本研究利用台灣地區特用化工產業15家廠商的縱橫資料探討1992年至2000年間國際資本移入對台灣地區特用化工產業產出水準的影響。實證估計以各廠商的股權、短期負債、長期負債及其他負債四個變數作為控制變數，並以外人來台直接投資、外人來台股權投資、外人來台債權投資及銀行引進國外短期國外融通分別代表四種不同的外在環境改變，用以估計不同國際化發展對廠商產出水準的影響。 實證估計結果顯示，台灣地區特用化工產業屬資本密集與技術密集產業，對長期資金依賴性高，對短期資金依賴性較低。當外在環境發展有利於長期資金移動時，其對特用化工產業的產出影響並不顯著，而外在環境發展有利於短期資本移動時，該產業受到顯著的中度影響。此外，資本外流的負面影響與資本流入的影響程度，大致相同。 This thesis explores the effects of globalization on the production level of 15 special chemistry firms in Taiwan during the period between 1992 and 2000. Using firm level equities, long term liabilities, short term liabilities and other liabilities as control variables, we estimate the effects of four types of capital inflows representing the changes in external environments toward globalization on the production level. Empirical estimations have shown that the special chemistry industry can be categorized as a capital intensive industry relying heavily on long term accommodations and not so much on short term accommodations. Developments in the external environment that is in favor of long run investment does not affect on the production of this industry while external change in environment that is in favor of short run investment plays moderate effects on the production. Furthermore, the adverse effects of capital outflows and the favorable effects of capital inflows are symmetric.
