本文選題：金融抑制 + 經(jīng)濟發(fā)展水平�。� 參考：《浙江財經(jīng)大學》2014年碩士論文

【摘要】：改革開放三十多年來,中國經(jīng)濟保持著高速增長態(tài)勢,“中國奇跡”令世人矚目。但在這一奇跡背后,貧富差距不斷拉大的事實讓我國經(jīng)濟發(fā)展的成果面臨著嚴峻的挑戰(zhàn)。收入分配的失衡,尤其是初次收入分配的失衡問題,已越來越不利于我國經(jīng)濟的持續(xù)發(fā)展和社會的穩(wěn)定。初次分配當中勞動收入份額自90年代中期以來持續(xù)下降的現(xiàn)象,使得研究勞動收入份額下降問題成為學術(shù)界討論的熱點話題。國內(nèi)外學者已從多個角度解釋勞動收入份額下降問題,歸納起來主要有三個方面：技術(shù)進步、經(jīng)濟結(jié)構(gòu)調(diào)整以及全球化。但隨著經(jīng)濟貨幣化、經(jīng)濟金融化的發(fā)展,金融與社會已緊密相連,而我國目前還存在金融抑制的典型特征,因此研究勞動收入份額問題,需要考慮金融抑制的制度性約束。所以,本文從金融抑制這一現(xiàn)象出發(fā),研究金融抑制對勞動收入份額的影響。本文認為,金融抑制的存在,是造成近年來我國勞動收入份額下降的主要原因,技術(shù)進步、經(jīng)濟結(jié)構(gòu)調(diào)整和全球化都不足以解釋勞動收入份額的全部。本文從宏觀和微觀兩個角度構(gòu)建了金融抑制影響勞動收入份額的影響機制,實證環(huán)節(jié)本文從全國和省級兩個層面驗證金融抑制是否影響勞動收入份額下降。在理論分析部分：筆者從宏觀與微觀兩個角度解釋金融抑制對勞動收入份額的影響。宏觀的視角是,借助要素投入比解釋金融抑制導致勞動收入份額下降。由于金融抑制的存在,使得要素價格發(fā)生變化,會誘使廠商使用相對價格更低的要素,產(chǎn)生資本偏向型技術(shù)進步,從而使得勞動收入份額下降；微觀的角度是,借助融資約束解釋金融抑制導致勞動收入份額下降。認為在金融抑制的制度下,國有大中銀行主導的金融體制帶有很強的信貸偏向,中小(私營)企業(yè)面臨嚴重的信貸約束,使得中小(私營)企業(yè)不得不進行內(nèi)源融資,同時構(gòu)建金融抑制影響勞動收入份額的理論模型,得到面臨融資約束的中小(私營)企業(yè)的勞動收入份額明顯要比國有企業(yè)要低。在實證部分：本文首先采用主成分分析法構(gòu)建核心解釋變量金融抑制綜合指數(shù)FRI；通過VAR模型對全國時間序列數(shù)據(jù)分析得到FRI的系數(shù)是0.04,從定量上來看,即金融抑制程度加深1%,會造成勞動收入份額下降4%；在運用省級面板數(shù)據(jù)再檢驗過程中,采用廣義最小二乘法(FGLS)估計得到FRI的系數(shù)是0.0307,表明在省級層面,金融抑制程度加深1%,會造成勞動收入份額下降3.07%,比全國得出的4%略低。在已有研究的基礎(chǔ)上本文主要有以下創(chuàng)新：第一、從金融抑制的視角研究勞動收入份額的下降問題,并提出解決勞動收入份額下降問題的新的政策建議。主流研究勞動收入份額的文獻大多從技術(shù)進步、經(jīng)濟結(jié)構(gòu)轉(zhuǎn)型、全球化等角度解釋勞動收入份額下降問題,要么沒有考慮金融因素、要么只是將金融因素作為輔助變量；現(xiàn)在已有一些國內(nèi)外學者開始研究金融因素對勞動收入份額影響,但研究中國問題的學者還沒有從壓抑的制度性約束——金融抑制角度來研究我國的勞動收入份額變動問題。根據(jù)筆者的前文分析,提出解決勞動收入份額下降問題的新的思路——完善金融體系,進行金融市場化改革。第二、在文獻回顧的基礎(chǔ)上,構(gòu)建金融抑制影響勞動收入份額的理論機制；運用全國時間序列數(shù)據(jù)對金融抑制和勞動收入份額的關(guān)系進行研究,并通過省級面板數(shù)據(jù)進行再驗證,使得研究結(jié)果更具有可信性。
[Abstract]:After thirty years of reform and opening up, China's economy has maintained a rapid growth trend, and the "Chinese miracle" has attracted worldwide attention. But behind this miracle, the fact that the gap between the rich and the poor has been widening has made the achievements of the economic development of our country face a severe challenge. The imbalance of income distribution, especially the imbalance of the initial income distribution, has become more and more disadvantageous. The share of labor income has declined continuously since the middle of the 90s, which has been a hot topic in the academic circles. The domestic and foreign scholars have explained the decline in the share of labor income from many angles. There are three aspects: technological progress, economic structure adjustment and globalization. However, with the economic monetization, economic and financial development, finance and society are closely connected, and there are still typical characteristics of financial restraint in our country. Therefore, the study of the share of labor income needs to consider the institutional constraints of financial restraint. Therefore, this paper is from gold In this paper, we study the effect of financial restraining on the share of labor income. This paper holds that the existence of financial restraining is the main cause of the decline in the share of labor income in China in recent years. The technological progress, economic structure adjustment and globalization are not enough to explain the total of the share of labor income. This article is from the two corners of the macro and microcosmic angles. The influence mechanism of financial restraining influence on the share of labor income is constructed. The empirical link is to verify whether the financial inhibition affects the decrease of labor income share from the two levels of the national and provincial levels. In the theoretical analysis part, the author explains the influence of financial restraint on the share of labor and income from the macro and micro two angles. The factor input ratio explains the decrease of the share of labor income. Because of the existence of the financial restraint, the change of the factor price will induce the manufacturer to use the relative lower price factors and produce the capital biased technological progress, which makes the share of the labor income descend; the micro angle is to explain the finance with the aid of the financing constraints. Under the system of financial suppression, the financial system dominated by the state-owned large and middle banks has a strong credit bias, and the small and medium (private) enterprises are faced with serious credit constraints, making the small and medium (private) enterprises have to carry out endogenous financing and build the theory that financial restraint affects the share of labor income. The model, the small (private) enterprises facing financing constraints are obviously lower than the state-owned enterprises. In the empirical part, this paper firstly uses the principal component analysis method to construct the core explanatory variable financial inhibition comprehensive index FRI, and the coefficient of the FRI is 0.04 from the quantitative analysis of the national time sequence data through the VAR model, from the quantitative analysis. As a result, the degree of financial inhibition deepens by 1%, which will result in a 4% decline in the share of labor income. In the process of using the provincial panel data reinspection, the generalized least square method (FGLS) is used to estimate the coefficient of FRI by 0.0307, indicating that the degree of financial restraining is 1% at the provincial level, which will result in a 3.07% decline in the share of labor income, which is 4% more than that of the country. On the basis of the existing research, this paper mainly has the following innovations: firstly, from the perspective of financial restraining, it studies the decline of the share of labor income, and puts forward new policy proposals to solve the problem of the decline in the share of labor income. To explain the decline in the share of labor income, or not to consider financial factors, or just to use financial factors as auxiliary variables; now some domestic and foreign scholars have begun to study the impact of financial factors on the share of labor income, but the scholars who study China have not yet from the institutional constraints of suppression financial restraint. Research on the change of the share of labor income in China. According to the author's previous analysis, this paper puts forward a new idea to solve the problem of the decline in the share of labor income - perfecting the financial system and carrying out the reform of the financial market. Second, on the basis of the review of the literature, the theoretical mechanism of the financial restraining influence on the share of working income is constructed; and the national time is used. The sequence data studies the relationship between financial suppression and the share of labor income, and revalidation through the provincial panel data, making the results more credible.
【學位授予單位】：浙江財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832;F126.2

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