股市发展与收入分配不平等

经济理论与经济管理 ›› 2014, Vol. 34 ›› Issue (10): 77-88.

股市发展与收入分配不平等

张学勇,陶醉

中央财经大学金融学院，北京100081

收稿日期:2014-09-23 出版日期:2014-10-16 发布日期:2014-10-29
作者简介:张学勇（1978—），男，安徽庐江人，中央财经大学金融学院副教授，经济学博士；陶醉（1990—），男，重庆市人，中央财经大学金融学院硕士研究生。
基金资助:
国家自然科学基金项目（71003113，70973003）；教育部“新世纪优秀人才支持计划”；中央财经大学“青年科研创新团队支持计划”

STOCK MARKET DEVELOPMENT AND INCOME INEQUALITY

ZHANG Xue-Yong,TAO Zui

School of Finance, Central University of Finance and Economics, Beijing 100081, China

Received:2014-09-23 Online:2014-10-16 Published:2014-10-29

摘要/Abstract

摘要： 股市发展与收入分配状况的关系是金融理论界和业界广泛关注的问题之一。本文构造全球33个国家从1988年至2013年有关股市发展和收入分配不平等的面板数据，实证研究各国股市发展及自由化改革对其收入分配不平等程度的影响及内在机理。研究发现：首先，一国股市规模越大，由于门槛效应的存在，其收入分配状况趋于恶化，而流动性的提升将在一定程度上改善其收入分配状况。其次，一国股市的发展对不同收入阶层存在不同的影响。最后，股市自由化前后，股市对收入分配状况的影响存在显著差异：股市自由化之后，股市规模的扩大和股市流动性的提升将在一定程度上改善收入分配状况。

关键词: 收入差距 , 股市规模 , 股市流动性 , 自由化改革

Abstract: This paper studies the relationship between stock market development and income inequalityWe build a panel data consisting of 33 countries from year 1988 to 2013 in order to investigate into the impact of the stock market development on income inequalityThe empirical results indicated as follows Firstly, when a countrys stock market gets larger, its income inequality tends to get worse However, the improvement of the stock market liquidity will reduce the income inequality Secondly, the stock market development will have different effects on the different income groupsThirdly, before and after the stock market liberalization, there are significant differences in the impact of the stock market on income distributionAfter the stock market liberalization, the expansion of stock market size and the improvement of liquidity will reduce the income inequality

Key words: income inequality , stock market size , liquidity , liberalization

张学勇,陶醉. 股市发展与收入分配不平等[J]. 经济理论与经济管理, 2014, 34(10): 77-88.

ZHANG Xue-Yong,TAO Zui. STOCK MARKET DEVELOPMENT AND INCOME INEQUALITY[J]. Economic Theory and Business Management, 2014, 34(10): 77-88.