Abstract: In the new era of high-quality economic development, the demographic dividend in China needs to transform from the quantity dividend of labor force to the efficiency dividend of labor allocation, and the key to release the efficiency dividend of labor allocation is to guide the flow of labor force between regions reasonably. This paper constructs a two-region equilibrium model and reveals the theoretical mechanism of interregional labor mobility to promote the growth of total factor productivity leading to releasing the efficiency dividend of labor allocation. Our empirical analysis shows that there is a downward trend in the efficiency dividend of labor allocation in China which even decays prior to the quantitative dividend of labor force. The inflection point of “non-significant” appeared to occur in 2006. Interregional labor mobility promotes the release of labor allocation efficiency dividend at the one percent significant level, and the increased labor mobility has had an acceleration effect. The heterogeneity test suggests that in the area with greater elasticity of labor price supply or higher marginal production capacity of labor force, increased labor inflow would promote the release of labor allocation efficiency dividend.

Keywords: Demographic Dividend, Labor Mobility, Labor Allocation Efficiency, Total Factor Productivity

摘要： 经济高质量发展下的新时代，中国人口红利需要从劳动力数量红利向劳动力配置效率红利转型，合理引导区域间劳动力流动是释放劳动力配置效率红利的关键。通过构建一个两地区均衡模型，揭示出区域间劳动力流动对促进全要素生产率增长，进而释放劳动力配置效率红利的理论机制。实证检验发现：（1）中国劳动力配置效率红利呈现逐年下降趋势，2006年就出现“不显著”拐点，且先于劳动力数量红利衰减；（2）区域间劳动力流动在1%的显著水平上促进劳动力配置效率红利释放，随着劳动力流动增强，其带来的促进效应更加明显；（3）从异质性检验发现，劳动力价格供给弹性越高或劳动力边际生产能力越高的地区，流入劳动力越多将越能促进劳动力配置效率红利释放。

关键词: 人口红利, 劳动力流动, 劳动力配置效率, 全要素生产率