2

103

M&A

105

ROA
1990
18
ROA

ROA
2ROA

ROA

2 1 1 ROA
ROA

9
8

7
6
5
4

3
2
1
0

1988 89

90

91

92

93

94

95

96

97

98

99 2000 01

02

03

04

05

06

07

U.S. Department of CommerceQuarterly Financial Report for

Manufacturing, Mining and Trade Corporation

Quarterly Financial Report for Manufacturing, Mining and Trade Corporation

20004

1Knight19212007

2John et al.2005

106

2 1 2 ROA ROA

35

ROA

30
25

20
15
10
5
0

10

10

12

14

16

18
20
20
ROA

NEEDS
ROA
19972006ROA

ROA

ROA19972006ROA
ROA

ROA

0.273***
2.99

0.091

0.418***
3.09

0.136
0.220

807

***1
t

GDP

ROA GDP

ROA

107

2 1 3 GDP
GDP
1ROAGDP
2GDP
GDP
7
6

y = 19.354x + 1.7603
R2 = 0.229

GDP
7
y = 0.207x + 1.9127
R2 = 0.2287
6

2
1
0
0

0.05

0.10

0.15
ROA

10
15

Bosma et al.2006
Global Entrepreneurship Monitor GEM 2006 Summary Results
Minniti et al.2005
Global Entrepreneurship Monitor 2005 Executive Report
Acs et al.2004
Global Entrepreneurship Monitor 2004 Executive Report
Acharya et al.2008, IMFWorld Economic Outlook Database
TEA1864
ROAGDP19942004GDP2004
2006
ROAStandard&Poor
sCompustat Global Industrial/
Commercial Annual Database
OECD23

OECD19

tROA2.52.2

3 ROA
4
ROA

3Comin and Mulani2004

42003 11 ROA
ROA 11

108

2 1 4

1M&A

80
60
40
20

20

15
10
5
0

GDP
0.5
0.4
0.3

2003

2005

0.2
0.1
0.0

E O
U E

C

OECD2007Science, Technology and Industry Scoreboard 2007

Acharya et al.2008

11994200422003

3
20012002

GDP

109

ROA

M&A

M&A

GDP

5ALM
2008
ALM 1,000 300

110