Financial Structure and Income Inequality:Channels and Evidence—A Study Based on Nonstationary Heterogeneous Provincial Panel Data in China
利用2000-2009年中国省级面板数据，研究金融结构（直接融资占比）对收入不平等的影响，发现提高直接融资比例可降低不平等程度，但经济增长渠道不畅，劳动力需求渠道基本有效。
The relationship between finance and income inequality has been the focus of development ecoromics literatures but it is rarely seen the income inequality research from an angle of financial structure.This paper studies a financial structure from the angle of financial specialization and corporate finance based on the province-level panel data from 2000 to 2009,makes an estimation in FMOLS subject to a heterogeneity test,and analyzes a long term tendency and an inner function of routes to financial structure and income inequality.Accordingly, it can be concluded as follows:(1) increasing direct financing will reduce the degree of income inequality (2 ) economic growth,one of both channels which financial structure affects income inequality,is not unobstructed,labor demand channel roughly works(3) It is suggested to relieve the finance market control gradually and improve the direct financing ratio to clear up the system-caused obstacles within the two channels. The estimation results are robust.