本文估算了两种不同口径的单位劳动成本,并基于三角模型对中国单位劳动成本与通货膨胀的关系进行了实证检验。研究结果表明,城镇非私营单位的劳动力成本对通胀有显著影响,而私营企业的劳动力成本对通胀没有显著影响。主要原因在于非私营单位特别是国有企业具有一定的市场势力,可以将劳动力成本的提高部分转嫁到产品价格上,从而推动通货膨胀。而私营企业很少具备这种市场势力,使其劳动力成本对通胀影响不显著。因此营造公平公正的市场竞争环境、推动国有企业改革、打破垄断等供给侧改革措施,不仅可以提高经济效率,还可以在一定程度上减轻由于劳动力供给变化带来的通胀压力。 This paper estimates the unit labor costs of two different caliber and empirically tests the relationship between unit labor cost and inflation in China based on the triangular model. The results show that the labor costs of non-private urban units have a significant impact on inflation, while the labor costs of private enterprises have no significant impact on inflation. The main reason is that non-private entities, especially state-owned enterprises, have some market power that can shift the increase in labor costs onto the prices of products so as to promote inflation. However, the private sector seldom possesses such a market power, making its labor costs have no significant effect on inflation. Therefore, creating a fair and equitable market competition environment, promoting state-owned enterprise reform and breaking the supply-side reform measures such as monopoly not only can improve economic efficiency, but also reduce the inflationary pressure caused by the change of labor supply to a certain extent.