台灣的資訊電子工業從2000年後開始蓬勃發展，尤其是新冠肺炎疫情後，半導體產業出口更是成長快速，引發國人對於台灣是否存在荷蘭病現象的疑慮。本文以2008至2023年資料觀察台灣非農產業經濟結構變化，並計量分析資訊電子工業擴張對非農產業的影響。我們將產業分為工業細項產業、服務業細項產業，一共17種產業，產出占比為被解釋變數，資訊電子工業毛利率對各產業毛利率的比率、受僱人數占比、固定投資佔比為解釋變數，以共整合分析、向量誤差修正模型，探討產出占比與毛利率比率之間的長、短期關係。
共整合分析結果顯示，製造業的毛利率估計係數不是顯著為正就是不顯著，就製造業而言，我國製造業不存在荷蘭病現象。服務業中，毛利率估計係數顯著為負的有運輸及倉儲業、金融及保險業、支援服務業，其中運輸及倉儲業、金融及保險業的受僱人數占比與固定投資占比皆呈現下滑，因此就全非農產業而言，我國服務業存在荷蘭病現象。向量誤差修正模型估計結果顯示，當產出占比偏離長期均衡值時，民生工業、營建工程業、支援服務業、及藝術娛樂及休閒服務業的產出占比會向毛利率比率等解釋變數所決定的長期均衡值收斂。

The information and electronics industry in Taiwan began to flourish after 2000, especially following the COVID-19 pandemic, with rapid growth in semiconductor exports. This has led to concerns among the public about whether Taiwan is experiencing the phenomenon of Dutch Disease. This study examines changes in Taiwan’s non-agricultural economic structure from 2008 to 2023, focusing on the impact of the information electronics industry’s expansion. The analysis covers 17 industries, dividing them into detailed industrial and service sectors. The output share is the dependent variable, while the gross margin ratio of the information electronics industry, employment share, and fixed investment share are explanatory variables. Using cointegration analysis and vector error correction models (VECM), the study explores the long-term and short-term relationships between the output share and the gross margin ratio.
The cointegration analysis results indicate that for the manufacturing sector, the estimated coefficients of the gross margin ratio are either significantly positive or not significant, suggesting that Taiwan’s manufacturing sector does not exhibit Dutch Disease. In the service sector, significantly negative coefficients are found in the transportation and storage, financial and insurance, and support service sectors. Both employment and fixed investment shares show a declining trend in these sectors, indicating that Taiwan’s service sector exhibits Dutch Disease symptoms. The VECM results show that when the output share deviates from its long-term equilibrium value, the output shares of the consumer goods, construction, support service, and arts, entertainment, and recreation services industries converges towards the long-run equilibrium value determined by the gross margin ratio and other explanatory variables.

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