本論文包含三篇文章，探討制度規則如何影響異質廠商與借款人之間的資本配置，以及由此產生的資本錯置。三篇文章以銀行、租賃商與資本使用者之間的關係為共同架構。銀行提供資金，租賃商提供資本服務，廠商或借款人將資本用於生產。三篇文章分別探討租賃公司的監理方式、耐久財的所有權結構，以及擔保授信中的放款成數規則。共同問題是，規則與契約選擇可能將資本在異質資本使用者之間重新配置。當規則或契約所依據的分類未能反映與產出相關的異質性時，這種重新配置可能降低社會福利。
第一篇〈租賃業監理與資本錯置〉研究銀行對租賃公司曝險採用單一監理風險權數是否會在不同類型的租賃商之間造成資本錯置。生產性租賃商向下游廠商提供資本服務，這些服務投入下游廠商的生產並影響最終產出。消費性租賃商則向家戶提供消費性租賃服務，這些服務進入家戶效用。本文顯示，以差異化風險權數取代單一風險權數，會將資本重新配置至生產性租賃商，並提升總產出與社會福利。
第二篇〈購置或租賃耐久財：成本結構、錯置與福利〉研究耐久財的所有權結構如何影響景氣衰退期間的資本使用率。本文顯示，需求下降時，自有比重較高的飛機機型，其飛行服務流量下降幅度較大。這種所有權結構可能在廠商內部產生資本錯置。
第三篇〈依擔保品品質差異化之放款成數、銀行損失與社會福利〉研究以擔保品為基礎的放款成數規則。本文顯示，當借款人在生產力與擔保品品質兩個面向皆具有異質性時，使銀行的期望損失最小化的授信規則可能降低產出與社會福利。

This dissertation contains three essays on institutional rules, heterogeneous firms and borrowers, and capital misallocation. The essays study capital allocation through the relationships among banks, lessors, and capital users. Banks provide funding, lessors provide capital services, and firms or borrowers use capital in production. The three essays examine the supervisory treatment of leasing companies, the ownership structure of durable assets, and the loan-to-value rules used in collateralized lending. The common issue is that rules and contractual choices may reallocate capital across heterogeneous capital users. When the relevant classifications do not match the heterogeneity that determines output, the resulting allocation may reduce social welfare.
The first essay, ``Regulation and Capital Misallocation in Leasing,'' studies whether applying a uniform supervisory risk weight to banks' exposures to leasing companies generates capital misallocation across lessor types. Productive lessors provide capital services to downstream firms. These services enter firms' production and therefore affect final output. Consumer lessors provide leasing services to households. These services enter household utility. The essay shows that replacing a uniform risk weight with differentiated risk weights raises aggregate output and social welfare by reallocating capital toward productive lessors.
The second essay, ``Purchasing versus Leasing Durable Assets: Cost Structure, Misallocation, and Welfare,'' studies how the ownership structure of durable assets affects capital utilization during downturns. The essay shows that, when demand falls, aircraft types with higher owned shares experience larger declines in flight-hour service flow. This ownership composition can generate within-firm capital misallocation.
The third essay, ``Quality-Based LTV Differentiation, Bank Loss, and Welfare,'' studies collateral-based loan-to-value rules. The essay shows that, when borrowers differ in both productivity and collateral quality, the lending rule that minimizes expected bank loss may reduce output and social welfare.

Agarwal, Sumit, and Itzhak Ben-David. 2018. “Loan Prospecting and the Loss of Soft Information.” Journal of Financial Economics 129 (3): 608–628. 10.1016/j.jfineco.2018.05.003.
Begenau, Juliane, and Tim Landvoigt. 2022. “Financial Regulation in a Quantitative Model of the Modern Banking System.” The Review of Economic Studies 89 (4): 1748–1784. 10.1093/restud/rdab088.
Behn, Markus, Rainer Haselmann, and Paul Wachtel. 2016. “Procyclical Capital Regulation and Lending.” The Journal of Finance 71 (2): 919–956. 10.1111/jofi.12368.
Berg, Tobias, Manju Puri, and Jörg Rocholl. 2020. “Loan Officer Incentives, Internal Rating Models, and Default Rates.” Review of Finance 24 (3): 529–578. 10.1093/rof/rfz018.
Bester, Helmut. 1985. “Screening vs. Rationing in Credit Markets with Imperfect Information.” American Economic Review 75 (4): 850–855.
Buera, Francisco J, Joseph P Kaboski, and Yongseok Shin. 2011. “Finance and Development: A Tale of Two Sectors.” American Economic Review 101 (5): 1964–2002. 10.1257/aer.101.5.1964.
Cameron, A. Colin, Jonah B. Gelbach, and Douglas L. Miller. 2008. “Bootstrap-Based Improvements for Inference with Clustered Errors.” Review of Economics and Statistics 90 (3): 414–427. 10.1162/rest.90.3.414.
Chetty, Raj. 2009. “Sufficient Statistics for Welfare Analysis: A Bridge Between Structural and Reduced-Form Methods.” Annual Review of Economics 1 (1): 451–488. 10.1146/annurev.economics.050708.142910.
Cong, Lin William, Haoyu Gao, Jacopo Ponticelli, and Xiaoguang Yang. 2019. “Credit Allocation Under Economic Stimulus: Evidence from China.” Review of Financial Studies 32 (9): 3412–3460. 10.1093/rfs/hhz008.
Eisfeldt, Andrea L., and Adriano A. Rampini. 2009. “Leasing, Ability to Repossess, and Debt Capacity.” Review of Financial Studies 22 (4): 1621–1657. 10.1093/rfs/hhn026.
Fernald, John G. 2014. “A Quarterly, Utilization-Adjusted Series on Total Factor Productivity.” Federal Reserve Bank of San Francisco, Working Paper Series 01–28. 10.24148/wp2012-19.
Gatt, William. 2024. “Loan-to-value Limits as a Macroprudential Policy Tool: Developments in Theory and Practice.” Journal of Economic Surveys 38 (1): 232–267. 10.1111/joes.12548.
Gavazza, Alessandro. 2011. “Leasing and Secondary Markets: Theory and Evidence from Commercial Aircraft.” Journal of Political Economy 119 (2): 325–377. 10.1086/660730.
Geanakoplos, John. 2010. “The Leverage Cycle.” NBER Macroeconomics Annual 24 (1): 1–66. 10.1086/648285.
Ghatak, Maitreesh, and Dilip Mookherjee. 2025. “Misallocating Misallocation?” Annual Review of Economics 17 (1): 511–538. 10.1146/annurev-economics-091624-051237.
Gorton, Gary, and Guillermo Ordoñez. 2014. “Collateral Crises.” American Economic Review 104 (2): 343–378. 10.1257/aer.104.2.343.
Greenwood, Jeremy, Zvi Hercowitz, and Gregory W. Huffman. 1988. “Investment, Capacity Utilization, and the Real Business Cycle.” American Economic Review 78 (3): 402–417.
Harberger, Arnold C. 1964. “The Measurement of Waste.” American Economic Review 54 (3): 58–76.
Hsieh, Chang-Tai, and Peter J. Klenow. 2009. “Misallocation and Manufacturing TFP in China and India.” Quarterly Journal of Economics 124 (4): 1403–1448. 10.1162/qjec.2009.124.4.1403.
Hu, Weiwei, Kai Li, and Yiming Xu. 2020. “Leasing as a Mitigation Channel of Capital Misallocation.” SSRN Electronic Journal. 10.2139/ssrn.3719658, Revised 2025.
Hu, Weiwei, Kai Li, and Yiming Xu. 2024. “Lease-Adjusted Productivity Measurement.” Journal of Banking & Finance 164 107121. 10.1016/j.jbankfin.2024.107121.
Kiyotaki, Nobuhiro, and John Moore. 1997. “Credit Cycles.” Journal of Political Economy 105 (2): 211–248. 10.1086/262072.
Licandro, Omar, and Luis A. Puch. 2000. “Capital Utilization, Maintenance Costs and the Business Cycle.” Annales d’Économie et de Statistique 58 143–164. 10.2307/20076230.
Moll, Benjamin. 2014. “Productivity Losses from Financial Frictions: Can Self-Financing Undo Capital Misallocation?” American Economic Review 104 (10): 3186–3221. 10.1257/aer.104.10.3186.
Nikiforos, Michalis. 2021. “Notes on the Accumulation and Utilization of Capital: Some Empirical Issues.” Metroeconomica 72 (4): 679–695. 10.1111/meca.12339.
Polo, Alberto, Arthur Taburet, and Quynh-Anh Vo. 2025. “Screening Using a Menu of Contracts: A Structural Model for Lending Markets.” Journal of Financial Economics 169 104056. 10.1016/j.jfineco.2025.104056.
Rampini, Adriano A. 2019. “Financing Durable Assets.” American Economic Review 109 (2): 664–701. 10.1257/aer.20170995.
Rampini, Adriano A., and S. Viswanathan. 2013. “Collateral and Capital Structure.” Journal of Financial Economics 109 (2): 466–492. 10.1016/j.jfineco.2013.03.002.
Restuccia, Diego. 2025. “On Productivity and Distortions across Countries.” NBER Working Paper 34573, National Bureau of Economic Research, Cambridge, MA. 10.3386/w34573.
Roodman, David, Morten Ørregaard Nielsen, James G. MacKinnon, and Matthew D. Webb. 2019. “Fast and Wild: Bootstrap Inference in Stata Using Boottest.” The Stata Journal: Promoting communications on statistics and Stata 19 (1): 4–60. 10.1177/1536867X19830877.
Shapiro, Matthew D. 1986. “Capital Utilization and Capital Accumulation: Theory and Evidence.” Journal of Applied Econometrics 1 (3): 211–234. 10.1002/jae.3950010302.
Shin, Sung-Ho, Paul Tae-Woo Lee, and Sung-Woo Lee. 2019. “Lessons from Bankruptcy of Hanjin Shipping Company in Chartering.” Maritime Policy & Management 46 (2): 136–155. 10.1080/03088839.2018.1543909.
Shleifer, Andrei, and Robert W. Vishny. 1992. “Liquidation Values and Debt Capacity: A Market Equilibrium Approach.” The Journal of Finance 47 (4): 1343–1366. 10.1111/j.1540-6261.1992.tb04661.x.
Stiglitz, Joseph E, and Andrew Weiss. 1981. “Credit Rationing in Markets with Imperfect Information.” American Economic Review 71 (3): 393–410.
Tzioumis, Konstantinos, and Matthew Gee. 2013. “Nonlinear Incentives and Mortgage Officers’ Decisions.” Journal of Financial Economics 107 (2): 436–453. 10.1016/j.jfineco.2012.08.014.
Webb, Matthew D. 2023. “Reworking Wild Bootstrap-based Inference for Clustered Errors.” Canadian Journal of Economics/Revue canadienne d’économique 56 (3): 839–858. 10.1111/caje.12661.