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

摘要： 第三财政指的是政府通过支配国有经济利润而形成的财力分配活动。近年来我国国有企业利润节节高升，甚至国际金融危机也不能放缓其步伐。本文构建了一个上游国有企业寡头垄断，下游私营企业完全竞争的市场模型，证明国有企业在很大程度上攫取了下游私营企业的创新红利，它们的高额利润来自于垄断地位。由于目前第三财政的收入几乎完全由体制内人群享有，故伴随而来的是体制内外人员收入差距的不断扩大，而工业化进程和足量农村劳动力供给带来的低工资，是我国劳动者报酬占GDP比重持续下降的重要原因。在当前体制下，不断膨胀的第三财政本身成为了恶化收入分配不公状况的一个原因，是一种逆向的财政机制，应该从支出入手进行调节。

关键词: 第三财政 , 收入分配 , 国有企业 , 垄断