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研究生:鄭智陽
研究生(外文):Chih-Yang Cheng
論文名稱:金融發展的影響: 總體與個體的角度
論文名稱(外文):The Impact of Financial Development: Macro and Micro Perspective
指導教授:張世賢張世賢引用關係
指導教授(外文):JHANG,SHIH-SIAN
學位類別:博士
校院名稱:國立中山大學
系所名稱:財務管理學系研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2021
畢業學年度:109
語文別:英文
論文頁數:118
中文關鍵詞:金融發展增長信息通信技術傳播貿易信貸廣義動差估計法
外文關鍵詞:Financial developmentGrowthICT diffusionTrade creditGeneralized Method of Moments
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本文的目的主要是從總體和個體的角度探討金融發展(FDV)的影響。 針對總體的議題,我們對金融發展與經濟增長(EG)之間以及信息通信技術(ICT)與經濟增長之間的關係進行了新的闡述。除此之外,我們研究了 ICT 和金融發展的交互作用對經濟增長的影響。為了捕捉金融發展對經濟增長更全面的影響,我們採用主成分分析建立了金融發展的廣義指數。資料部分使用 2000年至2017年72個國家/地區的面板數據,且應用動態廣義動差估計法估計後的實證結果可以歸納如下:首先,在金融發展水平高的國家中金融發展對經濟增長有正向影響,而對金融發展水平低的國家則相反。其次,ICT 傳播可以促進高收入國家的經濟增長,但結果僅在非高收入國家得到部分支持。最後,ICT和金融發展的交互作用可以減少高收入國家金融發展對經濟增長的不利影響,但網路安全伺服器在非高收入國家的影響不顯著。
針對公司層面的問題,本文側重於金融發展與貿易信貸 (TC) 之間以及貿易信貸與公司增長(CG)之間的關係。我們使用了 1990 年至 2017 年的 COMPUTSTAT 和全球金融發展數據庫 (GFDD) 以及各種測量方法。實證結果表明,金融發展始終不利於貿易信貸。除此之外,我們進一步發現貿易信貸會阻礙公司增長,但這種影響對於 FDV 水平較低的國家並不顯著。
The purpose of this article mainly explores the impact of financial development (FDV) between the macro and the micro perspective. In response to macro issues, we shed new light on the relationship between FDV and economic growth (EG) and between Information and Communication Technology (ICT) and EG. Also, we investigate the joint effect of ICT and FDV on EG. To catch the general impact of FDV on economic growth, we have set up a broad index of FDV employing principal component analysis. This paper use panel data from 72 countries/regions over the period 2000 to 2017. We apply the dynamic Generalized Method of Moments and summarize it as follows: First, FDV has a positive impact on EG of countries with high levels of FDV; while FDV has a negative effect on that of countries with low levels of FDV. Second, ICT diffusion can improve economic growth in high-income countries, but the results are only partial supported in the non-high-income countries. Finally, the interaction effects of ICT and FDV can reduce the unfavorable impact of FDV on EG in high-income countries, but the impact of internet servers secure is insignificant in non-high-income countries.
In response to firm-level issues, this paper focuses on the relationship between FDV and trade credit (TC) and between trade credit and company growth (CG). We use COMPUTSTAT and Global Financial Development Database from 1990 to 2017 and various measurement methods. The empirical results show that FDV is always unfavorable for trade credit. We further found that trade credit will hinder CG, but this impact is not significant for countries with low levels of FDV.
論文審定書...................................................................................... i
誌謝.................................................................................................. ii
摘要...................................................................................................iii
ABSTRACT......................................................................................... iv
TABLE OF CONTENTS....................................................................... v
LIST OF TABLES................................................................................vii
1. INTRODUCTION............................................................................ 1
1.1 FDV FROM THE MACRO PERSPECTIVE....................................... 1
1.2 FINANCIAL DEVELOPMENT FROM THE FIRM-LEVEL PERSPECTIVE.................................................................................... 7
2. LITERATURE REVIEW.................................................................... 11
2.1 FINANCIAL DEVELOPMENT STATUS ......................................... 11
2.1.1 The linkage between financial development on corporate growth ............................................................................................. 11
2.1.2 The linkage between financial development on foreign direct investment.......................................................................................12
2.2 INFORMATION AND COMMUNICATION TECHNOLOGY (ICT).....14
2.3 ECONOMIC GROWTH (EG)..........................................................16
2.3.1 Trade and economic growth...................................................17
2.3.2 Financial development and economic growth......................18
2.3.3 Inflation and economic growth..............................................18
2.4 TRADE CREDIT (TC).....................................................................19
2.4.1 The role of TC...........................................................................19
2.4.2 Financial effect........................................................................21
2.4.3 Operational effect...................................................................23
2.4.4 Signal effect.............................................................................28
2.5 FIRM GROWTH............................................................................28
3. HYPOTHESES................................................................................30
3.1 THE FDV– ECONOMIC GROWTH NEXUS.....................................30
3.2 THE ICT DIFFUSION-ECONOMIC GROWTH NEXUS....................33
3.3 THE JOINT EFFECT OF ICT AND FDV ON EG..............................35
3.4 THE RELATIONSHIP BETWEEN FDV AND TC..............................37
3.5 THE RELATIONSHIP BETWEEN TC AND CG................................40
4. DATA AND METHODOLOGY...........................................................43
4.1 DATA............................................................................................43
4.2. MODEL VARIABLES MEASURES ................................................44
4.2.1. Macro level.............................................................................44
4.2.2 Firm-level................................................................................48
4.3 Methodology..............................................................................55
5. EMPIRICAL RESULT.......................................................................59
5.1. SUMMARY STATISTICS AND CORRELATION TABLES................59
5.1.1 Macro level..............................................................................59
5.1.2 Firm level.................................................................................61
5.2. THE EFFECTS OF FDV AND EG...................................................63
5.3. THE EFFECTS OF ICT AND EG....................................................66
5.4. THE INTERACTION EFFECT OF ICT AND FDV ON EG ................69
5.5 THE ROLE OF FDV ON TC........................................................... 72
5.5.1 Results of OLS and fixed effects models................................72
5.5.2 The New-West estimation method results of different FDV ..........................................................................................................77
5.6 THE IMPACT OF TC ON CG..........................................................78
5.7 TC AND CG WITH DIFFERENT REGIONS.....................................79
5.7.1 The estimating results in the European and American countries...........................................................................................81
5.7.2 The estimating results in the NEAC........................................83
6. CONTRIBUTIONS AND CONCLUSIONS........................................85
6.1 THEORETICAL CONTRIBUTIONS...............................................85
6.1.1 Macro perspective..................................................................85
6.1.2 Micro perspective...................................................................86
6.2 MANAGERIAL IMPLICATIONS.....................................................88
6.3 CONCLUSION.............................................................................89
6.4 LIMITATION AND FUTURE RESEARCH.......................................90
Reference.........................................................................................92 APPENDIX.......................................................................................109
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