中文摘要
美国制造业的劳动份额从1967年的61%下降至2012年的41%。相比之下，同期典型美国制造业企业的劳动份额却上升了3个多百分点。利用微观数据，我们记录了五个显著事实：（i）自20世纪80年代以来，增加值大幅向劳动份额分布的低端重新配置；（ii）这种总体重新配置并非由企业进入或退出、“超级明星”企业增长更快，或大型企业降低劳动份额所致，而是由那些在规模扩张过程中劳动份额下降的单位所致；（iii）低劳动份额（LL）企业受益于较高的收入劳动生产率，而非较低的工资；（iv）相对于同业企业，它们还享有产品价格溢价；（v）它们的劳动份额仅暂时较低，并在五至八年后回升。这种暂时性模式随时间推移愈发明显，增加值与就业的动态变化也日益脱节。综合来看，我们认为这些事实指向需求侧力量发挥了重要作用。
Abstract
Abstract The labor share in U.S. manufacturing declined from 61% in 1967 to 41% in 2012. The labor share of the typical U.S. manufacturing establishment, in contrast, rose by over 3 percentage points during the same period. Using micro-level data, we document five salient facts: (i) since the 1980s, there has been a dramatic reallocation of value added toward the lower end of the labor share distribution; (ii) this aggregate reallocation is not due to entry/exit, to “superstars” growing faster, or to large establishments lowering their labor shares, but is instead due to units whose labor share fell as they grew in size; (iii) low labor share (LL) establishments benefit from high revenue labor productivity, not low wages; (iv) they also enjoy a product price premium relative to their peers; and (v) they have only temporarily lower labor shares that rebound after five to eight years. This transient pattern has become more pronounced over time, and the dynamics of value added and employment are increasingly disconnected. Taken together, we interpret these facts as pointing to a significant role for demand-side forces.