Abstract: Based on Flow of Funds Accounts, this paper examines the distribution pattern and evolution trend of China's capital income among Households departments, nonfinancial enterprise departments, financial departments, and government departments from 2000 to 2017. The study found that before the distribution of property income, the most obvious change in the pattern of capital income distribution was the rapid decline in the proportion of capital income in the household sector and the rapid rise in the financial sector. The distribution of property income has increased the capital income of residents but has not changed the original trend of change. Further analysis found that the main reason for the decline in the proportion of capital income in the household sector was the “double decline” in the scale and profitability of individual business. The main reason for the rise in the proportion of capital income in the financial sector is the “double rise” in the profitability and operating scale of financial companies. The underlying reasons include the impact of the new economy, the disadvantaged position of the individual economy, and the trend of economic financialization, etc. This article also looks forward to the followup research, and puts forward suggestions on how to deal with the relationship between the development and growth of stateowned enterprises and profit sharing, improve the banking and securities markets to increase the property income of residents, and protect the individual economy of the household sector,etc.

Key words: capital income distribution, main pattern, household sector

摘要： 本文基于资金流量表考察了2000—2017年我国资本收入在住户部门、非金融企业部门、金融部门、政府部门等主体之间的分配格局与演变趋势。研究发现，在财产收入分配之前，资本收入分配格局最为明显的变化是住户部门资本收入占比快速下降而金融部门快速上升，财产收入分配提高了居民资本收入但没有改变原有变化趋势。进一步的分析发现，住户部门资本收入占比下降的主要原因是个体工商户经营规模和盈利能力的“双降”，金融部门资本收入占比上升的主要原因是金融企业盈利能力与经营规模的“双升”，深层原因包括新经济的冲击、个体经济的不利地位、经济金融化趋势等因素。最后，本文对后续研究进行了展望，并且从处理好国企发展壮大与利润共享之间的关系、健全银行和证券市场提高居民财产性收入、保护住户部门个体经济等方面提出了建议。

关键词: 资本收入分配, 主体格局, 住户部门