本文採討一小型國家的企業家資本與一般資本的流肉。我們發現貿易摩擦增強 會使一般資本流出，但是這兩種資本流向相反。因此， 無法斷言淨資本流入與貿 易整合的關係是為互補或替代。同時，是否能以貿易自由化來解決全球國際收支 失衡亦值得再研究。另外， 我們發現此小型國家的資本流動型態會影響其勞工和 資本家的相對所得，其具金融摩擦的生產部門可能會因為資本流出而消失。

We incorporate entrepreneur capital mobility into the model of Antras and Caballero (2009) and find that for a small country; different types of capitend to migrate in opposite directions, which ma』ces the question of whether trade integration and net capital inow are complements or substi protectionism is an improper response to global imbalance as claimed by AC deserves further investigation. In addition, we find that the mode of capital mobility impacts the relative incomes of workers and capitalis， and reaten the existence of the small country's financiallyconstrained production sector.