中国劳动报酬份额变化的原因分析——资本金融化的影响
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| Title | China’s Labor Share——The Influence from Financialization of Capital
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| 作者 | 赵文 张车伟 |
| Author | Zhao Wen and Zhang Juwei |
| 作者单位 | 中国社会科学院人口与劳动经济研究所 |
| Organization | IPLE-CASS |
| 作者Email | zhaowen@cass.org.cn |
| 中文关键词 | 劳动报酬份额 资金流量表 资本金融化 |
| Key Words | Labor Share; Flow of Funds Accounts; Financialization of Capital |
| 内容提要 | 资本金融化是分析劳动报酬份额的新视角。本文构建了一个基于《资金流量表》的分析框架，对影响中国劳动报酬份额的原因进行分析。结果发现，2001年以来，资本金融化的效应压低了劳动报酬份额，并且有7年超过了其他效应的总和，是与技术变迁、要素价格相并列的另一簇重要因素。这表明，在发展阶段因素之外，资本市场的制度安排对劳动报酬份额的走向有着显著的、间或方向性的影响。对资本金融化效应进一步分解发现，资金分配率效应、融资结构效应和跨境来源效应通过不同的路径机制对劳动报酬份额变化有着重要影响。这意味着资金筹集、分配和使用的各个环节都作用于劳动报酬份额，而且，过于依赖信贷渠道的金融体系推高了资产价格，使得资本金融化具有内生动力，最终压低了劳动报酬份额。因此，促进劳动报酬合理增长，要考虑统筹来自金融体系的影响，并加快完善资本市场，用以疏解信贷渠道压力、抑制资本金融化过快的倾向。 |
| Abstract | The financialization of capital is a new perspective to analyze the labor share. We build an analytical framework based on " Flow of Funds Accounts " and analyze the labor share in China. The results show that since 2001, the financialization of capital has reduced the labor share and exceeded the sum of other effects for 7 years. It means that, the institutional arrangements of the capital market have a significant impact on the labor share. The effect of the physical transaction capital ratio, the effect of the financing structure, the effect of the territory capital source and the effect of the cross-border capital sources have important influence on the change of the labor share. It means that the fund raising, allocation and use have important effect on the labor share. The financial system depends on the credit channel, pushed up asset prices and lowered labor share. To solve the problem of functional distribution and form a fair and reasonable distributional pattern, the influence from the financial system should be considered. |
| 文章编号 | WP1308 |
| 登载时间 | 2018-11-20 |
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