企业规模分化与劳动收入份额

Firm Size Polarization and Labor Income Share

本文从企业规模分化视角解释劳动收入份额变动。中国宏观劳动收入份额变化呈现U型形态,转折点发生在2010年左右;微观企业部门的平均劳动收入份额与加权劳动收入份额之间存在明显差异。本文研究发现,加权劳动收入份额小于平均劳动收入份额的原因是企业规模与劳动收入份额的负相关性,两者的动态差异源于企业规模分布的变化,加权劳动收入份额的动态变化取决于“规模分化效应”和“企业内效应”的相对大小。据此推测,2010年之前中国宏观劳动收入份额下降的主要原因是企业规模分化而非企业内平均劳动收入份额的变化,近年来的上升则更多体现了人口红利的消退和劳动力成本的上升。

This paper explains changes in the labor income share from the firm size polarization perspective.China's labor income share has two stylized facts:first,the macro labor income share has a U-shaped pattern and the turning point occurred around 2010;second,there are clear divergences between the average and weighted labor income share in the micro-firm sector.The study considers that the reason that the weighted labor income share is lower than the average labor income share is the negative correlation between the firm size and its labor income share.The dynamic difference between them is derived from the change in the firm size distribution.The dynamic change in the weighted labor income share depends on the relative magnitude of the“size polarization effect”and the“intra-firm effect”.It is speculated that the main reason for the decline in the pre-2010 macro labor income share was the firm size polarization rather than the change in the average labor income share within firms,while the increase in recent years further reflects the decrease in demographic dividends and the increase in labor costs.