(表 3 - 6) ROEに関する推定結果

KUE(1)(3)	KUE(1)(3)	KUE(1)(3)
A	B	A	B	A	B
(112)	0.66 ***	0.64 ***	0.65 ***	0.63 ***	0.62 ***	0.61 ***
硬硬前平均ROE(%)	(0.12)	(0.12)	(0.13)	(0.13)	(0.16)	(0.16)
完上高增加率(%)	1.81 ***	2.35 ***	0.83
(0.80)	(0.70)	(0.82)
股票年股(对数值)	18.18	25.45	-37.84 *	-25.45	-15.85	-7.64
(17.81)	(16.77)	(22.81)	(21.31)	(25.11)	(23.66)
股票年股(对数值)	16.68 *	14.15	15.42	8.16	-22.85	-23.48
(8.88)	(8.81)	(11.83)	(12.01)	(26.37)	(26.28)
承租岁之一	-30.21	-32.33	-44.86	-41.67	-31.81	-24.26
(或数表)	(31.07)	(28.24)	(30.94)	(30.48)	(38.36)	(37.30)
(或期-小先来、软盘)	-64.17 ***	-70.63 ***	-88.75 ***	-88.44 ***	-44.64	-41.83
(31.08)	(28.82)	(28.75)	(27.01)	(124.88)	(121.52)
(或期-小先来、软盘)	-43.51 *	-48.28 ***	-74.77 ***	-77.87 ***	-34.71	-36.12
(22.57)	(21.34)	(25.50)	(25.30)	(30.61)	(28.74)
(或期-小先来、软盘)	-82.70 ***	-85.38 ***	-137.58 ***	-170.85 ***	-88.74	-83.28 ***
(28.57)	(18.28)	(25.46)	(28.33)	(56.78)	(42.13)
(或期-小先来、软盘)	-48.34 ***	-43.78 *	-86.48	-78.86	-78.38 ***	-70.30 ***
(23.71)	(24.68)	(65.20)	(63.12)	(38.67)	(35.53)
(或期-吸引岁之一	-124.20 ***	-113.36 ***	1.18	11.16	-28.32	-26.12
(52.07)	(51.61)	(26.83)	(28.87)	(74.15)	(68.09)
(或期-小先来)	-14.80	-23.63	-74.08	-70.68	-77.37	-71.14
(34.83)	(33.12)	(58.32)	(56.31)	(70.31)	(67.25)
(或期-小先来)	-3.87	-1.58	-31.17	-23.02	-151.00	-147.38
(22.81)	(24.00)	(23.15)	(24.85)	(133.05)	(131.67)
定数项	-38.85	-50.81	161.67 **	145.34 ***	265.17 *	244.51 *
(62.84)	(60.77)	(78.37)	(72.60)	(138.38)	(132.88)
(或期-小先来)
完上高(1-3)	0.16	0.17	0.08	0.08	0.06	0.07
(0.18)	(0.15)	(0.15)	(0.11)	(0.14)	(0.10)
(或期-小先来)	-0.20	-0.20	-0.18	-0.17	-0.17	-0.17
(0.28)	(0.21)	(0.18)	(0.11)	(0.17)	(0.11)
(或期-小先来)	0.12	0.11	0.12	0.11	0.16	0.16 ***
(0.22)	(0.12)	(0.16)	(0.07)	(0.15)	(0.07)
资本金(1-3)	-0.04	-0.04 ***	-0.002	-0.002	-0.01	-0.01
(0.03)	(0.01)	(0.02)	(0.01)	(0.02)	(0.01)
(或期-小先来)	0.03	0.03 *	-0.01	-0.01	0.01	0.01
(0.03)	(0.02)	(0.02)	(0.01)	(0.02)	(0.01)
(或期-小先来、软盘)	0.01	0.01	0.01	0.01	-0.01	-0.01
(0.01)	(0.01)	(0.01)	(0.01)	(0.01)	(0.01)
硬硬前平均ROE(%)	0.00004	0.00004	0.0001	0.0001	0.0003	0.0003 *
(0.0003)	(0.0001)	(0.0002)	(0.0001)	(0.0003)	(0.0002)
(或期-小先来、软盘)	-0.14	-0.14	-0.02	-0.02	-0.18	-0.18 *
(0.18)	(0.11)	(0.17)	(0.12)	(0.15)	(0.08)
(或期-小先来、软盘)	0.23	0.23 ***	0.30 ***	0.30 ***	0.37 ***	0.36 ***
(0.16)	(0.08)	(0.10)	(0.07)	(0.10)	(0.07)
(或期-小先来、软盘)	-0.08	-0.07	-0.04	-0.03	0.01	0.002
(0.24)	(0.14)	(0.20)	(0.13)	(0.18)	(0.13)
(或期-小先来、软盘)	-0.47	-0.47 ***	-0.82 ***	-0.82 ***	-0.78 ***	-0.78 ***
(0.40)	(0.21)	(0.37)	(0.26)	(0.34)	(0.25)
(或期-小先来、软盘)	0.25	0.25 *	0.13	0.13	0.14	0.13
(0.22)	(0.14)	(0.16)	(0.11)	(0.16)	(0.11)
(或期-小先来、软盘)	-0.80	-0.80 *	-0.58	-0.58	-0.07	-0.08
(0.74)	(0.48)	(0.77)	(0.48)	(0.68)	(0.41)
(或期-小先来、软盘)	0.18	0.18	0.61	0.60 ***	0.48	0.48 ***
(0.41)	(0.32)	(0.43)	(0.16)	(0.37)	(0.17)
(或期-吸引岁之一	-0.42	-0.42 *	-0.30	-0.30	-0.25	-0.25
(0.32)	(0.22)	(0.30)	(0.21)	(0.30)	(0.21)
(或期-小先来)	-0.27	-0.27	0.11	0.11	0.01	0.01
(0.30)	(0.22)	(0.32)	(0.15)	(0.28)	(0.18)
(或期-小先来)	-0.48	-0.48 ***	-0.11	-0.11	0.26	0.27
(0.35)	(0.22)	(0.34)	(0.18)	(0.37)	(0.22)
定数项	0.64	0.63	-0.24	-0.24	-0.28	-0.28
(0.73)	(0.41)	(0.60)	(0.44)	(0.58)	(0.38)
(或期-小先来)	-0.10	-0.08	-0.17	-0.13	-0.55 ***	-0.57 ***
(0.18)	(0.08)	(0.12)	(0.11)	(0.26)	(0.27)
(或期-小先来)	-0.08	-0.08	-0.17	-0.13	-0.50	-0.51

[注]（）内は彫準調査，***、**、*はそれぞれ18、8、10%水準で統計的に有意であることを示す。

また、農種ダミーの基準は、製造業である。以下の分析結果表においても同じ。