具体的には、業種別に追い貸し対象企業と健全企業の TFP、ROA、付加価値成長率及び雇用伸び率、設備投資率の平均値をそれぞれ求め、追い貸し企業及び健全企業のグループ間で平均値に有意な差があるか検定を行った。検定結果の概要は以下の通り。

全要素生産性、平均の差の検定

91	92	93	94	95	96	97	98	99	00	01	02	03	91-97	98-03
有意水準	***	***	***	**	***	***	**	**	*	**	**	平均	平均
追貨対象企業(b)	5.95	5.31	5.29	5.63	5.69	5.94	6.01	6.11	6.12	6.43	6.39	6.44	6.72	5.69	6.37
健全企業(a)	6.69	6.28	6.11	6.12	6.38	6.63	6.46	6.22	6.56	6.89	6.66	7.04	7.30	6.38	6.78
全企業	6.59	6.14	5.98	6.05	6.27	6.52	6.38	6.19	6.48	6.82	6.61	6.93	7.22	6.28	6.71
格差[[(b)-(a)]/(a)]	-11.1%	-15.4%	-13.4%	-8.1%	-10.9%	-10.5%	-7.0%	-1.8%	-6.8%	-6.7%	-4.1%	-8.4%	-7.9%	-10.9%	-5.9%
t值	2.97	4.33	3.80	2.29	3.22	3.18	2.13	0.54	1.99	1.87	1.16	2.46	2.10
p值	0.003	0.000	0.000	0.022	0.001	0.002	0.033	0.588	0.047	0.062	0.246	0.014	0.036

收益率、平均の差の検定

91	92	93	94	95	96	97	98	99	00	01	02	03	91-97	98-03
(無借金企業含む)	***	***	***	***	***	***	***	***	***	***	***	***	***	平均	平均
追貨対象企業(b)	4.49%	3.82%	3.13%	3.13%	3.15%	3.52%	3.25%	3.04%	2.96%	3.12%	2.47%	2.91%	2.97%	3.50%	2.91%
健全企業(a)	5.86%	4.71%	4.15%	4.44%	4.55%	4.85%	4.58%	4.21%	4.63%	4.92%	3.90%	4.25%	4.57%	4.74%	4.41%
全企業	5.67%	4.58%	3.99%	4.24%	4.33%	4.64%	4.36%	3.99%	4.34%	4.64%	3.66%	4.01%	4.34%	4.54%	4.16%
格差[(b)-(a)]	-1.37%	-0.90%	-1.02%	-1.31%	-1.40%	-1.33%	-1.33%	-1.16%	-1.68%	-1.80%	-1.43%	-1.34%	-1.60%	-1.24%	-1.50%
t値	5.653	3.772	4.379	5.709	6.186	6.027	5.878	5.046	7.122	7.301	6.015	6.039	6.779
p値	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000

付加価値成長率、平均の差の検定

91	92	93	94	95	96	97	98	99	00	01	02	03	91-97	98-03
***	***	***	**	***	***	***	***	**	平均	平均
追貨対象企業(b)	6.06%	1.93%	1.39%	2.15%	8.79%	8.48%	3.05%	0.35%	4.32%	7.57%	-1.29%	2.86%	2.69%	4.55%	2.75%
健全企業(a)	3.55%	-0.69%	-0.86%	0.13%	4.24%	5.58%	0.59%	-2.42%	4.54%	6.51%	-2.80%	3.53%	5.14%	1.79%	2.42%
全企業	3.89%	-0.31%	-0.50%	0.44%	4.92%	6.04%	1.00%	-1.91%	4.50%	6.67%	-2.55%	3.42%	4.81%	2.21%	2.49%
格差[(b)-(a)]	2.50%	2.63%	2.25%	2.02%	4.54%	2.90%	2.46%	2.77%	-0.21%	1.06%	1.51%	-0.67%	-2.45%	2.76%	0.33%
t值	-2.742	-2.595	-2.750	-2.391	-4.923	-3.295	-2.819	-3.066	0.224	-1.014	-1.582	0.747	2.458
p值	0.006	0.010	0.006	0.017	0.000	0.001	0.005	0.002	0.823	0.311	0.114	0.455	0.014

雇用伸び率、平均の差の検定

91	92	93	94	95	96	97	98	99	00	01	02	03	91-97	98-03
(無借金企業含幫)	**	***	*	*	***	***	平均	平均
追貨対象企業(b)	2.58%	1.27%	0.11%	-0.44%	-1.05%	-0.12%	-0.36%	-1.17%	-2.65%	-1.88%	-2.41%	-3.08%	-2.52%	0.28%	-2.28%
健全企業(a)	3.61%	2.52%	0.77%	-0.38%	-0.75%	-0.41%	0.11%	-0.85%	-1.84%	-1.59%	-1.47%	-1.81%	-1.15%	0.78%	-1.45%
全企業	3.47%	2.34%	0.66%	-0.39%	-0.79%	-0.37%	0.03%	-0.91%	-1.97%	-1.64%	-1.62%	-2.02%	-1.33%	0.71%	-1.58%
格差[(b)-(a)]	-1.03%	-1.25%	-0.66%	-0.05%	-0.30%	0.29%	-0.47%	-0.32%	-0.82%	-0.29%	-0.93%	-1.27%	-1.37%	-0.50%	-0.83%
t值	2.400	3.043	1.613	0.128	0.711	-0.665	1.136	0.792	1.675	0.581	1.890	2.770	2.863
p值	0.016	0.002	0.107	0.898	0.477	0.506	0.256	0.428	0.094	0.561	0.059	0.006	0.004

設備投資率、平均の差の検定

(無借金企業含む)	91	92	93	94	95	96	97	98	99	00	01	02	03	91-97	98-03
***	**	**	***	平均	平均
追貨対象企業(b)	20.71%	19.04%	15.30%	14.17%	14.56%	15.40%	14.63%	12.46%	12.82%	12.87%	12.74%	11.31%	11.44%	16.26%	12.27%
健全企業(a)	21.65%	17.89%	14.50%	13.20%	14.33%	15.74%	15.50%	14.98%	13.27%	14.46%	13.53%	12.87%	13.30%	16.11%	13.74%
全企業	21.52%	18.06%	14.63%	13.35%	14.37%	15.69%	15.35%	14.51%	13.20%	14.22%	13.40%	12.61%	13.06%	16.14%	13.50%
格差[(b)-(a)]	-0.94%	1.15%	0.80%	0.97%	0.23%	-0.34%	-0.87%	-2.52%	-0.45%	-1.58%	-0.79%	-1.56%	-1.86%	0.14%	-1.46%
t值	1.141	-1.518	-1.161	-1.463	-0.338	0.500	1.359	4.056	0.677	2.296	1.217	2.441	2.695
p值	0.254	0.129	0.246	0.144	0.735	0.617	0.174	0.000	0.498	0.022	0.224	0.015	0.007