Financial Structure,Industrial Structure Upgrading and Income Distribution—An Explanation Based on New Structural Economics
Based on the new structural economics,this paper explains the mechanism of the impact of financial structure and industrial structure upgrading on income distribution,and uses panel data from 31 provinces in China from 2000 to 2020 to empirically test the relationship between the three.The research shows that:(1)Whether the financial structure can help to realize the optimization of income distribution depends on whether the financial structure matches the economic development stage of the economy,and whether the financial system forms an effective arrangement according to the financing needs of industrial development.Only when the financial structure is consistent with the industrial structure can promote income equalization to the greatest extent.(2)Simply considering the direct impact of financial structure on industrial structure upgrading,financial structure is conducive to promoting the upgrading and rationalization of industrial structure.For each standard unit of financial structure,the upgrading and rationalization of industrial structure will be increased by 0.09%and 0.58%respectively.(3)When further analyzing the interaction effect of"financial structure-industrial structure upgrading"on income distribution,financial structure can inhibit income inequality through the upgrading and rationalization of industrial structure.(4)The panel threshold model is used to estimate the optimal marginal effect range of financial structure to alleviate income inequality in the process of industrial structure upgrading.The results show that with the transition of industrial structure from"low-level"to"high-level",when the financial structure changes from"bank-oriented"to"market-oriented",it will help to narrow the social gap between the rich and the poor.Finally,this paper discusses the embedded evolution of financial structure in the process of industrial structure upgrading and the important policy implications of the coupled development of financial structure and industrial structure for achieving common prosperity.