初始财富格局与居民可支配收入比重下降趋势

Distribution of Wealth and the Declining Ratio of Household Income

近年来,我国居民收入在国民可支配收入中的占比不断下降,理解这一问题的成因,是制定扩大内需、调整经济结构和完善收入分配制度等政策措施的基础。本文认为,尽管我国改革初始的财富格局(国有资产、土地、资源等集中在国家)对GDP增长没有影响,但对收入分配格局及变化趋势则有至关重要的影响。本文利用1997～2007年资金流量表,通过利息收入、土地出让金、国有企业利润等数据,对居民、企业和政府实际可支配收入项目进行了调整,并相应地还原了企业、政府和居民的可支配收入中资产收益的作用。结果发现,资产性收益对国民收入分配格局影响显著,也说明了财富格局比劳动力报酬更有解释力。因此,要从根本上扭转居民可支配收入比重不断下降的趋势,就必须改变目前国有财富占比过高的分配格局。

In recent years, the proportion of household income in national dispensable income has been declining in China. Examining the reasons behind is important for designing policy measures to expand domestic demand and improve economic structure. This paper argues that the distribution of wealth as a result of the phased reform is critical in determining the income distribution in China. Using data from 1997 - 2007 Flow of Funds statements, the paper adjusts actual dispensable income of enterprises, government and household sectors with interest rate income, land transfer income and profit of state-owned enterprises in an effort to reflecting returns from wealth in the income. As a result, the paper finds that the returns from wealth have significant impact on the income distribution, and showing that returns from wealth are more powerful in explaining the changes of the ratio of household income to national income than that of the labor compensation.