本文使用1981年至2005年25年期間的樣本資料,實證探索國際資本移動經金融深化對經濟成長的影響。結果如下:金融深化對經濟成長的影響呈現正負不一的顯著結果,當期呈現顯著的負向影響,第二季與第三季的影響呈正向,到第四期再變為負向,此顯示金融深化的影響具有短期性,而且一旦發生後,只有持續進行方可有利於經濟成長;開放國際資本移動對台灣經濟成長的貢獻,主要來自開放債權投資,而其影響效果於落後三季方告顯著。而本研究發現開放股權投資、外人來台股權投資與外人來台債權投資無法對台灣經濟成長產生顯著影響。 This article empirically examines the effects of international capital movements and financial depth on the economic growth in Taiwan using seasonal data covering the period from 1981 to 2005. Our estimation have shown that financial depth does not lead to stable effects on the economic growth. It affected the economy negatively in the first season immediately after the shock, positively for the next two seasons and turned negative in the fourth season, implying that a continuous deepening is required for persistent economic growth. The major contribution of opening international capital account to Taiwan’s economic growth arises from the opening of debt securities investment. In addition, allowing for equity investment by foreigners does not generate significant effect on Taiwan’s economic growth.