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文章采用中国29个省级地区1991—2012年的面板数据,利用面板协整和面板误差修正模型,实证考察了金融发展、全要素生产率及其交互效应对中国城乡收入差距的影响。实证结果表明:金融发展能够显著减少城乡收入差距,提高全要素生产率则会导致城乡收入差距的扩大,而两者的协同效应能在一定程度上抑制城乡收入差距的加剧。分地区进一步考察后发现:沿海金融发展减少城乡收入差距的效应大于内地,而沿海全要素生产率拉大城乡收入差距的效应则小于内地;从综合偏效应来看,沿海金融发展和全要素生产率对城乡收入差距的抑制作用显著大于内地。文章研究结果认为,应该进一步深化中国金融体制改革,提高金融发展水平,从而弱化全要素生产率对城乡收入差距的扩大效应。
Based on the panel data of 29 provinces in China from 1991 to 2012, the paper uses panel cointegration and panel error correction models to empirically examine the impact of financial development, total factor productivity and its interaction on the income gap between urban and rural areas in China. The empirical results show that the financial development can significantly reduce the income gap between urban and rural areas and increase the total factor productivity, which will lead to the widening income gap between urban and rural areas. The synergies between the two can restrain the income gap between urban and rural areas to a certain extent. After further investigation in different regions, it was found that the effect of coastal financial development to reduce the income gap between urban and rural areas is greater than that of the Mainland, while the effect of widening the income gap between urban and rural areas is lower in coastal financial development than inland. From the perspective of comprehensive partial effect, coastal financial development and total factor productivity The inhibitory effect of urban-rural income disparity is significantly greater than the Mainland. The article concludes that we should further deepen the reform of China’s financial system and improve the level of financial development so as to weaken the widening effect of total factor productivity on urban-rural income disparity.