中国居民的财产收入状况分析--中、美、日的比较研究

A Analyze of the property income of households in China——A comparative study on national income distribution structure between China and the United States and Japan

本文通过国际比较发现,财产收入占比过低是导致中国居民收入占比过低的重要原因:在近20年来的初次分配中,中国居民收入占国民收入的比重平均比美国和日本分别低了25.32个和16.76个百分点,其中,中国居民财产收入在国民收入中的比重比美、日两国分别低了15.62个和3.36个百分点,而劳动报酬占比则分别低了12.84个和12.77个百分点。通过对中、美、日三国国民收入分配结构的分解,本文认为居民投资回报率过低是导致中国居民财产收入过低的首要原因。与经济学的逻辑相反,近10多年来,中国居民的金融投资回报率反而低于资本更为充裕的美国和日本。究其根源,利率管制下过低的实际利率水平是导致中国居民财产收入过低的首要原因,而金融市场过高的准入限制导致的金融投资品匮乏也进一步限制了中国居民财产收入的增加。

Through international comparison between China, Japan and the United States, this paper found that the low property income accounted for an important cause of the low share of household income in national income in China. During the past two decades, the average share of household income in China is respectively 25.32% and 16.76% lower than the US and Japan, while the share of property income is 15.62% and 3.36% lower than the US and Japan. Further research indicates that the low ROI of household in China, which is lower than the US and Japan for decades, could explain this gap. Furthermore, the low real interest rate due to interest rate control is the primary cause of depressed property income in China, while the lack of financial products caused by access restrictions of financial market also restricts the growth of household property income in China.