要素价格扭曲、资本深化与我国劳动收入份额

本文将劳动收入份额与现实存在的要素价格扭曲和资本深化特征联系起来，以解释我国劳动收入份额下降的现象。一方面，基于20世纪90年代以后我国要素替代弹性以及要素价格相对扭曲的研究，推测并观察得出要素价格相对扭曲对劳动收入份额的负向作用。另一方面，严格的计量分析也显示，劳动收入份额与资本-劳动价格相对扭曲值成反方向变动的关系，与利率/工资率比率成同方向变动的关系，即要素价格相对扭曲（人为压低利率/工资率比率）降低了我国的劳动收入份额。其传导途径为：要素价格相对扭曲→资本偏向型技术进步→资本深化→劳动收入份额下降。欲矫正要素价格扭曲，必须加快要素市场的市场化改革。

Factor Price Distortion,Capital Deepening and Labor Income Share in China

This paper links the share of labor income with the factor price distortion and capital deepening to explain the decline of the share of labor income in China. On the one hand, based on the study of factor substitution elasticity and the relative distortion of factor prices since the 1990s, it is inferred and observed that the relative distortion of factor prices has negative effects on the share of labor income. On the other hand, rigorous econometric analysis also shows that the relationship between the share of labor income and the relative distortion of capital-labor prices changes in the opposite direction, while the relationship between the share of labor income and the ratio of interest rate to wage rate changes in the same direction. That is, the relative distortion of factor prices (Interest rate/wage rate ratio is artificially depressed) reduces the share of labor income in China. The conduction path is:the relative distortion of factor prices→capital-biased technological progress→capital deepening→decline of labor income share. To correct the relative distortion of factor prices, it is necessary to accelerate the market-oriented reform of factor markets.