本論文使用世界銀行在2006年及2010年於六個拉丁美洲國家進行的企業調查所得之一組全新數據，重新在公司層面審視「金融發展--(公司)增長」的連結關係，發現即使控制了宏觀經濟的改變以及利用固定效應之縱橫計量模型進行估算，金融發展對公司銷售以及勞工生產力都有顯著的正面效果，支持以往相關的公司層面研究。 / 然而，與過往的公司層面研究不同，金融發展對比較大型公司的正面影響，相對小型公司之影響為大。這結果與較近期的研究指在新興市場中，金融發展會不成比例地刺激本來因政治或其他因素與金融體系比較密切的公司相符。未來研究應注重這些市場的獨特性以求更透徹地了解箇中機制。 / This thesis revisits the finance-growth nexus at the firm level. Using a new dataset based on the World Bank Enterprise Survey conducted in 2006 and 2010 covering six Latin American countries, financial development is found to have a positive effect on both the level of firm sales and labor productivity, after controlling for other macroeconomic changes and unobserved firm-specific effects in a panel-data estimation, reinforcing previous similar studies at the firm level, which relied only on cross-sectional data. / However, in contrast to earlier firm level cross-sectional researches, it is discovered that financial development exerts a greater positive effect on larger firms relative to smaller ones. This is consistent with more recent studies that finance disproportionately spurs growth of firms that are originally more connected to the financial system for political or other reasons in the context of emerging markets. Future researches should point to the uniqueness of these markets to understand more thoroughly the mechanism behind. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Tsang, Wai Him. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2012. / Includes bibliographical references (leaves 69-72). / Abstracts also in Chinese. / Abstract --- p.ii / 擇要 --- p.iii / Acknowledgements --- p.iv / Table of Contents --- p.v / Chapter 1 --- Introduction --- p.1 / Chapter 2 --- Motivation --- p.6 / Chapter 2.1 --- Revisiting the finance-growth connection at the firm-level with a new dataset --- p.13 / Chapter 2.2 --- The distributional effects associated with financial development --- p.18 / Chapter 3 --- Data Set and Methodology --- p.25 / Chapter 3.1 --- The Data --- p.25 / Chapter 3.2 --- Specifications --- p.28 / Chapter 4 --- Results --- p.32 / Chapter 4.1 --- Baseline Regressions --- p.32 / Chapter 4.2 --- Robustness Check by Splitting Samples --- p.37 / Chapter 5 --- Conclusions --- p.40 / Chapter 6 --- Figures and Tables --- p.42 / Chapter 7 --- References --- p.69
| Identifer | oai:union.ndltd.org:cuhk.edu.hk/oai:cuhk-dr:cuhk_328653 |
| Date | January 2012 |
| Contributors | Tsang, Wai Him., Chinese University of Hong Kong Graduate School. Division of Economics. |
| Source Sets | The Chinese University of Hong Kong |
| Language | English, Chinese |
| Detected Language | English |
| Type | Text, bibliography |
| Format | electronic resource, electronic resource, remote, 1 online resource (v, 72 leaves) : ill. (some col.) |
| Coverage | Latin America, Latin America |
| Rights | Use of this resource is governed by the terms and conditions of the Creative Commons “Attribution-NonCommercial-NoDerivatives 4.0 International” License (http://creativecommons.org/licenses/by-nc-nd/4.0/) |
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