关键词: 第三财政 , 收入分配 , 国有企业 , 垄断

Abstract: The Third Fiscal refers to the financial resources distribution activities due to government controls on the profits of stateowned economy. Despite of international financial crisis，the profits of stateowned enterprises have been increasing in recent years. In this article，we construct a market model where stateowned enterprises oligopoly in the upstream industry and private enterprises face perfect competition in the downstream industry. Our model demonstrates that stateowned enterprises grab the innovation benefits of the downstream private sectors through their power of monopoly，which constitute of most their high profits. However，the Third Fiscal income is almost entirely enjoyed by the people within the system，so the income gap continues to expand. The process of industrialization and the low wages brought by extra labor supply make the labor compensation share of GDP continues to decline in China. Under the current regime，the Third Fiscal itself becomes one of the reasons for the deterioration of the unfair distribution of the income. It is an adverse mechanism of financial resource allocation. As a result，we should try to adjust it through fiscal expenditure.

Key words: the Third Fiscal , income distribution , state-owned enterprise , monopoly