金融化影响金融、非金融行业收入差距的区域异质性研究——基于中国省际面板的实证分析

随着金融化程度的加深，金融行业对人力资本的要求要高于非金融行业，金融行业与非金融行业收入差距增大存在市场的合理解释，但金融行业具有顺周期性，加大了资产价格波动，食利了非金融行业的部分利润，存在着不合理收入。实证发现在金融化水平较高的地区，金融化扩大金融、非金融行业收入差距的作用更强，建议金融行业从中长期激励及顺周期拨备的角度进行薪资改革。

A Study on the Regional Heterogeneity Effect of Financialization on Income Disparity Between Financial and Non-financial Industries in China

The income disparity between financial and non-financial industries expanded by financializaiton, which can explained by the difference between the human capital and income structure directly. Financial sector extract the future value of the other sectors by pro-cyclical which through increasing the volatility of asset price indirectly. The empirical results show that financialization will expand the financial and non-financial income gap and will be stronger when financialization exceeds a certain level.Suggestions can start with long-term incentive and pro-cyclical provisions for the salary reform of financial industries.