• 作者： 黃登興；黃瑞萌
• 作者服務機構： Institute of Economics, Academia Sinica Taipei, Taiwan, R.O.C.
• 中文摘要： This paper examines the effects of firm-size-specific distortion in capital market on factor intensity, factor price, commodity composition, and trade patterns of an economy. A distortion favoring high capital-labor ratio big firms tends to lower the capital-labor ratios for both small and big firms due to the capital allocation inefficiency caused by the distortion. The distortion also reduces the wage rate and raises the return to capital. More of labor-intensive goods will be produced and exported. Our results suggest that the commonly observed policy to encourage more capital intensive production by granting lower interest rates to the high capital-labor ratio large firms will end up with the opposite result. In order to encourage the production of more capital-intensive goods and/or the adopting of more capital-intensive technology, a better policy is to reduce the interest rate discrepancy among large and small firms.
• 英文摘要： 從發展中國家的實證文獻所發現的一個普遍現象是：大廠比小廠較易自銀行體系取得融資，而且其平均貸款利率也比小廠低。我們以一般均衡的理論模型，分析這種歧視小規模廠商的資本市場扭曲程度，對要素密集度、要素價格、產出結構與貿易型態之影響。我們的主要發現是資本市場扭曲程度的擴大，會造成小廠與大廠資本勞動比的下跌、工資率降低、資本報酬提高，勞力密集品的產出和出口將增加。換言之，一般開發中國家，以低利率優惠大廠來促進資本密集生產技術的政策，非但不能發揮作用，卻極可能產生適得其反的效果。
• 中文關鍵字： capital market distortion; financial dualism; big firms; small- and medium-sized firms; pattern of trade
• 英文關鍵字： 廠商規模歧視；金融雙元性；大規模廠商；中小規模廠商