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.

目錄
第一章	緒論-----------------------------------------1
第一節	研究動機與目的--------------------------------1
第二節	研究架構-------------------------------------2

第二章	文獻回顧-------------------------------------3
第一節	 金融整合對經濟成長的影響----------------------3
第二節	 金融自由化對出口的影響------------------------5

第三章	研究方法、樣本選取與變數定義--------------------8
第一節	研究方法--------------------------------------8
第二節	樣本選取-------------------------------------10
第三節	變數定義及資料來源----------------------------11

第四章	 實證結果與分析-------------------------------27
第一節 主要結果---------------------------------------27
第二節 穩健性檢測-------------------------------------29

第五章  結論與建議------------------------------------48

參考文獻---------------------------------------------51


                            圖表目錄
圖3-1   各國資產外債比---------------------------------17
圖3-2   各國外債比-------------------------------------18
圖3-3   各國對外凈資產比--------------------------------19
表3-1   變數定義表─跨國家別且跨產業別資料----------------20
表3-2   變數定義表─跨產業別資料-------------------------21
表3-3   跨產業別的相關統計數據--------------------------22
表3-4   變數定義表─跨國家別資料-------------------------23
表3-5   跨國家別的相關統計數據--------------------------25
表4-1   主要結果--------------------------------------41
表4-2   替換應變數------------------------------------42
表4-3   改變一國之金融整合程度指標的衡量-----------------43
表4-4   使用不同的產業對外融資指標----------------------44
表4-5   加入其他總體經濟狀況的考量----------------------45
表4-6   加入不同國家發展程度的考量----------------------46
表4-7   去除離均5國的迴歸實證--------------------------47

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