本論文探討金融整合如何影響實質經濟活動，提出「國際金融整合有利對外融資依賴程度高的產業之出口」的假說。利用Rajan and Zingales (1998)文章中所發表的模型，使用跨國家別-跨產業別1989年到2004年期間的資料，驗證一國金融整合程度與該國產業出口之間的因果關係、影響程度以及其所代表的經濟意義。研究結果顯示一國金融整合程度對於外部融資依賴程度高之產業的出口競爭力有顯著的正面影響，並且金融整合的貿易差異效果結果為: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5.4%到9.8%之間。我們也進一步透過多項穩健性檢測來檢證主要結果的穩健性，發現結果都相當一致，並且驗證在不同的國家發展程度下，一國金融整合程度對於外部融資依賴程度高產業的出口競爭力的影響程度會因此有所不同。 This paper investigates the hypothesis that international financial integration benefits the exports of industries that rely more on external finance. Using the model proposed by Rajan and Zingales (1998) to a cross-country, cross-industry data, this study verifies the causal relationship between international financial integration and industrial exports. The results of this study show that financial integration exerts a significant positive impact on the exports of industries with higher external financial dependence. 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 5.4% to 9.8% 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 main finding also passes a battery of robustness checks. Finally, we also show that the impact of international financial integration on industrial exports with different degrees of external financial reliance may depend on the stage of economic development.
