本研究以空間引力模型為應用，探討影響全球金融及保險服務業的服務貿易出口因素。資料採用世界銀行 (The World Bank) 及國際貿易中心 (International Trade Centre, ITC) 自2005年到2013年的縱橫資料。解釋變數包含人均GDP、距離、貨物貿易出口總額、外人直接投資額、服務業就業人口比率、市場潛力、實質匯率、顯示性比較優勢指數、經濟自由指標和電子化整備度，以及虛擬變數的自由貿易協定和金融海嘯。同時，本研究利用BP-LM Test、Hausman Test及Over-Identification Test of Hausman Taylor Model (HTM) 篩選適切的實證模型。
實證結果顯示，金融及保險服務業出口均存在夥伴國市場效應，而金融服務業亦存在母國市場效應且較夥伴國市場效應強1.52倍。地理距離仍是保險服務業貿易出口的障礙。對於金融服務業而言，貨物貿易出口額存在負面的外部影響，表示貨物貿易的出口成長可能會壓縮到金融服務業的貿易空間；但保險服務業則存在正面的外部影響，表示貨物與保險服務業間出口貿易是相輔相成的。在金融及保險服務業顯示服務業就業環境越完善，亦會提升整體貿易出口的表現。貶值政策是能夠帶動金融服務業貿易的出口成長，但其效果仍有限。針對經濟自由環境而言，金融服務業伴隨著貿易障礙的減少，能夠顯著地提升貿易出口；但保險服務業則反映越自由的貿易環境隱含更為競爭的保險市場，將不利帶動保險服務業的出口。然而，金融及保險服務業貿易出口的成長均是仰賴出口國本身產業內顯示性比較優勢的多寡而定，而電子化設備整備度對於保險服務貿易業的貿易國雙方更是影響的關鍵因素。此外，值得注意的是金融服務貿易國雙方簽訂自由貿易協定尚無法有效地強化貿易關係，因目前國際間所洽簽的自由貿易協定多半仍涵蓋貨物貿易或其他服務性質的貿易，較難針對金融服務業實質強化其發展。另外，發生於2008年的金融海嘯事件對於全球金融服務業出口貿易造成負面影響。

This study investigates the determinants of exports of financial and insurance services by utilizing an augmented gravity model with 37 major exporting countries from 2005 to 2013. The empirical results of the Hausman-Taylor Model (HTM) are summarized as follows.
First, the per capita GDP of the host country is the most important determinant of the exports of financial and insurance services. Secondly, the geographical distance has a significantly negative impact on the exports of insurance services. Third, exports of goods have difference impacts on financial and insurance services. In particular, financial services have a strong negative external effect; insurance services have an obviously positive externality effect. Fourth, the mature development of employment in services is beneficial to the exports of both financial and insurance services. Fifth, the depreciation of the real exchange rate encourages export trade of financial services between the home and host countries, but it cannot effectively enhance the growth of exports. Sixth, the revealed comparative advantage (RCA) of the home country has a significantly positive influence on both financial and insurance services. Seventh, reduced trade restrictions are beneficial to the exports of the financial services of the home country. Eighth, the e-Readiness indexes of both of the home and host countries significantly affect the export trade in insurance services. Finally, the dummies also reveal that the free trade agreement (FTA) discourages exports of financial services with trading partners, because services trade and goods trade are complements in many ways. In addition, the global financial crisis, which occurred in 2008, seems to have negatively affected exports of financial services around the world.

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