本研究以日本製造業 1985 年至 2024 年間的廠商層級資料為研究背景，探討日本製造業在歷經廣場協議、泡沫經濟崩潰、全球金融海嘯等重大外部衝擊與政策轉折後，其人均產出成長來源的結構性演變與資源配置效率的動態變化。為釐清日本製造業長期停滯的內在機制，分析技術進步、要素投入、部門間資源配置效率與市場加成率在不同歷史階段對產出成長的相對貢獻。方法上，結合資源錯置框架與分部門成長會計模型，並透過生產函數法估計產業層級加成率，在不完全
競爭假設下進行反事實模擬與成長率要素拆解。反事實分析顯示，資源配置效率的潛在產出缺口與主要外部衝擊高度吻合，並在金融海嘯期間缺口達到樣本高峰。成長會計結果顯示，泡沫經濟期間成長主要依賴整體要素堆積而非配置效率提升，泡沫破裂後 TFP 長期負貢獻與資本配置效果趨近於零，與殭屍企業阻礙資源重配置的理論高度一致，直至小泉政府推動不良債權處置後方出現 TFP 的明顯反彈。本研究的貢獻在於將靜態資源錯置分析延伸至動態時間維度，在不完全競爭設定下，對日本製造業四十年間的成長來源進行系統性的跨部門分解，提供了有別於既有框架或匯率單一面向解釋的實證方法。

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