The fermion sign plays a dominant role in Fermi liquid theory. However, in Mott insulators, the strong Coulomb interaction suppresses the charge fluctuations and eliminates the fermion signs due to electron permutation. In this article, we first review the phase string theory of the Hubbard model for a bipartite lattice, which unifies the Fermi liquid at weak coupling and the antiferromagnetic Mott insulator at strong coupling. We first derive the exact sign structure of the Hubbard model for an arbitrary Coulomb interaction U. In small U limit, the conventional fermion sign is restored, while at large U limit, it leads to the phase string sign structure of the t-J model. For half filling, we construct an electron fractionalization representation, in which chargons and spinons are coupled to each other via emergent mutual Chern-Simons gauge fields. The corresponding ground state ansatz and low energy effective theory capture the ground state phase diagram of the Hubbard model qualitatively. For weak coupling regime, the Fermi liquid quasiparticle is formed by the bound state of a chargon and a spinon, and the long range phase coherence is determined by the background spin correlation. The Mott transition can be realized either by forming the chargon gap or by condensing the background spinons.