表 1 主要企業の資金調達

表1
主要企業の資金調達
（%）
年度
内部資金 株（増資） 他人資本
短期借入金
長期借入金
社債
借入債務他
1960-64
22．9
10.6
66.6
20.3
13.4
5.1
27.7
1965-69
30.6
3.3
66.1
15.7
15.1
4.3
31.0
1970-74
29.2
2.3
68.5
18.3
16.0
4.2
30.0
1975-79
38.8
6.8
54.4
14.4
8.2
9.0
22.8
1980-84
50.5
9.5
40.0
9.0
5.9
7.8
17.4
1985-89
45.9
16.0
38.0
5.3
1.2
17.7
13.9
1990-94
87.6
4.6
7.8
-2.8
7.7
11.2
-8.2
1995
84.0
1.2
14.8
-10.1
-3.4
3.6
24.7
(資料) 日本銀行『主要企業経営分析』（各年）
（注）1995 年以後調査を中止。
1
表２ 産業別企業数
農林水産業
鉱業
建設業
食料品製造業
飲料・飼料・
たばこ製造業
繊維工業
衣服・その他の繊維製品製造業
木材・木製品製造業（
家具を除く）
家具・装備品製造業
パルプ・紙・紙加工品製造業
出版・印刷・
同関連産業
化学工業
石油製品・石炭製品製造業
プラスチック製品製造業
ゴム製品製造業
なめし革・同製品・毛皮製造業
窯業・土石製品製造業
鉄鋼業
非鉄金属製造業
金属製品製造業
一般機械器具製造業
電気機械器具製造業
輸送用機械器具製造業
精密機械器具製造業
その他の製造業
電気・ガス・熱供給・水道業
運輸・通信業
卸売業
小売業
飲食店
金融・保険業
不動産業
サービス業
Total
1995
1996
1997
1998
53
240
1,952
5,588
881
1,798
2,153
724
798
1,828
3,097
3,866
231
2,687
615
185
2,569
1,720
1,344
4,090
6,567
8,300
4,732
1,438
1,258
66
345
28,208
14,272
578
33
102
2,046
13
53
494
1,325
222
480
556
172
206
452
722
942
59
639
151
52
647
421
336
987
1,575
1,991
1,154
337
305
24
82
6,938
3,293
72
7
27
544
15
60
511
1,430
227
457
563
193
200
464
785
982
57
673
155
47
655
443
350
1,052
1,654
2,104
1,201
357
334
14
88
7,120
3,638
65
9
27
526
14
63
488
1,413
223
428
532
175
198
454
784
986
58
683
154
43
643
430
335
1,036
1,662
2,113
1,189
379
333
13
81
7,122
3,735
58
11
25
492
11
64
459
1,420
209
433
502
184
194
458
806
956
57
692
155
43
624
426
323
1,015
1,676
2,092
1,188
365
286
15
94
7,028
3,606
383
6
23
484
2
表３ 基本統計量
Obs
ln(real sales)
ln(real investment)
ln(real capital)
ln(labor)
ln(real wage)
Herfindahl-Hirschman Index
Sales-Share
Liquidity Ratio
Own Capital Ratio
Debt Equity Ratio
Return on Equity
Debt-Asset Ratio
104,364
85,472
104,068
104,364
104,363
104,364
104,364
104,132
104,233
104,216
104,216
104,132
Mean
4.112
-0.094
2.229
5.166
1.487
0.028
0.003
1.895
0.261
5.843
0.039
0.777
3
Std. Dev
1.307
2.025
1.687
0.970
0.402
0.028
0.013
35.231
0.316
105.857
3.132
0.306
Min
Max
-4.469
-4.979
-4.979
3.912
-3.850
0.000
0.000
0.039
-13.368
-5,786.500
-368.500
0.013
12.006
8.983
9.598
11.254
6.418
0.667
0.721
9,743.000
1.526
22,943.000
301.000
14.395
表４ 相関係数
ln(real sales)
ln(real
ln(real
investment) capital)
ln(labor)
HerfindahlLiquidity
ln(real wage) Hirschman Sales-Share
Ratio
Index
Own Capital Debt Equity Return on
Ratio
Ratio
Equity
ln(real sales)
1.00
ln(real investment)
0.60
1.00
ln(real capital)
0.67
0.75
1.00
ln(labor)
0.79
0.64
0.70
1.00
ln(real wage)
0.33
0.18
0.20
0.07
1.00
HerfindahlHirschman Index
0.01
0.08
0.08
0.04
0.09
1.00
Sales-Share
0.32
0.26
0.29
0.34
0.11
0.31
1.00
Liquidity Ratio
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
Own Capital Ratio
0.06
0.26
0.18
0.13
0.08
0.06
0.06
0.01
1.00
Debt Equity Ratio
0.01
-0.01
0.00
0.00
0.00
0.00
0.00
0.01
-0.02
1.00
Return on Equity
0.00
0.00
0.00
0.00
-0.01
0.00
0.00
0.00
0.00
-0.22
1.00
Debt-Asset Ratio
-0.07
-0.15
-0.14
-0.12
-0.10
-0.05
-0.05
-0.02
-0.97
0.02
0.00
4
Debt-Asset
Ratio
1.00
表5
生産関数
Panel 1
Dependent Variable : ln(real sales)
ln(capital)
ln(labor)
Debt-Asset Ratio
Debt-Asset Ratio Squared
Own Capital Ratio
Herfindahl-Hirschman Index
Sales-Share
Liquidity Ratio
Debt Equity Ratio
constant
Fixed
Random
Between
Estimated
t-statistics
Coefficient
Estimated
t-statistics
Coefficient
Estimated
t-statistics
Coefficient
0.163
0.871
-0.732
-0.017
-0.837
0.320
6.857
0.000
0.000
0.021
98.630
303.160
-22.050
-9.330
-26.280
3.480
39.560
1.190
2.230
0.570
0.163
0.871
-0.733
-0.017
-0.837
0.315
6.846
0.000
0.000
-0.327
98.700
303.170
-22.070
-9.330
-26.300
3.440
39.520
1.190
2.230
-4.760
0.522
0.876
-12.979
-0.243
-12.760
-0.220
0.151
-0.044
-0.002
11.830
4.300
3.580
-1.710
-0.290
-2.110
-0.120
0.030
-0.810
-0.260
1.700
Diagnostic Test
Number of Observation
Number of Groups
R-sq: within
R-sq: between
R-sq: overall
F test that all u_i=0:
Breusch and Pagan Lagrangian multiplier
test for random effects vs fixed effects
Hausman specification test
103,956
33
0.73
0.42
0.62
F(32, 103914) = 1889.41
103,956
33
0.73
0.42
0.62
103,956
33
0.29
0.68
0.27
chi2(1) = 159717622.71
12.79
Panel 2
Dependent Variable : ln(real sales)
ln(capital)
ln(labor)
Debt-Asset Ratio
Debt-Asset Ratio Squared
Own Capital Ratio
Herfindahl-Hirschman Index
Liquidity Ratio
Debt Equity Ratio
constant
Fixed
Random
Between
Estimated
t-statistics
Coefficient
Estimated
t-statistics
Coefficient
Estimated
t-statistics
Coefficient
0.167
0.897
-0.760
-0.016
-0.864
1.313
0.000
0.000
-0.103
100.520
318.160
-22.710
-9.070
-26.960
14.760
1.200
2.130
-2.820
0.167
0.897
-0.760
-0.016
-0.865
1.309
0.000
0.000
-0.421
100.580
318.150
-22.730
-9.080
-26.980
14.760
1.200
2.130
-6.210
0.522
0.875
-12.995
-0.240
-12.774
-0.187
-0.044
-0.002
11.847
Diagnostic Test
Number of Observation
Number of Groups
R-sq: within
R-sq: between
R-sq: overall
F test that all u_i=0:
Breusch and Pagan Lagrangian multiplier
test for random effects vs fixed effects
Hausman specification test
103,956
33
0.73
0.47
0.62
F(32, 103915) = 1859.96
103,956
33
0.73
0.47
0.62
chi2(1) = 159498892.09
chi2( 8) = 8.44
5
103,956
33
0.29
0.68
0.26
4.400
3.660
-1.750
-0.300
-2.170
-0.140
-0.830
-0.270
1.740
Panel 3
Dependent Variable : ln(real
sales)
ln(capital)
ln(labor)
Debt-Asset Ratio
Debt-Asset Ratio Squared
Own Capital Ratio
Sales Share
Liquidity Ratio
Debt Equity Ratio
constant
Fixed
Random
Between
Estimated
t-statistics
Coefficient
Estimated
t-statistics
Coefficient
Estimated
t-statistics
Coefficient
0.163
0.870
-0.735
-0.017
-0.839
7.022
0.000
0.000
0.035
98.740
303.510
-22.140
-9.340
-26.370
42.120
1.180
2.230
0.970
0.163
0.870
-0.735
-0.017
-0.840
7.010
0.000
0.000
-0.307
98.810
303.540
-22.150
-9.340
-26.390
42.080
1.180
2.230
-4.550
0.518
0.874
-13.246
-0.226
-12.982
-0.269
-0.045
-0.002
12.098
Diagnostic Test
Number of Observation
Number of Groups
R-sq: within
R-sq: between
R-sq: overall
F test that all u_i=0:
Breusch and Pagan Lagrangian multiplier
test for random effects vs fixed effects
Hausman specification test
103,956
33
0.73
0.42
0.62
F(32, 103915) = 1921.39
103,956
33
0.73
0.42
0.62
chi2(1) = 167959221.74
chi2( 8) = 13.77
6
103,956
33
0.28
0.68
0.26
4.510
3.660
-1.850
-0.280
-2.300
-0.070
-0.830
-0.260
1.870
表6
雇用調整関数
Panel 1
Dependent Variable : ln(labor)
ln(labor-1)
ln(real sales)
ln(real wage)
Debt-Asset Ratio
Debt-Asset Ratio Squared
Own Capital Ratio
Herfindahl-Hirschman Index
Sales-Share
Liquidity Ratio
Debt Equity Ratio
constant
Fixed
Random
Between
Estimated
t-statistics
Coefficient
Estimated
t-statistics
Coefficient
Estimated
t-statistics
Coefficient
0.905
0.075
-0.112
0.201
0.004
0.261
-0.168
0.219
0.000
0.000
0.127
772.750
78.190
-56.690
20.510
8.230
27.810
-5.890
4.300
0.500
4.390
11.540
0.906
0.074
-0.112
0.203
0.004
0.263
-0.142
0.225
0.000
0.000
0.136
778.260
77.670
-56.680
20.740
8.160
28.040
-5.250
4.470
0.490
4.400
11.920
1.046
0.006
-0.056
0.323
-0.201
0.001
-0.135
0.659
-0.001
-0.001
-0.293
67.180
0.520
-1.780
1.050
-2.700
0.000
-1.440
2.540
-0.390
-1.660
-0.980
Diagnostic Test
Number of Observation
Number of Groups
R-sq: within
R-sq: between
R-sq: overall
F test that all u_i=0:
Breusch and Pagan Lagrangian multiplier
test for random effects vs fixed effects
Hausman specification test
89,997
33
0.97
0.99
0.97
F(32, 89954) = 65.20
89,997
33
0.97
0.99
0.97
89,997
33
0.89
1.00
0.90
chi2(1) = 137568.87
chi2( 10) = 95.66
Panel 2
Dependent Variable : ln(labor)
ln(labor-1)
ln(real sales)
ln(real wage)
Debt-Asset Ratio
Debt-Asset Ratio Squared
Own Capital Ratio
Herfindahl-Hirschman Index
Liquidity Ratio
Debt Equity Ratio
constant
Fixed
Random
Between
Estimated
t-statistics
Coefficient
Estimated
t-statistics
Coefficient
Estimated
t-statistics
Coefficient
0.905
0.075
-0.112
0.201
0.004
0.261
-0.133
0.000
0.000
0.122
776.810
79.150
-56.610
20.460
8.270
27.770
-4.860
0.500
4.380
11.160
0.906
0.075
-0.112
0.202
0.004
0.263
-0.110
0.000
0.000
0.133
781.130
78.720
-56.620
20.650
8.210
27.950
-4.260
0.490
4.390
11.650
1.047
0.002
-0.050
0.284
-0.199
-0.051
0.017
-0.001
-0.001
-0.251
Diagnostic Test
Number of Observation
Number of Groups
R-sq: within
R-sq: between
R-sq: overall
F test that all u_i=0:
Breusch and Pagan Lagrangian multiplier
test for random effects vs fixed effects
Hausman specification test
89,997
33
0.97
0.99
0.97
F(32, 89955) = 65.63
89,997
33
0.97
0.99
0.97
chi2(1) = 140627.43
chi2( 9) = 73.31
7
89,997
33
0.89
1.00
0.90
60.470
0.180
-1.440
0.830
-2.400
-0.170
0.210
-0.330
-1.430
-0.760
Dependent Variable : ln(labor)
ln(labor-1)
ln(real sales)
ln(real wage)
Debt-Asset Ratio
Debt-Asset Ratio Squared
Own Capital Ratio
Sales Share
Liquidity Ratio
Debt Equity Ratio
constant
Fixed
Random
Between
Estimated
t-statistics
Coefficient
Estimated
t-statistics
Coefficient
Estimated
t-statistics
Coefficient
0.905
0.075
-0.112
0.202
0.004
0.263
0.133
0.000
0.000
0.120
774.070
78.060
-56.620
20.620
8.280
27.930
2.730
0.510
4.400
10.950
0.906
0.074
-0.112
0.204
0.004
0.264
0.143
0.000
0.000
0.129
779.270
77.600
-56.680
20.790
8.200
28.090
2.980
0.500
4.400
11.390
1.047
0.005
-0.062
0.123
-0.202
-0.178
0.420
-0.001
-0.001
-0.082
Diagnostic Test
Number of Observation
Number of Groups
R-sq: within
R-sq: between
R-sq: overall
F test that all u_i=0:
Breusch and Pagan Lagrangian multiplier
test for random effects vs fixed effects
Hausman specification test
89,997
33
0.97
0.99
0.97
F(32, 89955) =
89,997
33
0.97
0.99
0.97
64.11
chi2(1) = 137955.32
chi2( 9) = 16984.69
8
89,997
33
0.89
1.00
0.89
65.670
0.410
-1.930
0.440
-2.650
-0.740
2.060
-0.480
-1.660
-0.310
表7
投資関数
Panel 1
Dependent Variable :
ln(real investment)
ln(real investment-1)
ln(real sales-1)
ln(real capital-1)
Capital Asset Ratio
Liquidity Ratio
Debt-Asset Ratio
Sales-Share
constant
Fixed
Random
Between
Estimated
t-statistics
Coefficient
Estimated
t-statistics
Coefficient
Estimated
t-statistics
Coefficient
0.004
0.017
0.004
2.596
0.000
-0.964
42.289
-0.346
0.840
2.070
0.630
62.630
-0.200
-39.520
78.780
-9.680
0.004
0.016
0.005
2.596
0.000
-0.966
42.080
-0.600
0.860
2.030
0.690
62.680
-0.210
-39.580
78.670
-6.660
0.355
0.414
-0.205
3.369
-0.319
-8.111
11.227
4.343
0.570
1.400
-0.220
3.300
-2.820
-3.820
1.380
1.420
Diagnostic Test
Number of Observation
Number of Groups
R-sq: within
R-sq: between
R-sq: overall
F test that all u_i=0:
Breusch and Pagan Lagrangian multiplier
test for random effects vs fixed effects
Hausman specification test
70,402
33
0.14
0.25
0.15
F(32, 70362) = 155.42
70,402
33
0.14
0.25
0.15
70,402
33
0.01
0.70
0.01
chi2(1) = 300816.14
chi2( 7) = 29.02
Panel 2
Dependent Variable :
ln(real investment)
ln(real investment-1)
ln(real sales-1)
ln(real capital-1)
Capital Asset Ratio
Sales-Share
constant
Fixed
Random
Between
Estimated
t-statistics
Coefficient
Estimated
t-statistics
Coefficient
Estimated
t-statistics
Coefficient
0.005
0.020
2.597
-0.964
42.311
-0.348
1.150
3.050
62.690
-39.550
78.840
-9.820
0.005
0.019
2.598
-0.965
42.133
-0.608
1.190
3.050
62.730
-39.600
78.750
-6.190
0.455
0.450
3.182
-5.697
12.503
1.311
Diagnostic Test
Number of Observation
Number of Groups
R-sq: within
R-sq: between
R-sq: overall
F test that all u_i=0:
Breusch and Pagan Lagrangian multiplier
test for random effects vs fixed effects
Hausman specification test
70,430
33
0.14
0.25
0.15
F(32, 70392) = 156.06
70,430
33
0.14
0.25
0.15
chi2(1) = 313546.27
chi2( 5) = 22.31
9
70,430
33
0.03
0.61
0.05
1.590
1.380
2.940
-2.670
1.950
0.720
表8
企業活動基本調査と金融市場情報のマッチング構造
企業活動基本調査 26000 社
金融市場情報 3426 社
証券コード付 39 社 （新規参入？倒産？）
証券コード付 2846 社
金融市場情報 3426 社
証券コード無 580 社
非上場 21600 社
10