中国式分权、金融化与要素收入分配——基于中国地级市数据的实证检验

Chinese Style Decentralization, Financialization and Functional Income Distribution:Based on Empirical Tests of the Data from China’s Prefecture-Level Cities

将要素收入份额分解为要素价格扭曲、资本深化和要素偏向型技术,利用中国2002—2014年243个地级市数据,实证检验了影响要素收入分配的两种分化力量及其传导路径:在中国式分权情景下,地方政府利用强大的权力和工具对资本要素展开竞争,提高了资本价格与资本边际产出的比值,从而提升了资本收入份额;而金融化则通过要素价格扭曲和要素偏向型技术提升了劳动收入份额。财政金融体制视角为中国要素收入分配机制提供了新的解释,并为劳动收入份额可能的上升通道提供了制度启示。

By decomposing the factor income distribution into the factor price distortion,the deepening of capital and the factor-biased technology,this paper tries to empirically test the two kinds of divergent forces and their transmission routes which affecting the factor income distribution with the data of China’s 243 prefecture-level cities during the period 2002-2014.In the situation of Chinese style decentralization,the local governments take advantage of their powerful tools to compete for capital factors,which increased the ratio between the capital price and the capital marginal output,and thereby increased the capital income share;while the financialization increased the labor income share through the factor price distortion and the factor-biased technology.The perspective of financial and banking system can provide new interpretations for China’s factor income distribution mechanism and institutional enlightenment for the possible ascending channel of labor income share.