房价高企、经济“脱实向虚”与劳动收入份额

High Housing Price, Expansion of Fictitious Economy Sector and the Labor Income Share

近年来,不断上涨的房价深刻地影响了我国收入分配格局与居民福利水平。本文分析发现,房价上涨通过引起经济“脱实向虚”,导致了劳动收入份额的下降。基于我国省际面板数据的实证检验表明,房价上涨显著降低了劳动收入份额,该结论在考虑房价不同衡量方式、剔除样本异常值以及修正内生性的稳健性检验中仍然成立;同时,中介效应模型检验证实了房价上涨通过引起经济“脱实向虚”导致劳动收入份额下降这一作用机制。因此,加强房地产市场调控、抑制房价的过快上涨,对提高劳动收入份额是非常必要的。

The rapid increase of housing price has a great influence on income distribution and residents’ welfare in recent years. The theoretical analysis finds the increase of housing price leads to the decrease of labor income share through the expansion of fictitious economy sector. Based on that, using the province panel dataset, the empirical tests confirm that the increase of housing price significantly decreases labor income share. The results are also supported by further robust tests. Then using the mediating effects model, this paper confirms the role of the expansion of fictitious economy sector in the effects of high housing price on labor income share. Hence, it is necessary to strengthen the control of housing market and avoid the rapid increase of housing price for the increase of labor income share.