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启动内需是促进中国经济转型的关键,运用1997-2009年的指数化面板数据实证研究发现:在以银行为主导的资本体系下,金融市场化改革滞后,造成了不同所有制企业间的信贷融资成本差异,促使受信贷融资约束的企业增加雇佣劳动、减少使用资本。在行业进入存在障碍和营商环境不理想的情况下,加剧了劳资关系不平等,即使在就业量增加的情况下,劳动收入份额也难以提高,最终侵蚀了消费的根基,抑制了内需。因此,启动内需必须加快金融市场化改革,通过平衡劳资关系以提高劳动收入份额。
Starting from domestic demand is the key to promote China’s economic restructuring. Using the empirical study of the indexed panel data from 1997 to 2009, it finds that under the bank-led capital system, the reform of financial marketability lags behind, resulting in the cost of credit financing for different ownership enterprises Differences have prompted firms that are subject to credit facilities to increase their wage labor and reduce their use of capital. Under the circumstances that the industry enters the barrier of existence and the business environment is not ideal, it intensifies the inequality of labor-capital relations. Even with the increase of employment, the share of labor income is hard to be improved, which eventually erodes the foundation of consumption and restrain domestic demand. Therefore, to start the domestic demand, we must speed up the reform of the financial market and raise the labor income share by balancing the labor relations.