长短期融资对产业选择的影响:中国台湾和韩国的比较

The Influence of Short and Long-Term Financing on Industrial Selection:Comparison between Taiwan and South Korea

20世纪70年代,中国台湾和韩国均实行"重化工业化(HCI Drive)"政策,台湾的效果不明显,韩国却取得了成功。本文通过考察两经济体在该时期制造业内部产业结构的变化,并比较台湾与韩国企业融资期限的差异,解释了台湾与韩国实行"重化工业化"结果的不同。我们认为,两经济体中政府对金融资源分配的干预角色以及企业规模的差异,影响了企业的融资决策,从而影响了整个经济对产业的选择。

In the 1970s,Taiwan and South Korea both launched HCI(heavy and chemical industrialization) Drive,but only South Korea succeeded.The article examines the internal changes in industrial structures of these two economic entities during this period,compares the difference in financing terms between Taiwan and South Korea,and explained the different results of HCI Drive in these two places.Our findings conclude that the difference between these two economic entities in government's intervention in financial resources allocation and scale of enterprises affect the financing decision-making of enterprises,and affect the industrial selection of the whole economy.