我国居民财产性收入比重偏低的原因——基于国民核算口径的国际比较

Reasons for the Low Proportion of China Residents' Property Income: Based on the International Comparative Analysis of National Accounting Caliber

通过对财产收入与财产性收入进行区分,并使用国民核算口径和经济学口径分别定义;选取国民核算口径,对同时期和经济发展相近阶段我国与发达国家居民财产性收入比重进行比较。研究发现:无论是在同时期还是经济发展相近阶段,我国居民财产性收入比重远低于发达国家。一方面是我国居民高储蓄率和低投资回报率使得总财产性收入占比低于发达国家,另一方面更重要的是财产要素在部门间分配过程中,我国住户部门在不同时期被不同部门挤占:1997-2007年主要被非金融部门利润挤占,2007-2015年被政府部门收入挤占。实现我国居民财产性收入比重的提升,需要拓宽居民财产性收入渠道,调整财产要素在部门间的分配结构。

This paper distinguishes between property income in national accounts and property income in the National Congress Report,and uses national accounting caliber and economic caliber to define them separately. The paper selects national accounting caliber and compares the proportion of property income of residents in China and developed countries both at the same period and at the similar stage of economic development.The study found: whether at the same period or at the similar stage of economic development, the proportion of China residents′ property income is much lower than that of developed countries.The reason, on the one hand, is the high savings rate and low return on investment of Chinese residents make the proportion of total property income lower than that of developed countries;on the other hand, what′s more important is that in the process of the distribution of property factors among departments, the household sector in China is always occupied by other departments: from 1997 to 2007, it was mainly squeezed by non-financial sector profits, and was squeezed by government sector from 2007 to 2015. To achieve the improvement of the proportion of China′s residents′ property income, it is necessary to broaden the channels of residents′ property income and adjust the distribution structure of property factors among departments.