本研究依據Hu(1998)的理論模型來探討證券市場的存在對所得分配的影響，並且以跨國橫斷面迴歸方式進行實證分析，利用Deininger and Squire(1996)所整理的吉尼係數資料，探討五十二國1986-1990年間的平均股市發展、資本市場完全程度與所得分配之間的關係；此外，我們也對Kuzents的倒U型假設進行驗證，以分析不同經濟發展程度與所得分配之間的關係；最後，本研究進一步探討先進工業化與開發中子樣本群中，股票市場對所得分配的影響是否不同。

模型推導的結論為股市的存在並不會使所得分配惡化，產生惡化效果的原因是因為資本市場的不完全性，使窮人受限於借貸限制與賣空限制，無法取得公平的投資機會；而投資人對股市看法的分歧也是造成所得分配惡化的原因。實證分析的結果與理論模型之結論一致，也就是股市的發展並不會惡化所得分配，甚至有益於所得分配，而資本市場限制愈大的國家其所得分配愈為惡化；Kuzents的倒U型假設也獲得了支持。股市的發展程度與資本市場的完全性對開發中國家的所得分配有顯著的影響，然而這種效果在先進工業化國家中並不明顯；而教育對先進國家之所得分配有顯著影響力，對開發中國家則無。本研究的結果隱含著政府除了消除貧窮與實行所得重分配政策外，更應致力於健全資本市場，將市場的不完全性降到最低，讓市場上的資訊充分流通，使每個投資人都能得到公平的投資機會，如此便可改善所得分配。

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馬信行 (民77)，國家發展指標之探索—以教育與經濟發展為主，國立政治大學學報，Vol. 58, pp. 229-272.
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