Research On The Influence Of China’s Digital Inclusive Financial Development On Labor Income Share

With the rapid development of big data and cloud computing,inclusive finance has also entered a new stage of development.The combination of digital technology and inclusive finance has promoted the concept of digital inclusive fi nance.Digital inclusive finance has broken the previous time and geographical requirements of financial institutions and facilitated people’s lives.Many small and medium-sized enterprises and low-income people have participated in the process to obtain high quality and low-cost financial services.The Chinese government has always attached great importance to people’s livelihood,and income distribution is one of the issues that has caused people’s attention.The proportion of labor income reflects the fairness of China’s initial distribution.According to relevant data from previous research scholars,we can see that the proportion of labor income in China is relatively low,and there is still a large gap between China and developed countries.On this basis,many literatures explain the influence of these factors on the proportion of labor income from the perspective of technological progress and foreign trade and so on,but few literatures explain the influence on the proportion of labor income from the perspective of digital inclusive finance.To this end,this article mainly based on the perspective of the difference of the impact of the development of digital inclusive finance on the proportion of labor income in the eastern,central and western regions,empirical research on the impact of the development of digital inclusive finance on the proportion of labor income in China.This article starts with three theories of financial development theory,income distribution theory,and financial inclusive growth theory.It draws four direct impact mechanisms and two indirect impact mechanisms.These impact mechanisms consider that digital inclusive finance affects labor income.The increase in the ratio has a positive effect.After that,it analyzes the national and sub regional realities of digital inclusive finance and labor income ratio,and through the inter-provincial comparative analysis of the correlation between the proportion of China’s labor income and the development of digital inclusive finance,it is speculated that the development of digital inclusive finance may increase the proportion of China’s labor income to a certain extent.In order to verify this conjecture,this paper uses the relevant data of 31 provinces in China to build a balanced panel model from2011 to 2018,and uses EViews and Stata to analyze the impact of digital inclusive finance on the proportion of labor income.The research results show that the development of digital inclusive finance has a significant positive effect on increasing the proportion of labor income,both nationally and from the east,central,and western regions.In order to further increase the proportion of labor income in our country and reduce the gap in the proportion of labor income between regions,this article finally proposes to focus on the development of digital inclusive finance in various regions,improve the level of digital inclusive finance development to promote the development of private enterprises,encourage financial institutions to innovate financial service products to help small and medium-sized enterprises and train high-quality labor to develop digital inclusive finance well in four areas.