本研究探討中國近年的產業結構革新對科技發展與現存廠商規模的影響。科技是否蓬勃發展則與社會制度保障研發成果有關，而科技發展被視為推動產業技術走向低汙染的推手。中國採用自由經濟制度的同時卻保持獨裁的政治制度，並於近期扶持私有小企業發展，以及給予私人大企業較多限制。研究採用廠商動態模型描繪異質生產力廠商在規模不大時會有更快的發展速度以及借貸補貼，但擴大規模時面對更大的固定成本以及借貸限制。由於每期的利潤限制及未來利潤變動量不同，使不同生產力區段的廠商擁有不同投資決策，進而產生不同的廠商規模大小。程式模擬發現增加廠商借貸扭曲時，選擇退出市場的廠商明顯增多，且不會有廠商選擇擴大規模，使經濟體整體經濟福利下降。而降低廠商借貸扭曲時則會增加擴大廠商的門檻，但會因為研發資源分配使整體經濟福利上升，而兩者皆不會對平均生產力有太明顯的變動。

This research intends to gauge the effects of distorted borrowing constraints on the outcome of research and development (R&D). By focusing on the current two strong hands facts observed in mainland China that many larger businesses are constrained in the borrowing limit while the small sized business are promoted by the loosened borrowing constraint, the effects caused by the two strong hands are discussed in this research. The imposed distorted borrowing constraints would hinder the business to grow further once approaching the size limit to trigger the disadvantageous borrowing conditions. Besides, firms would exit the market with higher chances as more distorted borrowing constraints are imposed. We concluded that the imposed borrowing distortions would result in the loss of welfare due to the staggered firm size and distorted firms' entry and exit events.

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