金融减贫效应的门槛特征分析及实证检验

由于受金融市场进入成本以及穷人初始财富不足的限制，金融发展对贫困减缓的影响往往会表现出门槛特征。本文利用1997—2012年我国30个省市的面板数据，以经济发展水平作为门槛变量，对金融发展与贫困减缓之间的关系进行了实证检验。结果表明：在不同的经济发展水平下，金融发展减缓贫困的作用存在显著的差异。只有当经济发展水平越过相应的门槛、穷人达到一定的资本积累后，金融发展才对贫困减缓具有显著的正向效应。这也进一步说明，只有实现金融与经济的协调发展才能更好地发挥金融发展的减贫效应。

Analysis on the Threshold Effect of Financial Development on Poverty Alleviation and Relevant Empirical Test

Due to the limitation of entrance cost into the financial market and initial capital of the poor,the impact of financial development on the poverty alleviation tends to show the threshold effect. This paper uses the level of eco-nomic development as the threshold variable to empirically investigate the relationship between the financial develop-ment and poverty alleviation with the panel data of 30 provinces in China from 1997 to 2012. The empirical results sug-gest that there is a significant threshold effect of financial development on poverty alleviation. When the level of eco-nomic development crosses the threshold level and the poor have accumulated a certain amount of capital,financial de-velopment has an obviously positive effect on poverty alleviation. In order to utilize the effect of financial development on poverty alleviation,it is important to coordinate the development of economy and finance.