Abstract: Based on the panel data of 31 provinces from 2004 to 2016,this paper examines the mechanism and impact of the wage gap between the financial industry and the real economy industry on China's economic growth.It is found that the financial service effect of high wages in finance is conducive to the cultivation of entrepreneurs and thus promotes China's economic growth.However,the shortage of human capital in the real economy caused by the high wage in finance is the more important factor affecting China's economic growth,which makes the wage gap between the financial industry and the real economy restrain China's economic growth on the whole.Further analysis finds that high wages in the financial industry are more likely to inhibit economic growth in the backward western regions,regions with relative lack of human capital and regions with higher preference for the financial industry.The policy implication of this article is very obvious,that is,the government should strive to narrow the wage gap between the financial industry and the real economy industry,so as to guide more outstanding talents to “shift from Virtual to Real” and ease the decline of economic growth.

Key words: Financial Industry, Real Economy, Economic Growth

摘要： 基于2004~2016年31个省区市的面板数据,检验了金融业与实体经济行业间工资差距对中国经济增长的影响及作用机制。研究发现:金融业高工资的金融服务效应有利于企业家培育进而促进了中国经济增长,但人力资本虹吸效应所引起的实体经济行业人力资本短缺是金融业高工资影响中国经济增长的更重要因素,这使得金融业与实体经济行业间的工资差距在总体上抑制了中国经济增长。进一步分析发现:金融业高工资更容易抑制经济落后的西部地区、人力资本相对缺乏以及对金融业有更高偏好地区的经济增长。依据研究结论,政府应努力缩小金融业与实体经济行业间工资差距,从而引导更多优秀人才“脱虚回实”,缓解经济增速下滑。

关键词: 金融业, 实体经济, 经济增长