從發展中國家的實證文獻所發現的一個普遍現象是：大廠比小廠較易 自銀行體系取得融資，而且其平均貸款利率也比小廠低。我們以一般均衡的理論 模型，分析這種歧視小規模廠商的資本市場扭曲程度，對要素密集度、要素價格、 產出結構與貿易型態之影響。我們的主要發現是資本市場扭曲程度的擴大，會造 成小廠與大廠資本勞動比的下跌、工資率降低、資本報酬提高，勞力密集品的產 出和出口將增加。換言之，一般開發中國家，以低利率優惠大廠來促進資本密集 生產技術的政策，非但不能發揮作用，卻極可能產生適得其反的效果。
This paper examines the effects of firm-size-specific distortion in capital market on factor intensity, factor price, commodity composition, and trade patterns of an economy. A distortion favoring high capital-labor ratio big firms tends to lower the capital-labor ratios for both small and big firms due to the capital allocation inefficiency caused by the distortion. The distortion also reduces the wage rate and raises the return to capital. More of labor-intensive goods will be produced and exported. Our results suggest that the commonly observed policy to encourage more capital intensive production by granting lower interest rates to the high capital-labor ratio large firms will end up with the opposite result. In order to encourage the production of more capital-intensive goods and/or the adopting of more capital- intensive technology, a better policy is to reduce the interest rate discrepancy among large and small firms.
關聯:
Proceedings of the National Science Council 10:1 民89.01 頁106-115
