本研究利用Rajan and Zingales(1998)的模型重新檢驗「國際金融整合有利對外融資依賴程度高的產業之出口」假說。利用1989-2004年間跨國-跨產業的資料,本研究的結果驗證一國之金融整合程度越高,對其對外融資依賴程度高的產業之出口競爭力越有利。而根據我們的估計結果所顯示的貿易差異效果為:高外部融資程度(第75分位)的產業在高金融整合程度(第75分位)的國家會比低外部融資程度(第25分位)的產業位於低金融整合程度(第25分位)的國家,出口貿易效果多出7.1%到11.1%之間。而這個主要結果也通過多項穩健性檢測。此外,我們進一步的實證結果也顯示在開發中國家或是機構品質較低的國家,金融整合程度對於產業的出口競爭力的影響會比已開發國家或是機構品質較高的國家要來的低。
In this study, I re-investigate the hypothesis that
countries with a higher degree of financial integration
will have a comparative advantage in the exports of those industries that rely more on external financing. For that research purpose, I apply the difference-in-difference approach pioneered by Rajan and Zingales (1998) to a crosscountry cross-industry dataset. The outcome of this research shows that, over the 1989-2004 period, financial integration benefits the exports of those industries that rely more on external finance. More specifically, the results of the OLS estimation indicate that there exists a difference in the gains in terms of the export share lying in a range from 7.1% to 11.1% between the industry at the 75th percentile and the 25th percentile of external finance in a country with a degree of financial integration at the
75th percentile compared with a country at the 25th
percentile. This finding is robust to a series of
sensitivity analyses. Furthermore, this study also shows
that the impact of financial integration on the exports of industries with different degrees of external financial reliance may depend on a country’s stage of economic development and the quality of its economic and political institutions.