on income distribution gap, while income and consumption propensity have significant positive and negative impacts respectively on income distribution gap;(2) market capitalization measured by bond trading scale indirectly affects the income distribution gap via significantly affecting consumption propensity, economic fluctuation indirectly affect the income distribution gap by significantly affecting income;(3) indirect impact on distribution gap impacted by market capitalization measured by stock trading and fund trading is regulated by the degree of economic volatility. The paper finally suggests that the reform of financial marketization must take into account the fairness of income distribution, and government,for achieving high-quality development goals including fair distribution of income, also needs to regulate finance markets and stabilizemacroeconomy.
引文
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