Abstract: The labor income share is a direct manifestation of the people sharing the fruits of social development，and continuously increasing the share of labor income is one of the important measures to optimize the initial distribution of the national economy and promote the sharing of economic development achievements The circulation process in the market economy is the centralized domain of commodity exchange relations，which concerns the realization and coordination of commodity values and the economic interests of different owners behind them，and thus has an important impact on the labor income share This paper examines the impact of the circulation industry development on labor income share，and further examines the threshold effect of stateowned capital in the context of Chinas socialist market economy system It is found that the development of the circulation industry can increase the labor income share，but the enhancement effect is weakened after the share of stateowned capital in the circulation sector exceeds a certain percentage Further heterogeneity analysis finds that the degree of government intervention and the level of Internet development affect the enhancement effect of the circulation industry development on labor income share The findings of this paper provide new policy insights for innovating modern circulation system and promoting the increase of labor income share

Key words: circulation industry, labor income share, stateowned capital, panel threshold model

摘要： 劳动收入是广大人民群众共享社会经济发展成果的直接体现，不断提高劳动收入份额是优化国民经济初次分配和推动经济发展成果共享的重要举措之一。市场经济的流通过程是商品交换关系的集中领域，关乎商品价值及其背后不同所有者经济利益的实现与协调，从而对劳动收入份额产生重要影响。本文以流通业发展为视角，考察了其对劳动收入份额的影响，并结合我国社会主义市场经济制度，进一步考察了国有资本的门槛效应。研究发现：流通业发展有助于提高劳动收入份额，但当流通领域国有资本占比超过一定限度后，上述提升作用会减弱；进一步的异质性分析发现，政府干预程度和互联网发展水平的高低会影响流通业发展对劳动收入份额的提升作用。本文的研究结论为创新现代流通体系、推动提升劳动收入份额提供了政策启示。

关键词: 流通业, 劳动收入份额, 国有资本, 面板门槛模型