金融自由化與投資：臺灣實證研究

10.29629/TEFP.200210.0003

詹維玲

臺灣經濟預測與政策

32卷2期（2002 / 10 / 01）

29 - 59

繁體中文

自1980年代中期以來，政府逐步採取金融自由化及國際化措施。這些措施可透過投資進一步影響總體經濟。本文的目的是從金融自由化能夠減少外部融資與內部融資成本差距的角度，來探討臺灣過去十年來金融自由化對臺灣廠商投資的影響。以Fazzari, Hubbard and Petersen(1988)基本架構，我們利用檢定投資－現金流量敏感度是否隨著金融自由化逐漸降低，來探討金融自由化是否影響投資。我們分別在傳統工業和基礎工業的現金流量和Q估計係數上加上時間趨勢和金融發展指標DEPTH。實證結果強烈支持金融自由化影響傳統工業廠商和基礎工業廠商的投資決策。另一可能解釋是，傳統工業萎縮以致廠商投資需求不振可能會反映在傳統工業廠商投資的現金流量敏感度減少。以上結果極可能表示，技術密集工業的現金流量係數其實反映的比較是未來獲利能力而不是融資限制的大小。由於技術密集工業的前景看好，技術密集工業的融資相對於傳統工業和基礎工業來的容易，故投資的現金流量和Q敏感度一直相當穩定。

1. 王泓仁 Wang, Hung-Jen(1999)。估計臺灣地區個體廠商之Tobin's Q Measuring the Tobin's Q for Taiwanese Manufacturing Firms。經濟論文 Academia Economic Papers，28(2)
   連結：
2. Ahn, Seung C., Schmidt, Peter(1995).Efficient Estimation of Models for Dynamic Panel Data.Econometric Review,14
3. Anderson, T. W., 蕭政 Hsiao, Cheng(1981).Estimation of Dynamic Models with Error Components.Journal of the American Statistical Association,76
4. Arellano, Manuel, Bond, Stephen(1991).Some Test of Specification Panel Data: Monte Carlo Evidence and Application to Employer Equations.Review of Economic Studies,58
5. Arellano, Manuel, Bover, O.(1995).Another Look at the Instrumental Variables Estimation of Error-Component Models.Journal of Econometrics,68
6. Balassa, Bela(1992).Money, Trade, and Competition.Springer-Verlag.
7. Bayoumi, T.(1993).Financial Deregulation and Household Saving.Economic Journal,103
8. Benhabib, Jess, Spiegel, Mark M.(2000).The Role of Financial Development in Growth and Investment.Journal of Economic Growth,5
9. Blundell, Richard, Bond, Stephen, Devereux, Michael, Schiantarelli, Fabio(1992).Investment and Tobin's Q.Journal of Econometrics,51(1- 2)
10. Chirinko, Robert S., Schaller, Huntley(1995).Why Does Liquidity Matter in Investment Equations?.Journal of Money, Credit, and Banking,27
11. Fazzari, Steven M., Hubbard, R. Glenn, Petersen, Bruce C.(1988).Financing Constraints and Corporate Investment.Brookings Papers on Economic Activity,1
12. Fry, Maxwell J.(1988).Money, Interest, and Banking in Economic Development.Baltimore, MD:The Johns Hopkins University Press.
13. Galeotti, Mario, Schiantarelli, Fabio, Jaramillo, Fidel(1994).Investment Decisions and the Role of Debt, Liquid Assets, and Cash Flow: Evidence from Italian Panel Data.Applied Financial Economics,4
14. Gelos, Gaston R., Werner, Alejandro M.(2002).Financial Liberalization, Credit Constraints, and Collateral: Investment in the Mexican Manufacturing Sector.Journal of Development Economics,67
15. Gertler, Mark(1988).Financial Structure and Aggregate Economic Activity: An Overview.Journal of Money Banking and Credit,20
16. Gilchrist, Simon, Himmelberg, Charles P.(1998).NBER Macroeconomics Annual 1998.Cambridge:MIT Press.
17. Gilchrist, Simon, Himmelberg, Charles P.(1995).Evidence on the Role of Cash Flow for Investment.Journal of Monetary Economics,36
18. Guiso, L., Jappelli, T., Terlizzese, D.(1994).Saving and the Accumulation of Wealth: Essays on Italian Household and Government Saving Behavior.Cambridge University Press.
19. Harris, John R., Schiantarelli, Fabio, Siregar, Miranda G.(1994).The Effect of Financial Liberalization on the Capital Structure and Investment Decisions of Indonesian Manufacturing Establishments.The World Bank Economic Review,8
20. Hayashi, F.(1982).Tobin's Marginal q and Average q: A Neoclassical Interpretation.Econometrica,50
21. Hayashi, F.(1986).NBER Macroeconomics Annual 1986.Cambridge:MIT Press.
22. Hayashi, F., Inoue, Tohru(1991).The Relation between Firm Growth and q with Multiple Capital Goods: Theory and Evidence from Panel Data on Japanese Firm.Econometrica,59
23. Horioka, C. Y.(1990).Why is Japan's Household Saving Rate so High? A Literature Survey.Journal of the Japanese and International Economies,4
24. Hoshi, Takeo, Kashyap, Anil, Scharfstein, David(1990).The Role of Bank in Reducing the Cost of Financial Distress in Japan.Journal of Financial Economics,27
25. Hoshi, Takeo, Kashyap, Anil, Scharfstein, David(1991).Corporate Structure, Liquidity, and Investment Evidence: from Japanese Industrial Group.Quarterly Journal of Economics,106
26. Hubbard, R. Glenn(1998).Capital-market Imperfections and Investment.Journal of Economic Literature,36(1)
27. Jappelli, T., Pagano, M.(1994).Saving, Growth, and Liquidity Constraint.Quarterly Journal of Economics,109
28. Jaramillo, Fidel, Schiantarelli, Fabio, Weiss, Andrew(1996).Capital Market Imperfections before and after Financial Liberalization: An Euler Equation Approach to Panel Data for Ecuadorian Firms.Journal of Development Economics,51
29. Kaplan, Steven N., Zingales, Luigi(1997).Do Investment-Cash Flow Sensitivities Provide Useful Measure of Financing Constraints?.Quarterly Journal of Economics,112
30. King, Robert G., Levine, Ross(1993).Finance and Growth: Schumpeter Might be Right.Quarterly Journal of Economics,108
31. King, Robert G., Levine, Ross(1993).Finance, Entrepreneurship, and Growth.Journal of Monetary Economics,32
32. Liu, Liang-Yn, Woo, Wing Thye(1994).Saving Behavior under Imperfect Financial Markets and the Current Account Consequences.Economic Journal,104(2)
33. Makin, John H.(1986).Saving and Capital Formation.Lexington, Massachusetts:D. C. Heath.
34. McKinnon, Ronald I.(1973).Money and Capital in Economic Development.Washington, D. C.:Brookings Institution.
35. Meryer, John R., Kuh, Edwin(1957).The Investment Decision.Cambridge, Mass.:Harvard University Press.
36. Miles, David(1992).Housing Markets, Consumption and Financial Liberalization in the Major Economies.European Economic Review,36
37. Minsky, Hyman(1975).John Maynard Keynes.New York:Columbia University Press.
38. Myers, S. C., Majluf, N. S.(1984).Corporate Financing and Investment Decisions When Firms Have Information that investors Do Not Have.Journal of Financial Economics,13(2)
39. Nickell, Stephen(1981).Biases in Dynamic Models with Fixed Effects.Econometrica,49
40. Oliner, Stephen D., Rudebusch, Glenn D.(1992).Sources of the Financing Hierarchy for Business Investment.Review of Economics and Statistics,74
41. Salinger, Michael A., Summers, Lawrence H.(1983).Behavioral Simulation Methods in Tax Policy Analysis.University Chicago Press.
42. Schaller, H.(1993).Asymmetric Information, Liquidity Constraints and Canadian Investment.Canadian Journal of Economics,26
43. Shaw, E. S.(1973).Financial Deepening in Economic Development.New York:Oxford University Press.
44. Summers, L. H., Carroll, C.(1987).Why is U.S. National Saving so Low?.Brookings Papers on Economic Activity,2
45. Van Ees, Hans, Garretsen, Harry(1994).Liquidity and Business Investment: Evidence from Dutch Panel Data.Journal of Macroeconomics,16
46. 林武郎 Lin, Wuu-Long、 王文生(1997)。台灣近年來儲蓄率下降之探討。當前我國儲蓄問題學術研討會
47. 胡勝正 Hu, Sheng-Cheng, 詹維玲 Chan, Vei-Lin(2001).Age Structure and Aggregate Saving in Taiwan.International Meeting on Age Structure Transitions and Policy Dynamics: The Allocation of Public and Private Resources across Generations,Taipei:
48. 許松根 Hsu, Song-Ken、 陳玉瓏 Chen, Yu-Lung(1989)。獎勵投資條例與固定資本形成。經濟論文叢刊 Taiwan Economic Review，17(1)
49. 葉律言(1991)。臺灣儲蓄函數的再探討。臺灣銀行季刊 Journal of Taiwan Bank，42(4)
50. 詹維玲 Chan, Vei-Lin、 廖孟彥 、 劉完淳 Liu, Wan-Chun(1999)。臺灣的投資、不對稱訊息與流動性限制。1999年總體經濟計量模型研討會

1. 管浥棠、黃志典、管浥棠、黃志典(2014)。發行海外存託憑證可以放寬融資限制嗎？─台灣之實證分析。臺大管理論叢，25(1)，101-128。
2. 劉景中、詹維玲(2006)。金融自由化後台灣銀行的效率及生產力。經濟論文，34(2)，251-300。