本文利用臺灣地區自1981至2005年25年的期間的季資料，對代表金融深化程度的二種變數進行迴歸分析。實證估計結果顯示，國際資本移動對臺灣地區金融深化的影響，主要來自債權投資項目。此結果尚稱合理，然而，其影響於落後二季後轉為負向，顯示金融開放後外資取代了國內金融機構的融資活動，對國內金融發展顯有不利的影響，此點亦可能係統計誤差所產生，但仍不失為一種警訊。 This article uses seasonal data from Taiwan for the period between 1981 and 2005 to estimate the effects of opening capital account in the balance of payment on the two definitions of financial deepening. Our estimation have shown that the major effects of opening international capital movements came from the item of debt securities investment. The estimated results can be considered reasonable, however, the not significant positive effects turned into significantly negative after two seasons implies that opening capital had repalced domestic financing, which is considered adverse to the domestic financial development. The result might be due to the measurement errors though, it is still provides an important warnning.
