Abstract: The distortion of distribution is a profound problem confronted in China’s economic transition. This paper introduced an analytical perspective of benefit sharing which includes sharing width, sharing depth. The benefit sharing process is studied in a model with the established conceptual framework which highlights the key function of multi-level capital market in the economic transition and benefit sharing. If the capital market lacks structural fullness, the distortion of distribution is worsened. So this analytical perspective can provide a good understanding of China’s economic transition and distribution and a suggestion to the financial reform.

摘要： 利益关系失衡是我国经济转型中碰到的深层次问题。本文引入了利益分享的分析角度，从分享广度、分享深度等几个方面阐述了基于金融功能的利益分享机制；并在模型分析中使用分享概念框架研究了经济转型、经济增长中的分享过程，指出多层次金融市场在利益分享和经济转型中的关键作用，以及金融市场层次性不足带来的分享偏差和各种经济后果。利益分享视角的探讨不仅有助于理解我国分配格局中的复杂问题，也有助于找到金融改革的方向。