关键词: 中国式分权,金融化,要素收入分配

Abstract: 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.

Key words: Chinese style decentralization; financialization; functional income distribution