Abstract: This paper explains the theoretical mechanism of financial structure (including banking structure) affecting income distribution, and analyzes the effect of financial structure on income distribution by dynamic panel model and panel threshold model. Results show that: (1) the effective functioning of the financing system depends on the matching and coordination of financial intermediaries in terms of quantity, scale and structure, and financial elements cooperate with each other according to the financing needs of market participants to optimize income distribution in the process of promoting the transformation of financial structure; (2) under the strategic background of the priority development of capital intensive industries, the structure of banking industry has a positive effect on the income distribution, and the high proportion of market financing shares of large commercial banks will not be conducive to the optimization of income distribution; (3) in the process of economic growth, financial structure has an inverted “U” effect on income distribution, and the transformation of financial structure from “bankoriented” to “marketoriented” will help optimize income distribution.

Key words: financial structure, income distribution, financing model, financial system

摘要： 本文阐释了金融结构(包括银行业结构)影响收入分配的理论机制，并运用动态面板模型和面板门槛模型分析了金融结构对收入分配的影响效应。研究表明：(1)金融制度功能的有效发挥依赖于金融资源在数量规模和结构层次上的匹配程度，金融要素之间根据市场主体的融资需求形成相互分工协作，在促进金融结构转型过程中实现收入分配优化；(2)在资本密集型产业优先发展的战略背景下，银行业结构对收入分配存在逐级递减的正向影响效应，大型商业银行市场融资份额占比过高将不利于优化收入分配；(3)在经济增长进程中，金融结构对收入分配存在倒“U”型影响效应，金融结构由“银行主导型”向“市场主导型”转变将有利于优化收入分配。

关键词: 金融结构, 收入分配, 融资模式, 金融制度
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