股市发展与收入分配不平等

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。

STOCK MARKET DEVELOPMENT AND INCOME INEQUALITY

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