金融与收入不平等的关系一直是发展经济学文献的热点，但从金融结构角度对收入不平等进行探讨的研究尚不多见。本文主要从金融分工和企业融资角度来考察金融结构，基于中国2000～2009年的省级面板数据，在进行异质性检验的基础上运用FMOLS进行了估计，对金融结构与收入不平等的长期趋势和内在作用渠道进行了分析，得出了以下结论：（1）直接融资比例提高会降低收入不平等的程度。（2）金融结构影响收入不平等的经济增长渠道不畅，劳动力需求渠道基本通畅。（3）建议通过逐步放开金融市场管制，提高直接融资比例，清除上述两个渠道的制度障碍。本文的估计结果具有稳健性。%The relationship between finance and income inequality has been the focus of development economics literatures but it is rarely seen the income inequality research from an angle of financial structure. This paper studies a financial structure from the angle of financial specialization and corporate finance based on the prov- ince-level panel data from 2000 to 2009, makes an estimation in FMOLS subject to a heterogeneity test, and analyzes a long term tendency and an inner function of routes to financial structure and income inequality. Ac- cordingly, it can be concluded as follows ： （ 1 ） increasing direct financing will reduce the degree of income inequality （2） economic growth,one of both channels which financial structure affects income inequality, is not unobstructed, labor demand channel roughly works （ 3 ） It is suggested to relieve the finance market control gradually and improve the direct financing ratio to clear up the system-caused obstacles within the two channels. The estimation results are robust.
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