A Compar'son on The performake and Characteristics of corporste mergers and acgvisition between Japan and the US

日美企业并购绩效及特点比较

基本信息

批准号：
05630075
负责人：
HOSHINO Yasuo
金额：
$ 1.22万
依托单位：
University of Tsukuba (1994-1995)Nagoya City University (1993)
依托单位国家：
日本
项目类别：
Grant-in-Aid for General Scientific Research (C)
财政年份：
1993
资助国家：
日本
起止时间：
1993 至 1995
项目状态：
已结题

来源：
https://kaken.nii.ac.jp/en/grant/KAKENHI-PROJECT-05630075/
关键词：
Corporate Merger Credit Association mutuol Bank Credit Cooperetive US Creditunion 日米比較 S & Ls 農協合併企業買収

项目摘要

The research for a comparison on the performance and characteristics of corporate mergers and acquisitions between Japan and the US,starts with an analysis of mergers between mutual banks and credit cooperatives in Japan, as the case of mergers among differenttypes offinancialinstitutions. There are 20 mergers between mutual banks and credit cooperatives, occurred during the period of 1969 and 1977. A comparison of finacial ratios between mergingbanks and correspondingpaired non-mergingbanks before and after merger, is made using financial data of 1960 to 1983 by t-test. We could find that the finacialratio, deposits per office, performsbetter after merger. Yearly comparison of ratios exhibits that gross earnings margin to total assets, loan-deposit ratio, ratio of currentexpense to currentincome, and deposit per full-time officer and employee improved after merger. Both indicate positive effect of merger. Discriminant analysis supports the result with accuracies over 63.64%. We analyzed 336 mergers of US credit unions occurred in 1986 with financial data covering the period of 1982 and 1990 supplied by National Credit Union Administration. By comparing merging and paired non-merging credit unions, net income/total assets ratio is negatively impacted by merger.A series of studies by head investigator shows negative performance by merger like mergers of credit associations, credit cooperatives and agricultural cooperatives in Japan, and US credit unions. Positive performance was examined in those mergers among different financial institutions like mutual banks and credit cooperatives, and credit associations and credit cooperatives. We need to investigative mergers among different type of financial institutions in the US and bank mergers.in both countries.

日美企业并购绩效和特点的比较研究，首先以日本互助银行与信用合作社之间的并购作为不同类型金融机构之间并购的案例进行分析。 1969年至1977年期间，共有20起互助银行与信用合作社之间的合并。采用1960年至1983年的财务数据，通过t检验对合并前后合并银行与相应配对的非合并银行之间的财务比率进行了比较。。我们可以发现，合并后的财务比率、每个办事处的存款表现更好。年度比率比较显示，合并后毛利率与总资产、贷存比、经常费用与经常收入的比率以及专职管理人员和员工的人均存款均有所改善。两者都表明合并的积极影响。判别分析支持结果，准确率超过 63.64%。我们利用国家信用社管理局提供的 1982 年至 1990 年期间的财务数据，分析了 1986 年发生的 336 起美国信用社合并事件。通过比较合并和配对非合并信用社，净利润/总资产比率受到合并的负面影响。首席研究员的一系列研究表明，合并带来了负面影响，例如日本的信用协会、信用合作社和农业合作社的合并，以及美国信用合作社。互助银行与信用合作社、信用协会与信用合作社等不同金融机构之间的合并取得了积极成效。我们需要调查美国不同类型金融机构之间的合并以及两国银行的合并。