研究は概ね計画通りに進行し、大きく分けて実証面、理論面で以下のような成果につながった。実証面では、日本企業の財務データベース整備を継続し、企業の損益計算書および貸借対照表を集計した時系列分析によって、売上総利益の堅調な増加が売上原価率の低下によってもたらされていること、営業外収益の顕著な増加が利益の増加に寄与しており、これが受取配当金の増加の影響であること、法人実効税率は下がっている一方で増益が税収増に寄与していることがわかった。この間、内部留保すなわち利益剰余金が増加している中、自己資本の割合が増えている。もっとも長期借入金の増加がみられ、資産サイドでは企業の保有する現預金、関係会社株式の割合の増加が確認された。
理論面では、標準的な設備投資のモデルを用いて、ミクロレベルのボラティリティとマクロレベルの生産性の関係を解析的に示す作業を行った。ミクロレベルのボラティリティは、個別企業の資本ストックを増加させるだけでなく、企業分布の分散の増加をもたらし、これが経済資源の再配分を通じて経済全体の生産性を増加させることを、様々なチャネルに整理した。結果は「マクロ経済の資源配分とボラティリティ」として三田学会雑誌115巻4号393(73)−401(81)に収録された。
The research progressed largely according to the plan and resulted in the following achievements in both empirical and theoretical aspects. On the empirical side, the study continued to develop a financial database of Japanese companies and conducted a time series analysis by aggregating their income statements and balance sheets. This analysis revealed that the steady increase in gross profit was brought about by a decrease in the cost of sales, and the significant increase in non-operating income contributed to the overall increase in profits, which was influenced by an increase in dividend income. It was also found that while the effective corporate tax rate was decreasing, the increased profits were contributing to an increase in tax revenue. During this period, retained earnings, or surplus profits, increased, while the proportion of self-capital also grew. However, there was an observed increase in long-term borrowings. On the asset side, it was confirmed that companies had an increased proportion of cash and deposits as well as equity holdings in related companies.
On the theoretical side, using a standard investment model, analytical work was carried out to demonstrate the relationship between micro-level volatility and macro-level productivity. Micro-level volatility not only increased the capital stock of individual companies but also led to an increase in the dispersion of companies' distribution, which was organized through various channels to enhance overall productivity through the redistribution of economic resources. The results were published as "Resource Allocation and Volatility," Mita Gakkai Zasshi, 115(4), 393(73)-401(81).
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