中文摘要
我们发现，无论是在美国还是在经济合作与发展组织（OECD）各国，企业税收与制造业劳动收入份额之间都存在很强的经验关联。我们的估计表明，观察到的劳动收入份额降幅中有30%至60%可归因于企业税收的下降。通过构建一个企业资本密集度各异的行业均衡模型，我们表明，较低的企业税率会通过提高资本密集型企业的市场份额而降低劳动收入份额。劳动收入份额的税收弹性取决于微观层面劳动密集度与增加值的联合分布。基于美国制造业部门的经验分布，我们的定量分析表明，企业减税解释了20世纪50年代以来制造业劳动收入份额下降的很大一部分。生产活动不再集中于传统上规模较大、劳动密集型的生产单位，这一转变提高了市场份额的集中度，并降低了就业的集中度。
Abstract
We document a strong empirical connection between corporate taxation and the manufacturing labor share, both in the US and across OECD countries. Our estimates associate 30 to 60% of the observed decline in labor shares with the fall in corporate taxation. Using an equilibrium model of an industry where firms differ in their capital intensities, we show that lower corporate tax rates reduce the labor share by raising the market share of capital‐intensive firms. The tax elasticity of the labor share depends on the joint distribution of labor intensities and value added at the micro level. Given the empirical distribution in the US manufacturing sector, our quantitative analysis suggests that corporate tax cuts explain a significant part of the decline in the manufacturing labor share since the 1950s. The shift away from traditionally large, labor‐intensive production units raised the concentration of market shares and reduced the concentration of employment.