有別於赫克歇爾-奧林模型(Heckscher-Ohlin Model)(HO)強調資本流動和貿易之間具有替代性，Antra ̀s and Caballero (2009)發現，金融發展程度的差異是決定比較利益的關鍵因素，同時，可以影響資本的流動，對金融發展較不完善的國家南國來說，貿易和一般資本(rentier capital)流動具有互補性質(complement-
tarity)。南國開放自由貿易後，資本會由金融發展程度較高的北國流入金融發展程度較低的南國，進而消除兩國要素價格的差距，形成要素價格均等化。

本文奠基於Antra ̀s and Caballero (2009)的架構，進一步探討企業家資本(e-
ntrepreneurial capital)的流動效果。本文發現在允許企業家資本流動之下、以及在允許雙重資本流動之下，企業家資本會全數移出，使南國專業化生產出口財。兩種情況不同之處在於，前者造成南北兩國要素價格的差距拉大；後者則相反，形成要素價格均等。此外，本文亦進行效用分析，從而歸納出一個簡單的準則：若政策制定者意欲提升民眾的工資率與效用，則應該同時開放自由貿易及允許雙重資本流動，如此能夠極大化工資率以及效用。

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